Jake Novak's Morning Business Briefing 5/23

STOCKS/ECONOMY

-Stock futures are sharply lower after Thursday's breakeven closes for the Dow and S&P 500, and a 0.3 percent rise for the Nasdaq. Investors are reacting bearishly to President Trump's statement this morning saying that trade talks with the E.U. are going nowhere and a new 50 percent tariff may be imposed on EU goods.

-The yield on the 10-year Treasury bond is down to 4.48 percent.

-Gold is up to the $3,351 per ounce level. Bitcoin is at the $108,200 level.

-Asian markets closed mostly higher today. The Nikkei gained 0.4 percent, the Hang Seng rose 0.2 percent, and the Shenzhen fell 0.8 percent.

OIL/ENERGY

-U.S. crude prices are down and at the $60 a barrel level.

-Gasoline prices are holding at $3.19 a gallon, national average.

-President Trump will reportedly sign orders today clearing the way for more nuclear energy production in the U.S. Shares of a number of nuclear power producers are up in the premarket. That includes Oklo (OKLO-up 8 percent), Nuscale Power (SMR- up 9 percent), and Constellation Energy (CEG-up 4 percent).

TARIFF TUMULT

-President Trump said he is “recommending a straight 50 percent tariff on the European Union” after complaining that trade negotiations have stalled.

-President Trump also said this morning that Apple (APPL) will be forced to pay a 25 percent tariff on every iPhone sold in the U.S. that isn't made in the U.S. Apple shares are down 3 percent in the premarket.

HAPPY TAX RETURN

-TurboTax and Quicken parent Intuit (INTU) beat quarterly profit and revenue estimates and issued strong forward earnings guidance. Its shares are up 7 percent in the premarket.

CLOUDY FORECASTS

-Ross Stories (ROST) says its withdrawing its full-year earnings guidance because of tariff uncertainty. Its shares are down 14 percent in the premarket.

-Ugg boots parent Deckers Outdoor (DECK) also did not issue any forward guidance because of trade uncertainty. Its shares are down 19 percent in the premarket.

COPY CRISIS

-Xerox (XRX) is cutting its dividend from 12.5 cents a share to 2.5 cents a share. Its shares are down 9 percent in the premarket.