US open: Stocks lower following tariff announcements, jobs report
By Iain Gilbert
Date: Friday 01 Aug 2025
(Sharecast News) - Major indices were firmly in the red early on Friday after Donald Trump announced updated duties ranging from 10% to 41%.
As of 1440 BST, the Dow Jones Industrial Average was down 1.22% at 43,591.47, while the S&P 500 shed 1.38% to 6,251.91 and the Nasdaq Composite came out of the gate 1.78% firmer at 20,745.82.
The Dow opened 539.51 points lower on Friday, extending losses recorded in the previous session (330.30) as yet more tariff uncertainty weighed on risk appetite, while investors digested another flurry of economic data and corporate earnings.
Stocks headed south after Donald Trump signed another executive order that put into place a fresh wave of "reciprocal" tariffs on a wide range of countries, with duties set to take effect next Thursday, with the delay intended to give Customs and Border Protection time to implement changes and not to extend negotiations. Trump said he remained open to "more compelling offers" but insisted it was "too late" for countries to avoid the incoming tariffs and declared that the 1 August deadline "stands strong" in what he called a "big day for America".
Syria, the hardest hit nation, now faces a 41% tariff, while Laos and Myanmar will see import duties of 40%. Switzerland and South Africa were subject to 39% and 30% tariff rates, respectively. Countries not listed in the latest order will face an additional duty of 10%. Trading partners that have yet to reach or are near reaching agreements with the US will be subject to the modified rates until those agreements are concluded, according to the executive order.
Outside of tariff news, the Bureau of Labor Statistics revealed that the US jobs growth had slowed markedly in June, with gains in healthcare and state government hiring being offset by ongoing weakness in federal employment. Nonfarm payrolls rose by 73,000 in July, following June's downwardly revised reading and well below expectations of 110,000. Healthcare added 55,000 jobs, ed by ambulatory services and hospitals, while social assistance employment continued to trend higher, up 18,000 month-on-month amid continued job growth in individual and family services. Federal payrolls, however, declined again, dropping by 12,000, down from its January peak of 84,000 to extend a multi-month downtrend.
Revisions to May and June's figures also pointed to a significantly weaker picture than previously reported, with May's job growth slashed by 125,000 to just 19,000, while June was cut by 133,000 to 14,000 - leaving employment 258,000 lower than initially thought and likely reinforcing the Federal Reserve's view that it should remain cautious for the time being when it comes to monetary policy, with signs of labour market softening emerging beneath headline stability.
Still to come, S&P Global's July manufacturing PMI will be published at 1445 BST, followed by the Institute for Supply Management's manufacturing PMI and June construction spending figures, and the University of Michigan's July consumer sentiment index at 1500 BST.
In the corporate space, shares in online retail giant Amazon headed south in pre-market trading after delivering light operating income guidance for the current quarter, while tech giant Apple traded higher on the back of a quarterly earnings and revenue beat.
Reporting by Iain Gilbert at Sharecast.com
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN