Dow futures sink more than 600 points after Trump threatens tariffs against Apple, EU

Group 1: Market Reaction - Stock futures declined significantly, with Dow futures down over 600 points (1.4%) and Nasdaq futures dipping nearly 400 points (1.8%) ahead of the Memorial Day weekend [1][5] - Apple shares led the technology sector losses, falling by 4% as investors reacted to the tariff threats [5] - Gold prices surged nearly 1%, indicating a shift towards safer assets, while the dollar weakened against most major currencies [5] Group 2: Tariff Threats - President Trump announced a potential 50% tariff on goods from the European Union if trade negotiations do not yield a "fair deal" for American manufacturers [2][4] - Trump specifically targeted Apple, stating that foreign-made iPhones could face a levy of at least 25% unless manufacturing is shifted back to the United States [4][5] - Apple currently assembles most of its iPhones in China and has expanded some production to India, with no manufacturing presence in the US [6][7] Group 3: Trade Negotiations - Senior US and EU officials were expected to hold discussions to assess the status of ongoing trade negotiations, which may be complicated by Trump's tariff warnings [8] - The Group of Seven finance ministers and central bankers concluded their summit with minimal reference to trade, omitting any mention of tariffs [8]