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

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.

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