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US STOCKS, ROILED ANEW BY TARIFF TENSIONS, SLIDE INTO MEMORIAL DAY WEEKEND

Wall Street ended lower on Friday, with investors taking money off the table as they approached the three-day Memorial Day weekend, the unofficial start of Summer, due to revived tariff uncertainties courtesy of President Trump.

All three major indexes closed lower after partially recovering from steeper losses earlier in the session. Of the three, the Nasdaq .IXIC suffered the steepest drop, falling 1% due to weakness in tech shares .SPLRCT in general and chips .SOX in particular.

All three indexes posted weekly losses.

The day began with yet another round of tariff announcements from the White House, this time suggesting a 50% levy on imports from the EU and singling out Apple AAPL.O with threats of 25% duties on iPhones not produced in the United States.

Apple shares ended the day down 3%.

A spate of Fed speakers chimed in, with Fed Governor Lisa Cook saying that the volatility resulting from Trump's chaotic approach to tariffs could help the Fed "hone our ongoing assessment" of the stability of the financial system, while Kansas City Fed President Jeffrey Schmid said the ongoing tariff debate is exacerbating business uncertainty.

Chicago Fed President Austan Goolsbee concurred, saying the businesses are craving consistency amid whipsaw trade policy, and St. Louis Fed President Alberto Musalem said businesses are girding themselves for higher input costs and price hikes.

Next week investors have the Fed minutes to pore through for further clues regarding the central bank's path forward.

The coming holiday-shortened week will also offer a range of economic data. They include, in order of appearance, durable goods, home prices, consumer confidence, a second look at first-quarter GDP, pending home sales, PCE, and the University of Michigan's final take on May consumer sentiment.

Also on the docket, chipmaker Nvidia NVDA.O, belle of the AI ball, is slated to post quarterly earnings on Wednesday.

Here's your closing snapshot:

(Stephen Culp)

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EARLIER ON LIVE MARKETS:

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INDIVIDUAL INVESTOR BULLS AND BEARS CRISSCROSS - AAII CLICK HERE

GLITCH OR TREND? NEW HOME SALES JUMP UNEXPECTEDLY IN APRIL CLICK HERE

WHY WE CAN'T HAVE NICE THINGS: FRESH TRUMP TARIFF TANTRUM SENDS STOCKS TUMBLING CLICK HERE

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