Market Mayhem: U.S. Stocks Plunge Amid Tariff Turmoil and Weak Jobs Report
U.S. stocks experienced a significant slump as the implementation of new tariffs and a weak jobs report heightened selling pressures. Key indices registered their worst performances in months, while expectations for a Federal Reserve rate cut increased. Amazon's disappointing results exacerbated market declines.
On Friday, U.S. stocks took a nosedive, marked by the S&P experiencing its most significant daily decline in over three months. The market trembled due to newly imposed U.S. tariffs on numerous trading partners and a surprisingly tepid jobs report, prompting vast selling activities.
Amazon shares plummeted by nearly 9%, adding to the downward spiral of equities, following lackluster quarterly results from its AWS cloud division. Meanwhile, President Trump's last-minute executive order imposed fresh duties on imports from several countries, stirring further economic anxieties and sending waves through the market.
The Dow Jones, S&P 500, and Nasdaq each suffered substantial losses, with analysts now anticipating a rate cut from the Federal Reserve in September. While widespread declines were evident, Reddit soared on strong results driven by an effective AI advertising strategy.
(With inputs from agencies.)
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