Yuki Iwamura / Bloomberg via Getty Images President Donald Trump threatened Apple Inc. with a tariff of at least 25% if it does not manufacture its iPhones in the U.S.

Key Takeaways

U.S. equities fell at midday as President Donald Trump threatened tariffs on Apple iPhones and European Union products. Deckers Outdoor withheld its full-year outlook, blaming uncertainty over tariffs. Intuit reported a better-than-expected tax season, and boosted its guidance.

U.S. equities slumped at midday after President Donald Trump threatened tariffs on Apple (AAPL) iPhones and European Union (EU) products. The Nasdaq slipped 1%, and the Dow Jones Industrial Average and S&P 500 were down as well.

Apple shares fell when Trump wrote on his Truth Social site that iPhones not made in the U.S. would face a 25% tariff.

Deckers Outdoor (DECK) blamed the impact of tariffs as the maker of Hoka and Ugg footwear gave a weaker-than-expected current-quarter outlook and withheld its full-year guidance. Shares plunged.

Workday (WDAY) shares sank after the human resources software maker didn't raise its full-year subscription revenue forecast as it dealt with an "uncertain environment."

Intuit (INTU) was the best-performing stock in the S&P 500 when the maker of TuboTax and QuickBooks software beat profit, sales, and guidance estimates during the key income tax filing period.

Shares of miners Newmont (NEM) and Freeport McMoRan (FCX) advanced as gold prices traded at their highest level in more than two weeks.

Seagate Technology Holdings (STX) shares gained when Citi raised its price target just days after an earlier boost. Citi cited optimism about the future growth of the data storage company. Seagate shares jumped yesterday as well after announcing a $5 billion stock buyback plan.

Oil futures gained. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded lower.  TradingView

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