The Dow Jones Industrial Average got hammered Friday, as investors sold stocks across the board following slower-than-expected growth in the U.S. labor market and new tariffs ordered by President Donald Trump. Even recent highflier Nvidia couldn't save the Dow Jones index on the stock market today.
The Dow finished with a loss of 1.2%, or 542 points. But the gauge of blue-chips had lost more than 600 points during the first trading day of August. The S&P 500 skidded 1.6% lower, making it four straight days of losses.
The Nasdaq composite was hit the hardest among large-cap stock trackers. It stumbled 2.2%, sinking well below the 21,000 level. Both the S&P 500 and the Nasdaq tested their 21-day exponential moving averages Friday. Each index also hit new intraday highs Thursday, but finished lower that day.
President Donald Trump was clearly unhappy with the July jobs report released Friday. He instructed a team to oust the head Bureau of Labor Statistics after the weak monthly numbers.
The small-cap Russell 2000 index sank 2%, but closed off the day's lows. The Russell 2000 extended its losing streak to five straight sessions. It fell below its 200-day moving average and closed on its 50-day moving average.
Losers squashed winners on the Nasdaq exchange by nearly 3-to-1. The ratio was around 12-5 negative on the New York Stock Exchange. Volume was higher on the NYSE and slightly lower on the Nasdaq compared with Thursday, in preliminary numbers.
3:48 p.m. ET
Federal Reserve Gets Shaken Up
In other news out of Washington, Federal Reserve Gov. Adriana Kugler is resigning, the central bank said. Kugler is part of the Federal Open Market Committee that sets interest rates. Her departure is effective Aug. 8.
Stock Market Today: This Power Stock Leads The S&P 500
Monolithic Power Systems stood out with its roughly 12% gain on the stock market today. Shares popped after the company reported better-than-expected second-quarter profit and revenue. It also issued third-quarter sales guidance topping views. Shares bounced off their 50-day line and blew past the previous 755 flat base buy point. It was the biggest gainer on the S&P 500 Friday.
LPL Financial Holdings sank 7.5% even after brokerage and financial advisory provider beat second-quarter earnings and sales estimates. Shares fell below their 50-day line and beyond the 7% loss area, triggering a sell signal.
What To Do After Market Sell-Off. Palantir, AMD Lead Big Earnings
2:42 p.m. ET
Stocks On The Move: Nvidia Also Feels Pain
Dow Jones component Nvidia wasn't spared from the sell-off and slumped 2.5%. This followed Thursday's intraday record high that reversed to a 0.8% loss. The IBD 50 name is extended from the 153.13 buy point of a consolidation pattern.
IBD Leaderboard watchlist name Robinhood Markets trimmed a larger morning loss of around 9% to 2.3% in recent trade. The IBD 50 stock tested its 21-day line, seeking support. Shares are extended from a 66.91 buy point and have gained around 168% so far this year.
Riot Platforms plummeted around 17% even after the bitcoin mining company reported a surprise second-quarter profit and higher revenue than expected. Shares pulled back to their 10-week moving average Friday. The stock has a 6.5% 21-day average true range, indicating it can have substantial daily swings.
1:25 p.m. ET
Stock Market Today: Roku Tumbles
Roku plunged nearly 15% even after posting a second-quarter surprise profit and higher sales than expected. The streaming entertainment device maker also raised its third-quarter revenue outlook, topping views, but the stock still got punished. Shares dropped below their 21-day and 50-day lines on the stock market today.
IBD 50 name Rubrik cut larger morning losses but was still off nearly 8% in recent trades. The stock has been building a cup base with a 103 buy point. The data management and security platform stock fell below its 50-day line.
11:50 a.m. ET
Defense Stocks Shine
Defensive stocks in the S&P 500 bucked the trend, with names like Kimberly-Clark, Dollar General and Sherwin-Williams up 3% to 5%.
Gold stocks like AngloGold Ashanti and Gold Fields outperformed in the MarketSurge Growth 250. AngloGold jumped 5.5% and retook its 50-day moving average, while Gold Fields rallied 4% with its sights set on a 26.36 entry.
Interest Rates Plunge
Interest rates plunged and homebuilders rallied after President Donald Trump announced another round of tariffs. Top-performing homebuilders in the S&P 500 included D.R. Horton, Lennar and PulteGroup. Gains also ranged from 3% to 5%.
Investors bought bonds with a vengeance after the July jobs report missed expectations, while job growth in May and June was revised sharply lower. The yield on the 2-year note plunged 21 basis points to around 3.74%. The 10-year yield fell 12 basis points to 4.25%.
10:45 a.m. ET
Stock Market Today: Amazon Hit After Earnings
Sellers knocked Amazon more than 6% lower on the Dow after the company late Thursday guided third-quarter operating income below expectations. The outlook overshadowed second-quarter earnings and sales that exceeded expectations.
The U.S. economy created 73,000 jobs in July, below the Econoday consensus of 110,000. To make matters worse, May's payroll gain was revised down to 19,000 from 144,000. June's gain was cut to 14,000 from 147,000. Combined, prior job gains were 258,000 lower than previously reported.
The Figma initial public offering was in focus again after the stock more than tripled Thursday in its debut. Figma hit an intraday high of 142.92 early Friday but backed off that peak. Shares were up more than 6%. Figma's IPO priced Wednesday night at 33.
Adobe tried to acquire Figma in late 2023 but walked away from the $20 billion deal because of regulatory scrutiny from the European Commission.
Several top-rated growth stocks came under heavy selling pressure. Fluor crashed more than 30% after the company missed on earnings and sales.
Nuclear stocks also fell hard with NuScale Power down more than 10% and Oklo losing nearly 4%.
9:38 a.m. ET
Rough Open For Stocks
The Dow Jones Industrial Average and other major stock indexes fell sharply Friday in the face of plans by President Donald Trump to impose new tariffs alongside the government's weaker-than-expected July jobs report. Meanwhile, Amazon, Nvidia were early losers on the stock market today.
After the opening bell, the Dow lost 1.2%, or more than 500 points, while the S&P 500 declined 1.3%. The tech-heavy Nasdaq composite dropped 1.7% in morning trade. Small caps on the Russell 2000 fell 0.9%.
The 10-year Treasury yield fell to 4.25%. Oil prices edged lower with West Texas Intermediate futures selling around $69.20 a barrel.
Among exchange traded funds, the Invesco QQQ Trust lost 1.4%. The SPDR S&P 500 ETF dropped 1.2% after Friday's market open.
9:22 a.m. ET
Dow Jones Movers: Caterpillar, Nike, Nvidia
Inside the Dow Jones Industrial Average, Caterpillar, Nike, Nvidia and UnitedHealth Group were early movers on the stock market today.
Caterpillar shares lost 1.7%, still above a recent buy point at 418.50. Nike lost almost 2%, threatening to extend a losing streak to four sessions. And Nvidia stock declined 2.3%, falling after hitting a new high Thursday.
On the upside, UnitedHealth rose modestly following Thursday's 6.2% dive.
8:44 a.m. ET
July Jobs Report
Early Friday, the Labor Department said the U.S. economy added 73,000 jobs in July, missing Econoday estimates for an increase of 110,000. The jobless rate rose to 4.2%, meeting estimates.
Meanwhile, May's jobs numbers were revised down by 125,000, from an increase of 144,000 to 19,000. And June's numbers were revised down by 133,000, from a gain of 147,000 to 14,000.
8:12 a.m. ET
Stock Market Today: Amazon, Apple Earnings
Amazon stock plunged 8% in premarket trades Friday. The e-commerce giant reported second-quarter results that topped Wall Street's expectations, but gave a mixed outlook. For the current quarter, Amazon predicted sales of $176.75 billion at the midpoint of its range, compared with analyst expectations for $173.27 billion.
But Amazon's outlook for $18 billion in operating income for the September quarter, based on the midpoint, came in below analyst estimates of $19.5 billion, according to FactSet.
Apple stock rallied nearly 2% after beating Wall Street's targets for its fiscal third quarter, thanks to strong iPhone and services sales.
Earnings Movers: Cloudflare, Coinbase, Reddit,
Other key earnings movers include Cloudflare, Coinbase Global and Reddit,
Cloudflare stock fell 1% in premarket trading, while Coinbase shares plunged nearly 10%. Reddit stock surged nearly 15% in early morning action.
New Trump Tariffs
Late Thursday, President Donald Trump signed an executive order that would raise tariffs on Canadian goods to 35% from 25%, effective Friday. Goods that fall under the United States-Mexico-Canada Agreement will remain exempt. Earlier, Trump posted on Truth Social that Canada's plan to recognize Palestine would have trade implications.
Trump also set tariffs on dozens of other countries, effective Aug. 7, including 39% on Switzerland and 20% on Taiwan. The U.S. recently reached deals with the European Union, Japan and South Korea on tariffs of 15%.
The baseline rate remains 10%, after Trump threatened 15%-20% recently.
Stock Market Today: Jobs Report
The Labor Department will release the July jobs report at 8:30 a.m. ET. A weak report could revive September rate-cut hopes, after Federal Reserve Chairman Jerome Powell and slightly hot core inflation – as noted in the personal consumption expenditures report – pushed markets to expect no move.
The U.S. economy is expected to have added 110,000 jobs in July, down from June's 147,000 increase, according to Econoday. The jobless rate is expected to tick up to 4.2% from 4.1% in June.
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