(Reuters) .- US actions collapsed this Friday, with the S&P in their largest daily percentage fall in more than three months, because the new Washington tariffs to dozens of commercial partners and a surprisingly weak employment report promoted the selling pressure.
The Amazon fall, after the company published its quarterly results and did not comply with high expectations for its cloud computing unit, Amazon Web Services unit.
Hours before the deadline for tariffs, President Donald Trump signed a decree that imposes levies to imports from countries such as Canada, Brazil, India and Taiwan, in his most recent round of measures, while countries try to reach better agreements.
To further undermine the confidence in the economic scene, data showed that the growth of employment in the United States slowed down more than expected in July, while the previous month report was drastically reviewed down, indicating that the labor market could be beginning to crack.
Soser context:
Wall Street opens in red, weighed by Trump tariff changes and unemployment increase
The report significantly increased the expectations that the Federal Reserve cut interest rates at its September meeting.
“There is no way to beautify this report. The previous months were reviewed significantly down,” said Brian Jacobsen, annex economist from Annex Wealth Management in Menomonee Falls, Wisconsin.
“Last year, the Fed made an error by not lowering the rates in July, so he made a recovery cut at his next meeting. They will probably have to do the same.”
According to preliminary data, the S&P 500 lost 1.60% to 6,237.79 units, the Nasdaq Composite dropped 2.24% to 20,649.67 units and the industrial average Dow Jones fell 1.23% to 43,587.01 units.
Soser context:
Wall Street records do not matter, investors rethink the supremacy of the US market
Both the S&P 500 and the NASDAQ registered their largest daily percentage falls since April 21, and the three main indices scored weekly losses.
Amazon was the largest ballast for Dow Jones, S&P 500 and Nasdaq, and dropped the discretionary consumption index almost 4%, being the worst performance of the 11 main sectors of the S&P 500.
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