Wall Street Live: Nasdaq, S&P 500, Dow slump after weak jobs data; Amazon tanks 7%, Nvidia dips 3%, Tesla falls 2.6%
Wall Street stock indices slumped on Friday after weak jobs data fuelled worries about the US economy amid stiffer tariffs on American trading partners.
The Labor Department said the US economy added just 73,000 jobs in July while revising lower the figures for May and June.
As of 12:01 PM Eastern, the S&P 500 fell 1.2%, the Dow Jones Industrial Average fell 1%, and the Nasdaq Composite fell 1.6%.
At 9:52 AM ET, the Dow Jones Industrial Average fell 633.77 points, or 1.44%, to 43,491.55, the S&P 500 lost 107.59 points, or 1.70%, to 6,231.80 and the Nasdaq Composite lost 483.70 points, or 2.29%, to 20,638.74.
In the early trading, the Dow Jones Industrial Average was down 1.5% at 43,477.54. The S&P 500 declined 1.7% to 6,231.49, while the tech-rich Nasdaq Composite Index tumbled 2.3% to 20,644.16.
Following the jobs report, the yields on US Treasury fell sharply.
Gainers and Losers
Amazon stock tanked 7% despite the e-commerce giant reported a 35% surge in quarterly profits. The company’s growth in cloud computing unit failed to impress investors.
Apple stock fell 0.2% after the iPhone maker reported quarterly revenue well above Wall Street estimates. But CEO Tim Cook warned US tariffs would add $1.1 billion in costs over the period.
Among other megacap stocks, Nvidia lost 3.1%, Tesla fell 2.6%, Meta Platforms shed 2.5%, and Alphabet dropped 1.4%.
Coinbase Global slipped 16.2% after the crypto exchange’s adjusted profit for the second quarter dropped.
Exxon Mobil shares fell 1.3% after the company reported that profit dropped to the lowest level in four years.
Bullion
Gold prices surged on Friday after weaker-than-expected jobs data boosted hopes for Federal Reserve rate cut later in the year.
As of 0931 AM ET (13:31 GMT), spot gold climbed 1.9% to $3,351.61 per ounce. US gold futures rose 1.7% to $3,405.20.
Among other metals, spot silver gained 1.1% to $37.14 per ounce, platinum added 0.6% to $1,296.58 and palladium rose 2.3% at $1,217.91.