Stocks slump on latest tariffs, soft jobs data
Fri August 1, 2025 4:37 PM
There wasn’t anything much to like today which sent the market straight down out the gate into very weighty 3-digit losses all around where all three indexes remained all day. There was the disappointing Amazon report, Apple despite a good Q2 nevertheless forecasting $1 billion in additional costs coming due to tariffs, a very bad jobs report as well as sharply reduced jobs data from last time showing the job market suffering and apparently no longer as resilient as thought. Add on to that dozens of new tariffs announced, Trump firing the head of Labor Statistics since the data does not support his positions, and a Fed governor announcing an early exit leaving Trump more maneuvering room to dump Powell.
