US stock futures remained largely unchanged on May 23, 2025, as markets grappled with concerns over elevated Treasury yields and escalating trade tensions. Wall Street experienced a significant decline following President Donald Trump's announcement of proposed tariffs, including a 50% tariff on European Union goods starting June 1 and a warning of a 25% tariff on iPhones not manufactured in the US. Major indexes, including the Dow Jones, S&P 500, and Nasdaq, fell by 0.79%, 0.94%, and 1.2%, respectively, with the VIX volatility index rising to a two-week high, indicating increased market fear. The decline was driven by fears of trade policy volatility and concerns over mounting debt, exacerbated by Moody's recent downgrade of the US credit rating. Notably, companies like Apple and Nvidia saw declines of over 1%, while Deckers Outdoor and Nike experienced sharp drops due to forecast misses and tariff worries. Treasury yields on long-term bonds eased slightly as investors moved to safer assets, and trading activity slowed ahead of the Memorial Day holiday. Experts suggest that the US has not yet moved past tariff threats, with ongoing trade negotiations and political developments fueling market uncertainty.