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U.S. Jobs Growth Did Slow to 73,000
Nonfarm payrolls were expected to increase by 100,000 in July. Instead, they increased by just 73,000. The unemployment rate of 4.2% was in line with expectations.
“June and May totals were revised sharply lower, down by a combined 258,000 from previously announced levels,” added CNBC. “The June total came down from the previously stated 147,000, while the May count fell to just 19,000, revised down by 125,000.”
That weakness and the downward revisions could force the Federal Reserve to cut interest rates when it meets in September.
After a few record-setting days for the tech-heavy Nasdaq, futures are down about 245 points.
All after President Trump signed an executive order that modified reciprocal tariffs on dozens of countries, with updated duties ranging from 10% to 41%.
Here are the key points you should know:
- “Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan, and 39% for Switzerland, according to a presidential executive order,” according to Reuters.
- 10% is now the minimum tariff imposed across all imports.
- Canada: Tariff raised to 35% from 25%
- 40 Countries now face a 15% tariff.
- China and Mexico had their deadlines delayed by 90 days.
If you want to see the full list of updated tariffs, you can see it here.
Shares of Amazon Slip Despite an Earnings Beat
Not helping, shares of Amazon are down about $19 in premarket.
That’s even as the company beat on the top and bottom lines, and offered better-than-expected guidance of between $174 billion and $179.5 billion. Analysts were anticipating $173.2 billion.
Despite that, the stock dropped after Amazon’s guidance for operating income for its AWS cloud computing unit came in at $15.5 billion to $20.5 billion for the third quarter. Analysts were looking for $19.5 billion.
Analysts are sticking by the stock, despite that news.
Goldman Sachs still has a buy rating and raised its price target to $240 from $220. JPMorgan reiterated an overweight rating, raising its price target to $265 from $255. Citi has a buy rating and raised its price target to $270 from $265.
Apple is Gaining Momentum on an Earnings Beat
Just last night, the tech giant posted earnings that beat on profit and revenue.
Plus, iPhone sales grew 13% year over year. And overall revenue jumped 10% — the biggest quarterly jump in revenue growth since late 2023.
EPS of $1.57 was better than the estimates of $1.43. Revenue of $94.04 billion was better than the estimates of $89.53 billion. iPhone revenue was $44.58 billion as compared to expectations for $40.22 billion. Mac revenue of $8.05 billion was better than the estimates of $7.26 billion. iPad revenue of $6.58 billion was better than the expectations of $7.24 billion.
With AI, the company said that it’s “significantly growing our investments.”
U.S. Jobs Growth Slowed to 73,000
Nonfarm payrolls were expected to increase by 100,000 in July. Instead, they increased by just 73,000. The unemployment rate was expected to be 4.2%.
The post Nasdaq Composite Live: Trump Tariffs Snap Nasdaq Win Streak appeared first on 24/7 Wall St..
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Author: Ian Cooper
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