Dow Jones Tumbles 500 Points Amid Fallout From Trump Slapping Tariffs Globally, Weak Jobs Report

Dow Jones tumbled more than 500 points during Friday’s midday trade as U.S. equities lost their momentum despite better-than-expected earnings from big technology companies throughout the week.

Dow Jones was down 1.3% at the time of writing, declining by 560 points, while the S&P 500 index tumbled 1.5% and the Nasdaq 100 index was down 1.8%, shedding more than 400 points.

Meanwhile, the SPDR S&P 500 ETF Trust (SPY) declined 1.52% at the time of writing, while Invesco QQQ Trust (QQQ) was down 1.73%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.

This comes after President Donald Trump unleashed tariffs globally ranging from 10% to 41%, applicable to countries with which the United States has not signed a trade deal since the announcement of “Liberation Day” levies in April.

President Trump told NBC News in a telephonic interview that while his administration was open to offers from countries impacted by these levies, it was “too late” for some countries to avoid these duties.

Meanwhile, the July jobs report came in weaker than expected, with nonfarm payrolls rising by 73,000 during the month, lower than the Dow Jones estimate of 100,000.

Data from the Department of Labor also showed there were significant downward revisions to the May and June totals, with an overall reduction of 258,000.

According to the BLS, June nonfarm payrolls were revised downward by 133,000 and May by 125,000. The original reports showed an addition of 147,000 and 144,000, respectively.

The unemployment rate also rose during July to 4.2%, from 4.1% in June. People who currently want a job but don’t have one stood at 6.18 million in July, up from 6.03 million in June and 5.99 million in May.

Among the unemployed, the number of new entrants increased by 275,000 in July to 985,000. New entrants are unemployed people who are looking for their first job.

Also See: Scott Bessent Says US Has Entered The ‘Golden Age Of Crypto’ Under Trump

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