US Stocks Plunge Amid Tariff Escalation and Weak Jobs Data

Wall Street suffered a brutal sell-off as President Trump's sweeping tariff hikes and a disappointing jobs report rattled investor confidence. The Dow Jones Industrial Average tumbled over 500 points, while the S&P 500 and Nasdaq Composite dropped 1.6% and 2.2% respectively, erasing weekly gains.

The labor market showed unexpected weakness, with July adding just 73,000 jobs—far below forecasts—and previous months' figures revised downward. The unemployment rate edged up to 4.2%, fueling concerns about economic momentum. Trump's threat to fire the Bureau of Labor Statistics commissioner added political volatility to the mix.

Tech stocks failed to capitalize on strong earnings, suggesting broader market anxiety. The Federal Reserve now faces mounting pressure as inflation signals clash with employment slowdown, creating policy uncertainty that could spill into cryptocurrency markets.