Wall Street Tumbles Amid Tariff Fears and Weak Jobs Data
U.S. stocks faced significant declines as President Trump's new tariffs and disappointing jobs data rattled investor confidence. The S&P 500 recorded its steepest daily drop in over two months, with Amazon shares plunging 8.3% following underwhelming earnings from its cloud division.
Market sentiment further deteriorated after July's employment figures revealed slower-than-expected job growth and downward revisions to previous months' data. The weak labor market indicators have dramatically increased expectations for a Federal Reserve rate cut in September.
"This report leaves no room for optimistic interpretation," noted Brian Jacobsen of Annex Wealth Management. "The labor market's momentum has clearly stalled, putting pressure on the Fed to respond."
