Stock Market Today: Tariffs are back! Stocks (surprise!) are lower.

Update 11:20 EDT

So, how are the markets digesting this latest round of tariff talk? Not well.

The major US indexes are lower today, as are most stocks. There are about 4 times more stocks that are down than stocks that are up.

And all sectors are down. 

Not only are all sectors lower today, but just four of the nine have surpassed their April 3 levels (the day of what President Trump called his Liberation Day tariff reveal),  shown with the black horizontal line.

Three factors are at work.

First, investors are simply skittish. Lots of trust in the safety and security of US markets has been lost in 2025. Investors want to invest their money where it will be treated best. With increased volatility, they're taking a look at other markets now.

Second, the news out of Washington is causing a lot of concern. Between tariffs and what Trump calls his Big Beautiful Bill, which could add $5 trillion to the country's debt, people are worried about the economy. 

How worried? TheStreet Pro's Doug Kass writes that US credit default swaps are hitting the same levels as Greece. CDSs are effectively insurance policies against default. When the premiums on these policies rise, it indicates that the bond market is worried. And when the bond market is worried, you should be, too.

Last, this is a market that was technically overbought and simply overvalued. It's no surprise that investors are taking money off the table in advance of a long weekend.

Until later!

Stock Market Today

Happy Friday, and as our pal Sarge Guilfoyle over on TheStreet Pro says, have a nice Memorial Day.

I’ll let him remind us why we’ve got this long weekend and steal an excerpt from today’s Market Recon:

By all means, celebrate the day, and celebrate the weekend, but respectfully. The day is an observance of those who sacrificed everything so that we might not. Let us honor their memory, by accepting this bounty with both grace and class. It is not "Happy Memorial Day," for there is nothing "happy" about tragic loss. It is, however, "Have a nice Memorial Day," as that still allows for fun and family time while not disrespecting the how, the why and the sacrifice.

Yesterday was all about the Trump administration's “Big Beautiful Bill,” which could raise the deficit by as much as $5 trillion or as little as $3 trillion if tariffs raise the $2.2 trillion that the Tax Foundation thinks they could.

Today, those tariffs are back in the news as President Donald Trump threatens 50% tariffs on the EU starting June 1.

European markets dropped sharply on the news.

US stocks are slated to open lower, with S&P futures off 1.4% and Nasdaq futures off 1.8%. Here’s a look at global futures.

Apple isn’t immune, either. 

Of course, they say that a U.S.-made Apple  (AAPL)  iPhone would cost $3,500. Most will just switch to Samsung  (SSNGY)  or pay the 25% tariff. This is one product the costs of which Apple could easily pass on to consumers.

It's going to be another fun one! Stay safe out there.