U.S. stock index futures moved sharply lower on Friday after U.S. President Donald Trump threatened to impose tariffs on Apple and the European Union.

Market Snapshot

At 8:05 a.m. ET, Dow E-minis were down 625 points, or 1.49%, S&P 500 E-minis were down 91.25 points, or 1.56%, and Nasdaq 100 E-minis were down 390.25 points, or 1.84%.

Pre-Market Movers

Apple - U.S. President Donald Trump said on Friday that Apple would have to pay a 25% tariff if phones sold in the country were not made within its borders. Shares of the iPhone maker fell 3.7% on the news in premarket trading.

Other big tech stocks also sank in premarket trading. Amazon fell 3%, Nvidia fell 2.7%, Meta Platforms fell 2.2%, Tesla, Microsoft, and Alphabet fell 1%.

Nuclear Stocks - Nuclear stocks surged in premarket trading on Friday after Reuters reported that President Trump will sign executive orders by as soon as Friday that aim to jumpstart the nuclear energy industry by easing the regulatory process on approvals for new reactors and strengthening fuel supply chains. Centrus rose 13%, Uranium rose 12%, Lightbridge rose 11%, Energy Fuels rose 10%, NuScale Power, Oklo, and NANO Nuclear Energy rose 7%.

Intuit forecast fourth-quarter revenue and profit above Wall Street estimates on Thursday, signaling growing demand for its AI-driven financial management tools and sending its shares up 7.4% in premarket trading.

StepStone Group shares surged 5.8% in premarket trading after the private market investment firm’s assets under management surged to $189.4 billion in the fiscal fourth quarter, up from $156.6 billion in the year-ago period.

Autodesk raised its forecast for fiscal 2026 revenue and adjusted profit, anticipating strong demand for its design and engineering software used across various industries, sending its shares up 1.1% in premarket trading.

Workday forecast second-quarter subscription revenue in line with Wall Street expectations on Thursday, anticipating weakening client spending on its human capital management software due to economic uncertainty, sending its shares down 8.4% in premarket trading.

MINISO Group saw its stock price plummet 14.5% in pre-market trading after the lifestyle products retailer released its first-quarter financial results that fell short of analysts' expectations.

Discount store operator Ross Stores withdrew its fiscal 2025 forecasts and said tariffs could take a toll on its profitability this year, sending its shares down 13.1% in premarket trading.

UGG boots maker Deckers Outdoor said that it will not provide annual targets due to tariff-led macroeconomic uncertainty and forecast first-quarter net sales below estimates, sending its shares down 19.2% in premarket trading.

Market News

Trump Warns Apple of 25% Tariffs If iPhones Not Made in US

U.S. President Donald Trump said on Friday Apple will have to pay a 25% tariff if phones sold in the country are not made within its borders.

"I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else," Trump said in a post on Truth Social.

Apple is positioning India as an alternative manufacturing base amid Trump's tariffs on China that have raised supply-chain concerns and fears of higher iPhone prices, Reuters reported last month.

Trump Recommends 50% Tariff on the European Union, Starting June 1

President Donald Trump said on Friday that he is recommending a straight 50% tariff on goods from the European Union starting on June 1, saying the EU has been hard to deal with on trade.

"The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with," Trump said on Truth Social. "Our discussions with them are going nowhere!"

Trump to Sign Orders to Boost Nuclear Power as Soon as Friday, Sources Say

U.S. President Donald Trump will sign executive orders as soon as Friday that aim to jumpstart the nuclear energy industry by easing the regulatory process on approvals for new reactors and strengthening fuel supply chains, four sources familiar said.

Facing the first rise in power demand in two decades from the boom in artificial intelligence, Trump declared an energy emergency on his first day in office.

Chris Wright, the energy secretary, has said the race to develop power sources and data centers needed for AI is "Manhattan Project 2", referring to the massive U.S. program during World War II to develop atomic bombs.

Supreme Court Preserves Fed Independence, Lets Trump Shake up Other Agencies

The U.S. Supreme Court on Thursday blocked President Donald Trump from removing Federal Reserve officials but cleared the way for firings at other independent federal agencies, according to a filing.

The Fed is a "uniquely structured, quasi-private entity" that follows in the distinct historical tradition of the First and Second Banks of the United States," the court said in the Trump v. Wilcox document.

The decision comes as Trump has previously brought up the possibility of dismissing Fed Chair Jerome Powell, an unfavorable suggestion among market participants.

But Trump still got the green light to fire officials at other independent federal agencies.