The major indices of the New York Stock Exchange opened lower on the 1st (local time) amid concerns over the slowdown in the employment market and the tariff measures by U.S. President Donald Trump.
According to the New York Stock Exchange (NYSE) at 9:40 a.m. on that day, the Dow Jones Industrial Average dropped 614.10 points (1.39%) from the previous day to 43,616.88.
The S&P 500 index traded at 6,238.51, down 100.88 points (1.59%) from the previous trading day, while the Nasdaq index, centered on tech stocks, recorded a decline of 373.36 points (1.77%) to 20,749.09.
The stock market on that day is influenced by the impact of the employment data released in a reduced format by the U.S. Department of Labor and concerns over President Trump's tariff policy.
The U.S. Department of Labor announced on that day that the number of non-farm jobs in the U.S. increased by 73,000 compared to the previous month. This figure is 27% lower than the previous expert forecast of 100,000.
The Department of Labor also revised the employment growth figures for May and June, reducing them by 258,000 from the previous announcements, which has led to reactions of this being an unusual adjustment.
Jeffrey Schultz, chief economist and market strategist at ClearBridge Investment, noted that "job creation has virtually come to a standstill" and added, "If the impact of tariffs is included, there is a high possibility of negative job growth in the coming months, which could rekindle fears of recession."
In this situation, President Trump implemented revised tariff measures starting that day. The White House said, "We have newly adjusted reciprocal tariffs on 69 economic entities," adding, "This will be applied differentially depending on the trade balance with the U.S. and the outcome of individual negotiations."
The White House also explained, "Goods that pass through a third country for the purpose of avoiding tariffs will incur an additional 40% tariff," stating that the overall tariff rates have been adjusted to a range of 10% to 41%.
European stock markets are also showing a downward trend. At the same time, the Euro Stoxx 50 index fell by 2.77%. The German DAX index dropped 2.59%, the UK FTSE index fell 0.91%, and the French CAC 40 index decreased by 2.85%.