Stock market today: Dow, S&P 500, Nasdaq futures slump after Trump’s sweeping tariffs, Amazon’s earnings flub
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Stock market today: Dow, S&P 500, Nasdaq futures slump after weak jobs report, Trump’s sweeping tariffs, Amazon’s earnings flub
Dow Jones Industrial Average futures dropped 0.9%, while those on the S&P 500 fell around 1%. Contracts on the tech-heavy Nasdaq 100 also sank around 1%, on the heels of a losing day for the major US gauges. June jobs report released Friday morning came in weaker than expected, with the economy adding some 73,000 jobs, versus 104,000 expected. The unemployment rate ticked up to 4.2%, as expected.
Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while those on the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also sank around 1%, on the heels of a losing day for the major US gauges.
The retreat in stocks came as markets assessed the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs.
His executive order formally authorized a hike in levies on Canada to 35%, to go into effect on Friday. Most of the other “reciprocal” rates range from 15% to 40% (though the baseline remains 10%) and will be implemented in seven days.
The White House also confirmed details of trade agreements negotiated by some trading partners before the Aug 1. deadline for “Liberation Day” tariffs to hit. But Trump said the implementation of the hiked levies will be pushed back by seven days, opening up scope for more talks.
Read more: The latest on Trump’s tariffs
The June jobs report released Friday morning came in weaker than expected, with the economy adding some 73,000 jobs, versus 104,000 expected. The prior two months were also revised down. The unemployment rate ticked up to 4.2%, as expected.
The key indicator of US economic health will be closely watched by the Federal Reserve, whose preferred inflation gauge on Thursday showed signs of increasing price pressures.
Also dragging on spirits was disappointment over Amazon’s (AMZN) earnings released late Thursday. The performance of its AWS cloud unit failed to live up to lofty expectations set by rivals Google (GOOG, GOOGL) and Microsoft (MSFT), sending its shares down over 8%.
But Apple (AAPL) stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales.
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9 updates
Stock market today: Dow, S&P 500, Nasdaq futures slump after weak jobs report, Trump’s sweeping tariffs, Amazon’s earnings flub
Dow Jones Industrial Average futures dropped 0.9%, while those on the S&P 500 fell around 1%. Contracts on the tech-heavy Nasdaq 100 also sank around 1%, on the heels of a losing day for the major US gauges. June jobs report released Friday morning came in weaker than expected, with the economy adding some 73,000 jobs, versus 104,000 expected. The unemployment rate ticked up to 4.2%, as expected.
Dow Jones Industrial Average futures (YM=F) dropped 0.9%, while those on the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also sank around 1%, on the heels of a losing day for the major US gauges.
The retreat in stocks came as markets assessed the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs.
His executive order formally authorized a hike in levies on Canada to 35%, to go into effect on Friday. Most of the other “reciprocal” rates range from 15% to 40% (though the baseline remains 10%) and will be implemented in seven days.
The White House also confirmed details of trade agreements negotiated by some trading partners before the Aug 1. deadline for “Liberation Day” tariffs to hit. But Trump said the implementation of the hiked levies will be pushed back by seven days, opening up scope for more talks.
Read more: The latest on Trump’s tariffs
The June jobs report released Friday morning came in weaker than expected, with the economy adding some 73,000 jobs, versus 104,000 expected. The prior two months were also revised down. The unemployment rate ticked up to 4.2%, as expected.
The key indicator of US economic health will be closely watched by the Federal Reserve, whose preferred inflation gauge on Thursday showed signs of increasing price pressures.
Also dragging on spirits was disappointment over Amazon’s (AMZN) earnings released late Thursday. The performance of its AWS cloud unit failed to live up to lofty expectations set by rivals Google (GOOG, GOOGL) and Microsoft (MSFT), sending its shares down over 8%.
But Apple (AAPL) stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales.
LIVE
9 updates