Now down about 500 points, the Nasdaq is down to 20,632.
That’s thanks to mixed earnings, tariff news, and poor jobs growth for July. AMZN, now down about $16 a share, isn’t helping much after its earnings report.
Most of the pullback is from President Trump’s latest tariffs, which hit dozens of countries, including crucial partners, with steep tariffs. If other countries respond negatively with increased tariffs, markets could easily drop even more.
Stay tuned for more.
Morgan Stanley just reiterated its overweight rating on Apple, raising its price target to $240 from $235. The firm noted this was Apple’s strongest quarterly report and guide in more than two years.
The firm also reiterated its overweight rating on Amazon. “Retail growth and profit improvements are shining and driving earnings. 2Q AWS growth was better and we detail why we see faster growth ahead. Remain OW, $300 PT,” said the firm, as quoted by CNBC.
With tariffs, mixed earnings, and poor jobs growth, the Nasdaq is down 292 points.
Nonfarm payrolls were expected to increase by 100,000 in July. Instead, they increased by just 73,000. The unemployment rate of 4.2% was in line with expectations.
Amazon is down $16 at the open.
That’s even as the company beat on the top and bottom lines, and offered better-than-expected guidance of between $174 billion and $179.5 billion. Analysts were anticipating $173.2 billion.
Apple, up $3 at the open, posted earnings that beat on profit and revenue.
iPhone sales grew 13% year over year. And overall revenue jumped 10% — the biggest quarterly jump in revenue growth since late 2023.
Nonfarm payrolls were expected to increase by 100,000 in July. Instead, they increased by just 73,000. The unemployment rate of 4.2% was in line with expectations.
“June and May totals were revised sharply lower, down by a combined 258,000 from previously announced levels,” added CNBC. “The June total came down from the previously stated 147,000, while the May count fell to just 19,000, revised down by 125,000.”
That weakness and the downward revisions could force the Federal Reserve to cut interest rates when it meets in September.
Live coverage has ended. The full story is below.
After a few record-setting days for the tech-heavy Nasdaq, futures are down about 245 points.
All after President Trump signed an executive order that modified reciprocal tariffs on dozens of countries, with updated duties ranging from 10% to 41%.
If you want to see the full list of updated tariffs, you can see it here.
Not helping, shares of Amazon are down about $19 in premarket.
That’s even as the company beat on the top and bottom lines, and offered better-than-expected guidance of between $174 billion and $179.5 billion. Analysts were anticipating $173.2 billion.
Despite that, the stock dropped after Amazon’s guidance for operating income for its AWS cloud computing unit came in at $15.5 billion to $20.5 billion for the third quarter. Analysts were looking for $19.5 billion.
Analysts are sticking by the stock, despite that news.
Goldman Sachs still has a buy rating and raised its price target to $240 from $220. JPMorgan reiterated an overweight rating, raising its price target to $265 from $255. Citi has a buy rating and raised its price target to $270 from $265.
Just last night, the tech giant posted earnings that beat on profit and revenue.
Plus, iPhone sales grew 13% year over year. And overall revenue jumped 10% — the biggest quarterly jump in revenue growth since late 2023.
EPS of $1.57 was better than the estimates of $1.43. Revenue of $94.04 billion was better than the estimates of $89.53 billion. iPhone revenue was $44.58 billion as compared to expectations for $40.22 billion. Mac revenue of $8.05 billion was better than the estimates of $7.26 billion. iPad revenue of $6.58 billion was better than the expectations of $7.24 billion.
With AI, the company said that it’s “significantly growing our investments.”
Nonfarm payrolls were expected to increase by 100,000 in July. Instead, they increased by just 73,000. The unemployment rate was expected to be 4.2%.
Contact [email protected] for any questions or corrections.
Ian Cooper is a veteran market analyst and investment strategist with more than 20 years of experience covering stocks, commodities, and macro trends. Since 1999, he has helped investors identify market opportunities using a blend of technical analysis, fundamental research, and market sentiment.
He is the creator of the ADD News Flow Strategy, which focuses on trading market reactions to major news events and investor psychology. Cooper was also among the analysts who warned about the 2008 financial crisis and major financial institution collapses ahead of the broader market.
Before joining 247 Wall St., Cooper wrote extensively for InvestorPlace and other financial publications, covering market trends, trading strategies, and investment opportunities.
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