Stock market today: Dow, S&P 500, Nasdaq slump after weak jobs report, Trump’s tariff redux
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Diverging Reports Breakdown
Stock market today: Dow, S&P 500, Nasdaq slump after weak jobs report, Trump’s tariff redux
The Dow Jones Industrial Average (^DJI) dropped around 1.2%, while the S&P 500 (^GSPC) fell roughly 1.4%. The retreat in stocks came as the July jobs report released Friday morning showed weaker-than-expected jobs growth. The prior two readings were also revised down sharply, indicating the labor market has been slowing down over the past three months. But Apple (AAPL) stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales. The yield on the benchmark 10-year Treasury (^TNX) dived as traders ramped up bets on interest rate cuts this year.
The Dow Jones Industrial Average (^DJI) dropped around 1.2%, while the S&P 500 (^GSPC) fell roughly 1.4%, with the two gauges set for weekly losses of about 3% and 2%, respectively. The tech-heavy Nasdaq Composite (^IXIC) sank around 1.9%, on track for its own weekly loss of 1.8% despite earnings reports from major tech firms that beat expectations.
The losses on Friday followed a losing day for the indexes on Thursday.
The retreat in stocks came as the July jobs report released Friday morning showed weaker-than-expected jobs growth, with the economy adding some 73,000 jobs, versus 104,000 expected. The prior two readings were also revised down sharply, indicating the labor market has been slowing down over the past three months. The unemployment rate ticked up to 4.2%.
The surprise cracks in the labor market will be closely watched by the Federal Reserve, whose preferred inflation gauge on Thursday showed signs of increasing price pressures. The yield on the benchmark 10-year Treasury (^TNX) dived following the jobs data as traders ramped up bets on interest rate cuts this year.
Meanwhile, markets assessed the reshaped US trade landscape after 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
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 as much as 8%.
But Apple (AAPL) stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales.
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Stock market today: Dow, S&P 500, Nasdaq slump after weak jobs report, Trump’s tariff redux
The Dow Jones Industrial Average (^DJI) dropped around 1.2%, while the S&P 500 (^GSPC) fell roughly 1.4%. The retreat in stocks came as the July jobs report released Friday morning showed weaker-than-expected jobs growth. The prior two readings were also revised down sharply, indicating the labor market has been slowing down over the past three months. But Apple (AAPL) stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales. The yield on the benchmark 10-year Treasury (^TNX) dived as traders ramped up bets on interest rate cuts this year.
The Dow Jones Industrial Average (^DJI) dropped around 1.2%, while the S&P 500 (^GSPC) fell roughly 1.4%, with the two gauges set for weekly losses of about 3% and 2%, respectively. The tech-heavy Nasdaq Composite (^IXIC) sank around 1.9%, on track for its own weekly loss of 1.8% despite earnings reports from major tech firms that beat expectations.
The losses on Friday followed a losing day for the indexes on Thursday.
The retreat in stocks came as the July jobs report released Friday morning showed weaker-than-expected jobs growth, with the economy adding some 73,000 jobs, versus 104,000 expected. The prior two readings were also revised down sharply, indicating the labor market has been slowing down over the past three months. The unemployment rate ticked up to 4.2%.
The surprise cracks in the labor market will be closely watched by the Federal Reserve, whose preferred inflation gauge on Thursday showed signs of increasing price pressures. The yield on the benchmark 10-year Treasury (^TNX) dived following the jobs data as traders ramped up bets on interest rate cuts this year.
Meanwhile, markets assessed the reshaped US trade landscape after 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
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 as much as 8%.
But Apple (AAPL) stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales.
LIVE
18 updates