Wall Street Woes: Stocks Slump Amid Tariff Troubles and Hiring Slowdown

Stocks on Wall Street faced a significant downturn as trading on Friday afternoon saw the S&P 500, Dow Jones, and Nasdaq all experience notable declines. A government report showing a sharp slowdown in hiring last month compounded the impact, as Treasury yields plummeted sharply.

President Trump's latest tariff announcement, delaying import taxes until August 7 for countries without U.S. trade agreements, added to market volatility. The Labor Department's report revealed that employers added only 73,000 jobs in July, far below expectations, causing investors to anticipate a Federal Reserve interest rate cut.

The 10-year Treasury yield fell dramatically, and investors are now betting heavily on a rate cut in September. Companies like Amazon, Apple, and Exxon Mobil also reported challenges due to tariff policies, while global markets mirrored the declines seen in the U.S.