Stocks slide as July’s jobs report comes in far below expectations and May/June job gains are sharply revised down. Unemployment ticks up to 4.2%. President Trump unveils sweeping new tariffs—Canada faces a 35% rate, Switzerland 39%, and more are on the way for key sectors. The moves raise average global tariffs to 18%. Amazon (AMZN) slumps after a disappointing forecast and cloud growth worries, while Apple (AAPL) jumps on strong China iPhone demand despite $800 million in quarterly tariff costs. Figma’s IPO surges, as well as those of Coinbase (⁠COIN⁠), Exxon (⁠XOM⁠), Chevron (⁠CVX⁠), and Moderna (⁠MRNA⁠), are trending.

Takeaways:

July jobs report disappoints, prior months revised sharply lower

Trump slaps new tariffs on dozens of countries, more coming for key sectors

Amazon drops on weak outlook; Apple rallies on China growth, Figma’s IPO soars

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