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- US stocks open down on Trump tariffs, weaker-than-expected jobs growth</p>
<p>Medora Lee, USA TODAY August 1, 2025 at 7:17 PM</p>
<p>U.S. stocks opened lower, after disappointing jobs growth and President Donald Trump signing an order imposing sweeping new tariffs on countries across the world.</p>
<p>July's jobs report showed the economy added 73,000 jobs, less than forecasts for 100,000, according to a Dow Jones survey of economists. The unemployment rate edged up to 4.2%, as expected. June and May totals were revised sharply lower, down by a combined 258,000 from previously announced levels.</p>
<p>"The increase in nonfarm payrolls in July was softer than anticipated but the real story was the revisions that wiped out nearly all the job gains in May and June," said Nancy Vanden Houten, lead economist at Oxford Economics.</p>
<p>The much weaker-than-expected report is likely to trigger a Federal Reserve rate cut, economists said.</p>
<p>"This payroll report kicks the door wide open for a September rate cut," said Jeff Schulze, head of economic and market strategy at ClearBridge Investments. "Although the effects of tariff pass-through still lie ahead, the Fed will not want to wait too long to begin its cutting cycle."</p>
<p>It also gave Trump another reason to criticize Federal Reserve Chair Jerome Powell. In a social media post, he said "Too Little, Too Late. Jerome 'Too Late' Powell is a disaster. DROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!"</p>
<p>Meanwhile, Trump signed an executive order confirming "reciprocal" tariffs on dozens of countries, with duties ranging from 10% to 41%, beginning in seven days. He also said goods that switch means of transport, or are transshipped, to avoid tariffs will face another 40% tax.</p>
<p>Starting Aug. 1, Canada will face a 35% tariff, excluding goods compliant with the Canada-U.S.-Mexico Agreement on trade. That's up from 25% previously.</p>
<p>Countries that are not listed in the latest order will face an additional duty of 10%, the statement said.</p>
<p>Trump also sent letters to 17 pharmaceutical companies, including U.S. firms, demanding lower prices.</p>
<p>Earlier, Trump said he's giving Mexico another 90 days to come to a longer term agreement with the United States to avoid higher tariffs.</p>
<p>The new order raises worries that higher prices will filter down to consumers and slow the economy but "this is unlikely to be the final word, as it still seems likely that some other countries will reach their own deals with the U.S., while there is a chance that the U.S. courts will eventually strike down these tariffs," said Stephen Brown, deputy chief North America economist at Capital Economics.</p>
<p>At 9:46 a.m. ET, the blue-chip Dow fell 1.33%, or 588.22 points, to 43,542.76; while the broad S&P 500 slipped 1.62%, or 102.73 points, to 6,236.66, and the tech-heavy Nasdaq declined 2.13%, or 449.35 points to 20,673.10.</p>
<p>FILE PHOTO: The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid/File PhotoCorporate news</p>
<p>Earnings also continue to be key in determining stock market direction. Of the 297 companies in the S&P 500 that have reported earnings through the morning of July 31, 80.8% have topped analyst expectations, according to LSEG Data and Analytics, compared with the 76% beat rate over the past four quarters.</p>
<p>After the market closed, Amazon and Apple -- two so-called "Magnificent Seven" mega cap tech stocks -- reported results.</p>
<p>Amazon topped Wall Street estimates with its second-quarter results, but its cloud computing growth was disappointing. Amazon stock dropped 6.13%.</p>
<p>In contrast, Apple exceeded second-quarter expectations, including the largest revenue jump since 2021. Sales were helped by strong 13%-plus growth in iPhone sales due to tariff-related buying and popular devices. It projected tariff costs could reach $1.1 billion in the current quarter. Apple shares were marginally higher.</p>
<p>Among non-Magnificent Seven stocks,</p>
<p>Coinbase beat second-quarter adjusted earnings per share estimates, but revenues fell short. Shares tumbled 13.08%.</p>
<p>Social media company Reddit's second-quarter results topped Wall Street forecasts. Its revenue grew 78% to $500 million, its fastest revenue growth in three years, according to the company. It also provided upbeat third-quarter guidance. Shares rallied 15.06%.</p>
<p>Cloudflare topped forecasts with its second-quarter results and raised its full-year profit and revenue guidance. Shares fell 5.63%.</p>
<p>First Solar reported second-quarter results above analysts' expectations and raised its 2025 revenue guidance. Shares jumped 7.94%.</p>
<p>Stryker's second-quarter results were better than expected. The medical device maker also raised its earnings outlook for the year, with forecasts for a smaller tariff hit. Shares lost 3.66%.</p>
<p>Moderna beat estimates with its second-quarter results but lowered the high end of its full-year revenue outlook. Shares stumbled 8.12%.</p>
<p>Exxon's second-quarter results topped estimates as the oil giant pumped 4.6 million barrels per day, the highest output for the second quarter since Exxon and Mobil merged more than 25 years ago. Shares slipped 1%.</p>
<p>Chevron's adjusted second-quarter earnings per share beat forecasts, as did revenues. Shares rose 1.69%.</p>
<p>Cryptocurrency</p>
<p>Bitcoin had a record month, peaking at a record high of about $123,000 on July 14. Crypto assets were boosted in July by new U.S. Congressional legislation, including the GENIUS Act which formalizes stablecoins in the U.S. and moves digital assets more mainstream, economists said.</p>
<p>Bitcoin was last down 0.76% at $114,624.50.</p>
<p>(This story was with new information.)</p>
<p>Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.</p>
<p>This article originally appeared on USA TODAY: US stocks open lower after Trump tariffs, weak jobs report</p>
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