this post was submitted on 01 Aug 2025
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The U.S. stock market had its worst day since May on Friday after the government reported a sharp slowdown in hiring and President Donald Trump imposed sweeping tariffs on imports from a number of U.S. trading partners.

The S&P 500 fell 1.6%, its biggest decline since May 21 and its fourth straight loss. The index also posted a 2.4% loss for the week, marking a sharp shift from last week’s record-setting streak of gains.

The Dow Jones Industrial Average fell 1.2%, while the Nasdaq composite fell 2.2%.

Worries on Wall Street about a weakening economy were heavily reinforced by the latest report on job growth in the U.S. Employers added just 73,000 jobs in July. That is sharply lower than economists expected. The Labor Department also reported that revisions shaved a stunning 258,000 jobs off May and June payrolls.

Markets also reacted to the latest tariff news. President Donald Trump announced tariff rates on dozens of countries and pushed back the scheduled effective date to Aug. 7, adding more uncertainty to the global trade picture.

“The market has been felled by a one-two punch of additional tariffs, as well as the weaker-than-expected employment data -— not only for this month, but for the downward revisions to the prior months,” said Sam Stovall, chief investment strategist at CFRA.

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[–] 4grams@awful.systems 1 points 3 hours ago

Pretty sure we’ve just been in a dead cat bounce. When it hits, it’s going to hit hard.

I sincerely hope I’m wrong about this and that Rubio is playing higher dimensional chess (stop laughing).

[–] melsaskca@lemmy.ca 1 points 3 hours ago

Hey wait a second here! Weren't we just shown that all of those numbers are fake and there are lots of jobs everywhere? Wall Street shouldn't be listening to fake news!!! /s

[–] JeeBaiChow@lemmy.world 1 points 4 hours ago

Lol. 'winning'

[–] The_v@lemmy.world 10 points 12 hours ago

We are already tipped into a global economic recession.

Wall Street is so detached from reality with it's head still in the sand.

[–] wetbeardhairs@lemmy.dbzer0.com 31 points 17 hours ago (1 children)

RePuBlIcAnSaReGoOdFoRtHeEcOnOmY

[–] henfredemars 13 points 16 hours ago

Billionaires: It is good for me!

[–] cabron_offsets@lemmy.world 12 points 14 hours ago

No prob just fire the guy who analyzed the data. Checkmate, libtards.

[–] SheeEttin@lemmy.zip 3 points 14 hours ago* (last edited 14 hours ago) (2 children)

May 21 was just over two months ago. That's not a newsworthy "biggest drop since" event.

[–] Thedogdrinkscoffee@lemmy.ca 1 points 3 hours ago

Almost all business news is inane chatter.

[–] 4am@lemmy.zip 5 points 13 hours ago

That depends on how big the previous drop was…