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Reuters
30 minutes ago
- Reuters
TSX posts biggest decline since April as US jobs data spooks investors
TORONTO, Aug 1 (Reuters) - Canada's main stock index fell for a third straight day on Friday as investors weighed disappointing U.S. jobs data and an escalation in the U.S. trade war with Canada. The S&P/TSX composite index (.GSPTSE), opens new tab ended down 239.35 points, or 0.9%, at 27,020.43, extending its pullback from a record closing high on Tuesday. It was the index's sharpest decline since April 10. For the week, the TSX was down 1.7%. "August tends to be one of the worst months for the year and it's setting off to do that once again, as we're seeing some volatility and a quick drop-off with weaker payroll numbers in the U.S. and just some concerns around earnings so far," said Greg Taylor, chief investment officer at PenderFund Capital Management. "A lot of the better companies usually report first in the cycle, and we got that, now we're starting to see some weakness." Wall Street posted steep declines as (AMZN.O), opens new tab failed to meet lofty expectations for its Amazon Web Services cloud computing unit and after U.S. jobs data disappointed. U.S. employment growth was weaker than expected in July while the nonfarm payrolls count for the prior two months was revised down by a massive 258,000 jobs, suggesting a sharp deterioration in labor market conditions. Domestic data was also downbeat. Canada's manufacturing sector contracted for a sixth straight month in July as tariffs undercut trade with the United States and spurred firms to reduce inventory as well as staffing levels. U.S. President Donald Trump on Thursday signed an executive order increasing tariffs on Canadian goods to 35% from 25% on all products not covered by the U.S.-Mexico-Canada trade agreement. All ten major sectors on the TSX ended lower, led by a 2.4% decline for technology (.SPTTTK), opens new tab. Energy (.SPTTEN), opens new tab lost 1.9% as worries about a possible increase in OPEC oil production weighed on the price of oil. U.S. crude futures settled 2.8% lower at $67.33 a barrel. Heavily weighted financials (.SPTTFS), opens new tab lost 0.9%. MDA Space Ltd ( opens new tab was a bright spot. Its shares jumped 18.4% after the aerospace company was selected as the prime contractor on a project for Echostar.
Reuters
3 hours ago
- Reuters
Stocks slump on latest tariffs, soft jobs data
NEW YORK, Aug 1 (Reuters) - U.S. stocks slumped on Friday, with the S&P on track for its biggest daily percentage decline in more than three months as new U.S. tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. Also weighing on equities was a tumble in (AMZN.O), opens new tab shares after the company posted quarterly results but failed to meet lofty expectations for its Amazon Web Services cloud computing unit. Just hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on U.S. imports from countries, including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals. Further denting confidence in the economic picture, data showed U.S. job growth slowed more than expected in July while the prior month's report was revised sharply lower, indicating the labor market may be starting to crack. The report significantly pushed up expectations the Federal Reserve will cut interest rates at its September meeting. "There's no way to pretty-up this report. Previous months were revised significantly lower where the labor market has been on stall-speed," said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin. "Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They'll likely have to do the same thing this year." According to preliminary data, the S&P 500 (.SPX), opens new tab lost 101.60 points, or 1.60%, to end at 6,237.79 points, while the Nasdaq Composite (.IXIC), opens new tab lost 472.78 points, or 2.24%, to 20,649.67. The Dow Jones Industrial Average (.DJI), opens new tab fell 543.97 points, or 1.23%, to 43,587.01. Market expectations the Fed will cut rates by at least 25 basis points at its September meeting stood at 80.9%, according to CME's FedWatch Tool, opens new tab, up from 37.7% in the prior session. Other data from the Institute for Supply Management showed U.S. manufacturing contracted for a fifth straight month in July and factory employment dropped to the lowest level in five years. Both the S&P 500 and the Nasdaq recorded their biggest single-day percentage declines since April 21 and all three major indexes were on track for weekly losses. The CBOE Volatility Index (.VIX), opens new tab, also known as Wall Street's fear gauge, climbed to as much as 21.90, its highest since June 23. Amazon was the biggest drag on the Dow, S&P 500 and Nasdaq and pushed the consumer discretionary index (.SPLRCD), opens new tab, down nearly 4% as the worst performing of the 11 major S&P 500 sectors. Also reporting earnings was Apple (AAPL.O), opens new tab, which fell after it posted a current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned U.S. tariffs would add $1.1 billion in costs over the period. Stocks briefly extended declines after Trump said he ordered the commissioner of the U.S. Bureau of Labor Statistics, Erika L. McEntarfer, to be fired in the wake of the jobs data. In contrast to the broad declines, Reddit (RDDT.N), opens new tab surged after it reported quarterly results that exceeded Street expectations, boosted by an AI-focused advertising strategy and strong user engagement.
Reuters
4 hours ago
- Reuters
Stocks tumble on latest tariffs, soft jobs data
NEW YORK, Aug 1 (Reuters) - U.S. stocks slumped on Friday, with the S&P on track for its biggest daily percentage decline in more than three months as new U.S. tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. Also weighing on equities was a tumble of nearly 9% in (AMZN.O), opens new tab shares after the company posted quarterly results but failed to meet lofty expectations for its Amazon Web Services cloud computing unit. Just hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on U.S. imports from countries, including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals. Further denting confidence in the economic picture, data showed U.S. job growth slowed more than expected in July while the prior month's report was revised sharply lower, indicating the labor market may be starting to crack. The report significantly pushed up expectations the Federal Reserve will cut interest rates at its September meeting. "There's no way to pretty-up this report. Previous months were revised significantly lower where the labor market has been on stall-speed," said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin. "Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They'll likely have to do the same thing this year." Market expectations the Fed will cut rates by at least 25 basis points at its September meeting stood at 80.9%, according to CME's FedWatch Tool, opens new tab, up from 37.7% in the prior session. The Dow Jones Industrial Average (.DJI), opens new tab fell 604.56 points, or 1.37%, to 43,526.42. The S&P 500 (.SPX), opens new tab lost 112.80 points, or 1.78%, to 6,226.59 and the Nasdaq Composite (.IXIC), opens new tab lost 512.52 points, or 2.43%, to 20,609.93. Both the S&P 500 and the Nasdaq were on track for their worst single-day performance since April 21 and each of the three major indexes were on track for weekly losses. The CBOE Volatility index (.VIX), opens new tab, also known as Wall Street's fear gauge, jumped to its highest level since June 23 and was last at 20.95. Amazon was the biggest drag on the Dow, S&P 500 and Nasdaq and pushed the consumer discretionary sector (.SPLRCD), opens new tab, down nearly 4%. The defensive consumer staples (.SPLRCS), opens new tab index was the best performing S&P sector on the day. Also reporting earnings was Apple (AAPL.O), opens new tab, which fell 2% after it posted a current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned U.S. tariffs would add $1.1 billion in costs over the period. Stocks briefly extended declines after Trump said he ordered the commissioner of the U.S. Bureau of Labor Statistics, Erika L. McEntarfer, to be fired in the wake of the jobs data. In contrast to the broad declines, Reddit (RDDT.N), opens new tab surged 19.4% after it reported quarterly results that exceeded Street expectations, boosted by an AI-focused advertising strategy and strong user engagement. Declining issues outnumbered advancers by a 2.48-to-1 ratio on the NYSE, and by a 3.17-to-1 ratio on the Nasdaq. The S&P 500 posted eight new 52-week highs and 28 new lows, while the Nasdaq Composite recorded 21 new highs and 191 new lows.
