Wall Street Woes: U.S. Tariffs and Weak Job Growth Drag Markets Down

In a market downturn, Wall Street's key indexes nosedived as new U.S. tariffs on numerous trading partners and subpar job growth figures weighed heavily on investor sentiment. The Dow, S&P 500, and Nasdaq all reported significant losses amid fears over escalating trade tensions and economic slowdown.

The decline was exacerbated by Amazon's disappointing performance in its cloud computing division, a stark contrast to the successes of AI-driven companies like Alphabet and Microsoft. The downturn led to a spike in the CBOE Volatility Index, reflecting heightened market anxiety.

Amidst these concerns, traders raised the probability of a September interest rate cut, amplifying uncertainty in the financial sector. Pressure mounts on the Federal Reserve as market players watch closely how U.S. monetary policies will unfold in response to these economic challenges.

(With inputs from agencies.)