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Stock Market Live May 23: S&P 500 (VOO) Falling as Trump Slices Apple and EU

Joel South

Published: May 23, 2025 8:15 am

Last Updated: May 23, 2025 4:11 pm

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Live Coverage Has Ended

No Trade Deal for EU

4:11 pm

President Trump poured cold water today on hopes his new, proposed tariff of 50% on imports from the European Union was merely a negotiation tactic. “I’m not looking for a deal,” explained the President. “I mean, we’ve set the deal. It’s at 50%.”

Investors aren’t at all happy with the news. The Voo closed today down 0.7% at 532.32.

Nuclear Stocks Glow Green

1:47 pm

President Trump is expected to invoke the Defense Production Act today, and order the Departments of Energy and Defense to facilitate faster construction of nuclear reactors. It remains to be seen precisely how this will be done, whether by allocation of grants and loans, by cutting red tape and curbing environmental regulations, or all of the above.

Investors in nuclear start-ups aren’t waiting around for details, though, and are already “buying the rumor.” NuScale Power (NYSE: SMR) stock is up more than 16% in afternoon trading. Oklo (NYSE: OKLO) is up nearly 25%.

Tariffs Turmoil to Last at Least Another Week

1:01 pm

President Trump says trade negotiations with the European Union “are going nowhere.” The 50% tariff he has proposed on imports from the EU is scheduled to take effect on June 1, 2025 — so a week from Sunday.

Is it another negotiating tactic, or is he serious this time? Either way, investors can look forward to another week of turmoil as markets try to make heads or tails of the new policy. The Vanguard S&P 500 ETF is moderating its declines of earlier in the day, but still down 0.7%.

This article will be updated throughout the day, so check back often for more daily updates.

President Trump spooked investors Friday, threatening Apple (Nasdaq: AAPL) with 25% tariffs on iPhones manufactured outside the U.S., and floating the idea of 50% tariffs on goods imported from the European Union.

The Vanguard S&P 500 ETF (NYSEMKT: VOO) plunged 1.4% in pre-market trading, and Apple stock in particular is down 3.3% as investors contemplate the prospect the President will now begin targeting individual companies with individual tariff rates.

In other news, China’s Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary of State Christopher Landau held a call last night to discuss unspecified “crucial issues” on trade. No definitive progress was announced, however.

Earnings

S&P 500 component companies Autodesk (Nasdaq: ADSK) and Intuit (Nasdaq: INTU) both reported earnings yesterday after close of trading. Autodesk beat on both top and bottom lines, reporting $2.29 per share in profit on $1.63 billion in sales. Autodesk then proceeded to tell investors it expects to beat on sales and earnings again in fiscal Q2 2026 as well, and indeed, to keep on beating earnings expectations all year long.

Intuit’s news was just as good, with earnings beats on both top and bottom lines (although for Intuit, this was Q3 of fiscal 2025), and guidance for the full year well ahead of analyst expectations. In 2025, Intuit expects to earn at least $20.07 per share, versus Street estimates of only $19.36.

Intuit also announced plans to develop artificial intelligence “agents” that can help customers use its QuickBooks and potentially other software products, such as TurboTax.

Booz Allen Hamilton (NYSE: BAH) reported in-line earnings of $1.61 per share this morning, but a small sales miss for fiscal Q4 2025. Guidance for fiscal 2026 was also weak, with management saying both sales ($12 to $12.5 billion) and earnings ($6.20 to $6.55) will fall below analyst forecasts.

Analyst Calls

Austria’s Erste Group bank downgraded McDonald’s (NYSE: MCD) stock to hold warning that “sales will only grow very slowly in 2025.” Growth might accelerate in 2026, but for now the bank is adopting a wait and see approach.