Market Update
Traders at the New York Stock Exchange (NYSE) were active on the floor as they digested the latest earnings from major tech companies and awaited the July employment figures.
On Thursday night, futures for the S&P 500 dipped by 0.2%. Meanwhile, Nasdaq 100 futures dropped by 0.3%. Futures for the Dow Jones Industrial Average fell 43 points, or 0.1%.
In morning trading, Amazon shares took a hit, down more than 6% after the e-commerce giant provided a disappointing quarterly profit forecast. On the other hand, Apple stocks rose by 2%, buoyed by strong earnings reports.
As August 1 approaches—a pivotal date for tariffs—President Donald Trump announced a renewal of tariffs ranging from 10% to 41%. Additionally, products specifically designed to bypass existing tariffs will now face an extra 40% charge, as noted by the White House.
The stock market had an inactive trading session recently. The S&P 500 faced its third consecutive loss day, despite solid earnings from Microsoft and Meta Platforms, which didn’t seem to uplift the broader market. Specifically, the S&P 500 fell by 0.4% on Thursday, while the Nasdaq Composite closed slightly lower. Earlier in the session, both the S&P 500 and Nasdaq were recording gains, thanks in part to a tech rally, but by the end, the Dow had lost about 330 points, or 0.7%.
“The outlook for the S&P 500 remains positive for now, but it’s hard to predict the direction moving forward,” remarked Fawad Razakizada, an analyst at City Index, referencing the influence of major tech companies.
In addition to tariff developments, traders are also looking ahead to the July employment report, set for release at 8:30 AM ET on Friday. Analysts expect this report to show signs of a cooling labor market, projecting an increase of about 100,000 jobs and a rise in unemployment to 4.2%.
July proved to be a notable month for the stock market, with the S&P 500 increasing by 2.2%, and the Nasdaq climbing by 3.7%. The Dow made a marginal gain of less than 0.1%.
However, weekly performance has shown losses, with the broader index down 0.8% while the Dow is off by 1.7%. The Nasdaq also reflects a slight decline of nearly 0.1%.
