US stocks take biggest hit since spring
Stocks took a sharp dive Friday, marking the biggest single-day drop since spring.
New tariffs from President Trump on imports from Canada, Brazil, India, and Taiwan—plus weak July job numbers—sent the S&P 500 down 1.6%, with similar hits for the Nasdaq and Dow.
Investors are worried about trade tensions and job market
Trade tensions and a slowing job market have investors on edge. Hopes for a Fed interest rate cut in September jumped to over 80%.
The "fear gage" (Volatility Index) also spiked to its highest in weeks, showing people are feeling pretty anxious about what's next.
Amazon's cloud miss drags down tech stocks
Amazon missed expectations in cloud computing, pulling down tech stocks nearly 4%.
US manufacturing shrank for a fifth month straight and factory jobs hit a five-year low. To top it off, Trump fired the labor stats chief—adding more uncertainty.
On the bright side: Reddit shares jumped thanks to strong AI-powered ad sales.