Tariffs & Tumbles: Weak Jobs Data Sparks Fed Rate Cut Buzz

Major Indices Declined:

S&P 500 (SPX): -1.60%

Dow Jones (DJI): -1.23%

Russell 2000 (RUT): -2.03%

U.S. markets ended the week sharply lower, driven by a disappointing July jobs report and new tariff escalations announced by the Trump administration.

Nonfarm payrolls grew just 73,000 in July, missing estimates, while May and June numbers were slashed by over 258,000 combined, signaling labor weakness and fueling expectations of an imminent Fed rate cut.

Investors also faced heightened uncertainty after President Trump ousted the head of the Bureau of Labor Statistics and unveiled fresh tariff plans on a wide range of countries, stoking concerns around economic policy credibility and data integrity.

Amazon (AMZN) slid ~8.3% after beating quarterly revenue estimates ($167.7B) but disappointing investors with cautious cloud-growth guidance.

Apple (AAPL) dropped ~2.5% despite strong iPhone and services revenue—investor sentiment soured amid tariff-related cost concerns.

Coinbase (COIN) plunged ~16.7% after revenue missed expectations, weighing on crypto-related equity sentiment.

Reddit (RDDT) soared ~17.5% on its first profitable quarter, and growing ad revenue driven by AI trends.

10:00 am- Factory Orders for June (median forecast -4.9% vs previous 8.2%).

The index declined -1.23% on Friday to close at 43,588.58.

Support for the day: 43,470.25, with potential upside levels at 43,661.99 and 43,812.58.

The index closed at 22,763.31, with support for the day at 22,694.49 and potential upside levels at 22,809.32 and 22,896.08.

The index closed at 6,238.00, with support at 6,220.23 and potential upside levels at 6,259.43 and 6,278.28.

The price was trading at $626.22 pre-market, with support at $625.17 and potential upside levels at $626.88 and $627.21.

The price was trading at $558.70 pre-market, with support at $558.01 and potential upside levels at $560.05 and $561.35.

The price was trading at $216.77 pre-market, with support at $216.41 and potential upside levels at $218 and $218.87.

The price was trading at $286.78 pre-market, with support at $286.06 and potential upside levels at $287.86 and $289.04.

The price was trading at $24.81 pre-market, with support at $24.52 and potential upside levels at $25.005 and $25.29.

Analog chipmaker onsemi (NASDAQ: ON) will report Q2 earnings before the bell today, with analysts expecting revenue of $1.45 billion, down 16.4% YoY, and adjusted EPS of $0.53. Last quarter, onsemi beat revenue and EPS estimates while improving inventory levels, and has only missed top-line expectations once in the past two years.

The stock was trading at $55.58 pre-market, with support at $55.11 and potential upside levels at $56.01 and $56.36.

Palantir (PLTR) shares rose in pre-market trading ahead of its Q2 earnings (due after the close), fueled by optimism over a new $10B U.S. Army contract and strong AI demand. The company guided Q2 revenue at $934M–$938M, above Wall Street’s $899M estimate. However, analysts warn the Army deal consolidates existing contracts and doesn't ensure future revenue growth.

The stock was trading at $157.54 pre-market, with support at $157 and potential upside levels at $157.90 and $158.63.

Hims & Hers Health (HIMS) will report Q2 earnings after the close today, with analysts expecting $550.8M revenue (+74.5% YoY) and EPS of $0.23. Last quarter, the company delivered strong beats on revenue and EPS, added 137,000 customers, and raised full-year guidance.

The stock was trading at $64.03 pre-market, with support at $63.28 and potential upside levels at $64.32 and $64.90.

Vertex Pharmaceuticals (VRTX) reports Q2 earnings after the bell today, with analysts expecting $2.90B in revenue (+9.8% YoY) and EPS of $4.25. Last quarter, the company missed both revenue and EPS estimates and slightly lowered full-year guidance.

The stock closed at $462.13 on Friday, with support at $459.95 and potential upside levels at $464.30 and $466.25.