The stock market had its worst day since May on Friday after the government reported a sharp slowdown in hiring and President Trump imposed sweeping tariffs on imports from a number of US trading partners.
- The Dow fell 542.40 points, or 1.2%, to 43,588.58, for a drop on the week of 2.9%.
- The S&P 500 fell 101.38 points, or 1.6%, to 6,238.01, finishing the week down 2.4%.
- The Nasdaq fell 472.32 points, or 2.2%, to 20,650.13, off 2.2% for the week.
Worries on Wall Street about a weakening economy were heavily reinforced by the latest report on job growth, which found US employers added just 73,000 jobs in July, the AP reports. Markets also reacted to the latest tariff news. Trump announced tariff rates on dozens of countries and pushed back the scheduled effective date to Aug. 7, adding more uncertainty to global trade. "The market has been felled by a one-two punch of additional tariffs, as well as the weaker-than-expected employment data," said Sam Stovall, chief investment strategist at CFRA. Trump's decision to fire the head of the agency that produces the monthly jobs figures will only fuel the market's uncertainty, Stovall added.
Amazon fell 8.3%, despite reporting encouraging profit and sales for its most recent quarter. Apple fell 2.5% after also beating Wall Street's profit and revenue forecasts. Both companies face tougher operating conditions because of tariffs, with Apple forecasting a $1.1 billion-hit from the fees in the current quarter. Exxon Mobil fell 1.8% after reporting that profit dropped to the lowest level in four years and that sales fell as oil prices slumped as OPEC+ ramped up production.
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