S&P 500 Drops More Than 1% As Weak Jobs Data Shatters Calm
Traders work on the floor of the American Stock Exchange (AMEX) at the New York Stock Exchange (NYSE) in New York.
Photographer: Michael Nagle/BloombergUS stocks sank Friday in a grim start to August trading after data showed a marked slowdown in job growth and the unemployment rate rose, and President Donald Trump unveiled a slew of new tariffs.
The S&P 500 Index slid 1.6%, extending its retreat into a fourth consecutive day — the longest streak of declines since May. The Nasdaq 100 Index dropped 2% as Amazon.com Inc. plunged following a disappointing earnings readout. Sectors that would be hardest hit by tariffs dropped 1% or more, while defensive consumer staples gained 0.5%. The Cboe VIX Index jumped above 20.