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Jobs Report, Trump Updates Trade Duties
Tom White
August 01, 2025
U.S. stock futures are sharply lower ahead of the Wall Street open as traders digested President Trump’s modified tariff rates and the latest Big Tech earnings.
Shares of Amazon (AMZN) are down more than 7% after the e-commerce giant provided light operating income guidance for the current quarter. Apple (AAPL) shares are up about 2% on the back of an earnings and revenue beat.
President Donald Trump issued updated duties ranging from 10% to 41%. Goods that have been transshipped in a bid to avoid the tariffs will face another 40% levy, according to the White House.
On top of the fallout from earnings and tariffs, investor focus will be on the July Jobs report which is expected to come in at 110,000 jobs added with the unemployment rate ticking up to 4.2% from 4.1%.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are down 1% near $68.60 a barrel after falling more than 1% in the previous session as traders digested the impact of new higher U.S. tariffs that may curtail economic activity and lower global fuel demand growth.
Gold (/GC) – Gold prices are flat near $3350, and are on track for a weekly loss as pressure from a stronger dollar outweighed support from trade uncertainty caused by U.S. tariffs.
Bitcoin (/BTC) – The Crypto Future is down around 1.5% near $115,600 in the premarket.
VIX – The CBOE Volatility Index rose 8% on Thursday and settled at 16.72 as stocks reversed lower.
U.S. Dollar (/DX) – The dollar is slightly higher at 99.9.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
KMB | Kimberly Clark | +4.45% |
FSLR | First Solar | +2.59% |
AAPL | Apple | +1.79% |
EMN | Eastman Chem | -12.06% |
COIN | Coinbase | -9.86% |
AMZN | Amazon | -8.11% |
Economic Data
Time | Event |
|---|---|
8:30AM ET | July Jobs Report |
9:45AM ET | PMI Manufacturing |
10:00AM ET | ISM Manufacturing Consumer Sentiment |
10:30AM ET | Construction Spending |
Notable Earnings
Premarket | Postmarket | Premarket Monday | Postmarket Monday |
|---|---|---|---|
AES, AU, CBOE, CVX, CHD, CNK, CNH, CL, D, ENB, XOM, FLR, FTS, KMB, LYB, MRNA, NWL, OSK, REGN, TROW, UBS | None | BNTX, CAN, ENR, IEP, ON, TSN, W | ACM, AL, ALGT, BMRN, CTRA, HIMS, KD, MELI, OKE, PLTR, PAY, SBAC, SPG, RIG, TREX, VRTX, VMEO, VNO, VMEO, WMB |
Upgrades/Downgrades
Citi upgrades XPO (XPO) to Buy from Neutral
DBS Bank upgrades Mondelez (MDLZ) to Buy from Hold
KeyBanc upgrades Thor Industries (THO) to Sector Weight from Underweight
HSBC downgrades Chubb (CB) to Hold from Buy
Arete downgrades JD.com (JD) to Sell from Neutral
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