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S&P 500 closed Friday 8/1 at 6238, down 1.6% for the day, and up 6.1% year-to-date. Huge downward revisions in job nbrs
This discussion thread is pinned.
Last edited Fri Aug 1, 2025, 04:49 PM - Edit history (134)
Year to date is from the Dec 31 closing level.
https://finance.yahoo.com/
Stock market today: Dow, S&P 500, Nasdaq tank as market confidence cracks under Trump tariffs, weak jobs data, Yahoo Finance 8/1/25
US stocks sank on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes and the July jobs report showed signs of a labor market slowdown.
All three major averages ((S&P 500, DOW, NASDAQ)) notched weekly declines of more than 2%.
The retreat in stocks came as the July jobs report released Friday morning showed weaker-than-anticipated jobs growth, with the economy adding some 73,000 jobs, versus 104,000 expected. The prior two readings were also revised down sharply ((by a combined incredible 258,000 jobs -Progree)) , indicating the labor market has been slowing down over the past three months ((no kidding with the revisions, the job gains of the last 3 months only averaged 35,000 jobs/month -Progree)).
President Trump said he will fire the Bureau of Labor Statistics commissioner following the July report, accusing her of manipulating prints for political purposes.((emphasis added -P))
((NBC News confirmed she has been fired, so this isn't a TACO thing -Progree))
The yield on the benchmark 10-year Treasury (^TNX) dived following the jobs data as traders ramped up bets on interest rate cuts this year.
Meanwhile, markets assessed the reshaped US trade landscape after Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs.
His executive order formally authorized a hike in levies on Canada to 35%, to go into effect on Friday. Most of the other "reciprocal" rates range from 15% to 40% (though the baseline remains 10%) and will be implemented in seven days.
US stocks sank on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes and the July jobs report showed signs of a labor market slowdown.
All three major averages ((S&P 500, DOW, NASDAQ)) notched weekly declines of more than 2%.
The retreat in stocks came as the July jobs report released Friday morning showed weaker-than-anticipated jobs growth, with the economy adding some 73,000 jobs, versus 104,000 expected. The prior two readings were also revised down sharply ((by a combined incredible 258,000 jobs -Progree)) , indicating the labor market has been slowing down over the past three months ((no kidding with the revisions, the job gains of the last 3 months only averaged 35,000 jobs/month -Progree)).
President Trump said he will fire the Bureau of Labor Statistics commissioner following the July report, accusing her of manipulating prints for political purposes.((emphasis added -P))
((NBC News confirmed she has been fired, so this isn't a TACO thing -Progree))
The yield on the benchmark 10-year Treasury (^TNX) dived following the jobs data as traders ramped up bets on interest rate cuts this year.
Meanwhile, markets assessed the reshaped US trade landscape after Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs.
His executive order formally authorized a hike in levies on Canada to 35%, to go into effect on Friday. Most of the other "reciprocal" rates range from 15% to 40% (though the baseline remains 10%) and will be implemented in seven days.
============================================================
Jobs report LBN thread: https://www.democraticunderground.com/10143505265
Fed Governor Kugler says resigning from Fed effective Aug 8, (several months in advance of her tenure ending at the end of January). As a governor, Kugler was a permanent voter on the rate-setting Federal Open Market Committee.
https://www.democraticunderground.com/10143505602
=============================================
The S&P 500 closed Friday July 1 at 6238, down 1.6% for the day,
and up 7.9% from the 5783 election day closing level,
and up 4.0% from the inauguration eve closing level,
and up 6.1% year-to-date,
S&P 500
# Election day close (11/5/24) 5783
# Last close before inauguration day: (1/17/25): 5997
# 2024 year-end close (12/31/24): 5882
# All-time closing high (2/19/25): 6144, until 6/27/25 when it closed at 6173
. . . With the new all-time high closing on June 27, we are in a bull market by any and all definitions
# Trump II era low point (going all the way back to election day Nov5): 4983 on April 8
# Several market indexes: https://finance.yahoo.com/
# S&P 500: https://finance.yahoo.com/quote/%5EGSPC/
https://finance.yahoo.com/quote/%5EGSPC/history/
========================================================
I'm not a fan of the DOW as it is a cherry-picked collection of just 30 stocks that are price-weighted, which is silly. But since there is an automatically updating embedded graphic, here it is. It takes several, like 6 hours, after the close for it to update, like about 10 PM EDT.
(If it still isn't updated, try right-clicking on it and opening in a new tab. #OR# click on https://finance.yahoo.com/quote/%5EDJI/ ).
The Dow closed Thursday at 44,131, and it closed Friday at 43,589, a drop of 1.2% (542 points) for the day
It closed last Wednesday, July 23, just 4 points below its 45,014 all-time high set in December. But now it's 1,425 points away from that.
I don't maintain statistics for the DOW like percent up or down since election day, or year-to-date, or from the all-time high etc. like I do for the S&P 500.
DJIA means Dow Jones Industrials Average. It takes about 6 hours after the close to update, so check it after 10 PM EDT
https://finance.yahoo.com/
DOW: https://finance.yahoo.com/quote/%5EDJI/
. . . . . . https://finance.yahoo.com/quote/%5EDJI/history/
DOW
# Election day close (11/5/24) 42,222
# Last close before inauguration day: (1/17/25): 43,488
# 2024 year-end close (12/31/24): 42,544
# DOW All Time High: 12/4/24: 45,014
# Correction level beginning 10% down: 40,513,
# Bear market level: beginning 20% down: 36,011 (we've not reached that level yet in Trump II so far)
I don't have an embeddable graph for the S&P 500, unfortunately, but to see its graph, click on https://finance.yahoo.com/quote/%5EGSPC/
While I'm at it, I might as well show Oil and the Dollar:
Crude Oil
US Dollar Index (DX-Y.NYB)
If you see a tiny graphics square above and no graph, right click on the square and choose "load image". There should be a total of 3 graphs. And remember that it typically takes about 6 hours after the close before these graphs update.
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