Wall Street Turmoil Amid Tariff Tensions and Weak Payrolls
Wall Street's leading indices experienced a selloff triggered by new U.S. tariffs and weaker-than-expected job data. President Trump's tariffs on imports from several countries and moderating U.S. labor market dynamics further elevated market volatility. Key indices and stocks faced significant declines, with the technology and financial sectors notably impacted.
Wall Street faced a tumultuous trading session on Friday, spurred by fresh U.S. tariffs and a disheartening payrolls report that together propelled a global selloff. Investors were on edge with the S&P 500 and Nasdaq nearing their worst daily performances since April, fueled by escalating trade tensions and an underperforming labor market.
President Donald Trump sparked further market uncertainty by imposing duties on imports from prominent trading partners, even as nations scrambled for improved trade relations. Concurrently, revised data showed a significant slowdown in U.S. job growth, leading to heightened expectations for a Federal Reserve rate cut in September.
Amid the market's decline, notable tech giants including Amazon and Apple posted losses, exacerbating sectoral declines. Meanwhile, Trump's call for direct action against Federal Reserve Chair Jerome Powell highlighted growing discord over interest rate policies, further stirring market dynamics.
(With inputs from agencies.)
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