Market Wrap | US Stocks Slide Amid Trade Tensions and Sector Shifts

Market BriefFriday, May 23, 2025 6:01 pm ET
1min read

May 23, 2025: The U.S. stock market experienced a downturn with the S&P 500, Dow Jones, and Nasdaq indices falling by 0.67%, 0.61%, and 1.00% respectively. The U.S. Treasury Secretary hinted at upcoming major trade agreements, while President Trump threatened increased tariffs on EU goods. Additionally, the U.S. PMI data showed improvement, with manufacturing and services sectors exceeding expectations, indicating economic resilience.

In today's market, the technology sector and the non-essential consumer goods sector underperformed the S&P 500. Conversely, the utilities sector, essential consumer goods sector, energy sector, and real estate sector all saw gains despite the overall market conditions.

Salesforce's stock experienced a 3.63% drop today, driven by investor concerns over the potential cost and integration challenges associated with its proposed acquisition of Informatica. Meanwhile, Apple's shares fell by 3.02% following President Trump's threat to impose a 25% tariff on iPhones manufactured outside the United States.

Imunon's stock surged by 179.18% following the announcement of positive clinical trial results for its cancer treatment. Meanwhile, SharpLink Gaming saw a significant rise of 78.72% without any specific positive news identified. On the other hand, Golden Heaven Group experienced a sharp decline of 59.35%, with specific moving average crossings indicating a likely prolonged decline. Bicara Therapeutics also faced a substantial drop of 40.80% due to the failed cancer drug trial, raising investor concerns about its future prospects.

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