Stock Slump: U.S. Tariffs and Weak Jobs Data Rattle Markets
U.S. stocks experienced a significant decline as new tariffs and weak jobs data fueled selling pressure. Amazon shares dropped notably, impacting the market further. The situation heightened expectations for a Federal Reserve rate cut, while President Trump’s actions and remarks added to the economic uncertainty.
On Friday, U.S. stocks took a significant hit, with the S&P 500 witnessing its largest daily percentage drop in over two months. This decline was driven by newly imposed U.S. tariffs on several trading partners and a disappointing jobs report.
President Donald Trump signed an executive order levying duties on imports from multiple countries, including Canada and Brazil, escalating economic tensions. These developments raised expectations for the Federal Reserve to cut interest rates in September to stabilize the market.
The tech sector, particularly Amazon, played a significant role in the downturn. Amazon's shares saw an 8.3% decrease after failing to meet cloud service expectations, further contributing to the market's woes, alongside other big players like Apple.
(With inputs from agencies.)
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