EU and Apple tariff threats dominate as QQQ falls 1.10% and SPY loses 0.70%

QQQ opened 1.53% lower and finished down 1.10%, while SPY opened 1.22% lower and ended down 0.70%. Trump proposed a 50% tariff on the European Union from June 1 and threatened a 25% tariff on Apple, while Chicago Fed President Austan Goolsbee warned that tariff-driven stagflation would be the central bank's worst situation. April new-home sales reached 743K versus 694K estimated, alongside gains in both ETFs over the next 15 minutes. Technology headlines included a reported $40 billion Oracle purchase of Nvidia chips for an OpenAI data center and the FTC ending its effort to block Microsoft's Activision acquisition.