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.
The Chief Market Strategist at B. Riley Wealth in Boston commented that Trump was happy with the last five job reports so it was odd that one bad report would lead to a firing. To be sure his meaning was clear, “This is clearly something that happens in dictatorships, not in democracies.” Though yesterday saw all the indexes finishing July on an uptick, today’s losses put all three on the downside for the week between 1 and 3% each. Wall Street wasn’t happy about any of the above with the S&P and Nasdaq both suffering their biggest one-day losses in months. Volume was above the average of 18.4 billion, coming in today at 19.5 billion.
DJ: 44,130.98 -330.30 NAS: 21,122.45
-7.23 S&P: 6,339.39
-23.51 7/31
DJ: 43,588.58 -542.40 NAS: 20,650.13
-472.32 S&P: 6,238.01
-101.38 8/1
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