US Stocks Plunge More Than 1% on Disappointing Jobs Report
US stocks opened sharply lower in August, with all three major indexes falling more than 1%, as a weaker-than-expected jobs report fueled renewed concerns about the strength of the US labor market and the overall economy. Nonfarm payrolls rose by just 73,000 in July, and employment figures for May and June were revised down by 258,000, adding to evidence that the labor market is slowing more rapidly than anticipated.
The weaker data fueled expectations that the Fed would cut interest rates twice this year, with another cut likely in September. Market pressure intensified when President Trump announced a broad set of tariffs. While the base rate remained unchanged at 10%, matching the duties imposed in April, levies on certain countries increased sharply.
In the corporate sector, Amazon shares plunged nearly 7% following a disappointing earnings report, overshadowing what should have been a strong tech earnings season. Nvidia fell more than 2%, while Apple rose 1.4% after reporting upbeat results.
Source: Trading Economics
