In this softly narrated Friday edition of The Gentle Ledger, we reflect on August 1st, 2025—a day when Wall Street faced its steepest drop since May. The Dow closed at 43,588, down 1.2%, the S&P 500 fell 1.6%, and the Nasdaq slid 2.2% as a weaker-than-expected jobs report and sweeping new tariffs rattled markets. We explore the Fed’s cautious tone, the impact of 73,000 new jobs with rising unemployment to 4.2%, expanded U.S. trade duties on key partners, and how global markets, commodities, and crypto responded.