Wall Street Woes: Stocks Slump Amid Tariff Troubles and Hiring Slowdown

Stocks plunged on Wall Street as a hiring slowdown and tariff uncertainties gripped markets. The S&P 500 fell 1.2%, while the Dow and Nasdaq faced losses. Treasury yields also dropped amid expectations of a rate cut by the Federal Reserve in response to weak job growth and tariff concerns.

Stocks on Wall Street faced a significant downturn as trading on Friday afternoon saw the S&P 500, Dow Jones, and Nasdaq all experience notable declines. A government report showing a sharp slowdown in hiring last month compounded the impact, as Treasury yields plummeted sharply.

President Trump's latest tariff announcement, delaying import taxes until August 7 for countries without U.S. trade agreements, added to market volatility. The Labor Department's report revealed that employers added only 73,000 jobs in July, far below expectations, causing investors to anticipate a Federal Reserve interest rate cut.

The 10-year Treasury yield fell dramatically, and investors are now betting heavily on a rate cut in September. Companies like Amazon, Apple, and Exxon Mobil also reported challenges due to tariff policies, while global markets mirrored the declines seen in the U.S.

(With inputs from agencies.)