By Brian Evans and Pia Singh
Stocks tumbled on Friday to kick off August trading as investors weighed stark signs of a weakening economy and President Donald Trump’s modified tariff rates.
The Dow Jones Industrial Average dropped 542 points, or 1.2%. The S&P 500 shed 1.6%, while the Nasdaq Composite dipped 2.2%.
The July jobs report showed nonfarm payrolls expanded by 73,000 last month, well beneath the consensus estimate from economists polled by Dow Jones that called for a 100,000 increase to payrolls. Prior months were significantly revised down. June job growth totaled just 14,000, down from 147,000. The May count came down to 19,000 from 125,000, signaling the labor market has been weakening for a while now.
Bank stocks were sharply lower on fears that a slowing economy could hit loan growth. Shares of JPMorgan Chase pulled back more than 2%, while Bank of America and Wells Fargo fell more than 3% each. GE Aerospace and Caterpillar dipped 1% and 3%.
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