Wall Street Woes: Tariffs Rattle Markets and Amazon Slumps Amid Job Data Anticipation
Wall Street futures suffered due to new U.S. tariffs and underwhelming Amazon earnings, while investors awaited critical jobs data. President Trump imposed high tariffs on imports, striking global trade. Amazon's cloud growth disappointed, and Coinbase reported decreased profits. Analysts await jobs data to predict Fed's next action.
Wall Street futures plummeted on Friday, struck by fresh U.S. tariffs targeting multiple trading partners, coupled with Amazon's disappointing earnings. Investors turned their focus to an impending jobs report, crucial in determining the Federal Reserve's next strategic move.
President Donald Trump signed an executive order just hours before a tariff deadline, raising duties between 10% and 41% on imports into the United States. Specific rates were set: India at 25%, Taiwan 20%, Thailand 19%, and South Korea 15%. This decisive action reflects the White House's clear stance against extensions.
Despite record-high retreats for the S&P 500 and Nasdaq influenced by previous AI-driven tech enthusiasm, analysts remain attuned to imminent jobs data, predicting a July payroll increase of 110,000. The jobless rate is expected to nudge up to 4.2%, while Federal Reserve outlooks plot interest rate possibilities, closely tied to economic data revelations.
(With inputs from agencies.)
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