US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points.
Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and Taiwan.
On the corporate front, Amazon sank nearly 8% on disappointing cloud guidance, dragging tech lower, while Apple fell 2.9% despite strong results. Exxon (-1.8%) and Chevron (-0.1%) beat expectations, Eli Lilly (+3%) gained on drug coverage hopes, and Moderna fell 6.6% on vaccine concerns. All three major indexes posted weekly losses.
Source: Trading Economi
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