Weak jobs data and President Trump’s revamped tariff plan sent stocks and bond yields sharply lower on Friday, giving investors reason to increase bets that the Federal Reserve will cut interest rates to jump-start economic growth.
U.S. monthly job growth slowed to a lower-than-expected 73,000 in July. Massive downward revisions to previous months’ job totals suggested that the labor market hasn’t been nearly as resilient as investors had hoped in the face of Trump’s tariff onslaught—undercutting a narrative that had propelled stocks to new heights in recent weeks.
The report “feels like what we were expecting about two months ago that wasn’t showing up in the data,” said Scott Duba, chief investment officer at Prime Capital Financial.
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