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- US stock futures drop as Trump imposes sweeping new tariffs</p>
<p>Medora Lee, USA TODAY August 1, 2025 at 7:17 PM</p>
<p>U.S. stock futures are lower, ahead of the key monthly jobs report and after President Donald Trump signed an order imposing sweeping new tariffs on countries across the world.</p>
<p>July's jobs report is due at 8:30 a.m. ET and is expected to show the economy added 100,000 jobs, according to a Dow Jones survey of economists. The unemployment rate is seen edging up to 4.2% from 4.1% in June.</p>
<p>Such a jobs report would be considered a "Just Right" labor market, said Tom Essaye, founder of Sevens Report Research. It would "further push back on growing tariff-relatedrecession concerns, keep the Fed on track for a rate cut in September and further invalidate the stagflation narrative." It also would provide stocks with a reason to extend their recent rally, he said.</p>
<p>Meanwhile, Trump signed an executive order confirming "reciprocal" tariffs on dozens of countries, with duties ranging from 10% to 41%, beginning in seven days. He also said goods that switch means of transport, or are transshipped, to avoid tariffs will face another 40% tax.</p>
<p>Starting Aug. 1, Canada will face a 35% tariff, excluding goods compliant with the Canada-U.S.-Mexico Agreement on trade. That's up from 25% previously.</p>
<p>Countries that are not listed in the latest order will face an additional duty of 10%, the statement said.</p>
<p>Earlier, Trump said he's giving Mexico another 90 days to come to a longer term agreement with the United States to avoid higher tariffs.</p>
<p>At 6:15 a.m. ET, futures tied to the blue-chip Dow fell -0.95%, broad S&P 500 futures slipped -0.97% and tech-heavy Nasdaq futures dropped -1.10%.</p>
<p>FILE PHOTO: The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid/File PhotoCorporate news</p>
<p>Earnings also continue to be key in determining stock market direction. Of the 297 companies in the S&P 500 that have reported earnings through the morning of July 31, 80.8% have topped analyst expectations, according to LSEG Data and Analytics, compared with the 76% beat rate over the past four quarters.</p>
<p>After the market closed, Amazon and Apple -- two so-called Magnificent Seven influential, mega cap tech stocks -- reported results.</p>
<p>Amazon topped Wall Street estimates with its second-quarter results, but its cloud computing growth was disappointing.</p>
<p>In contrast, Apple exceeded second-quarter expectations, including the largest revenue jump since 2021. Sales were helped by strong 13%-plus growth in iPhone sales due to tariff-related buying and popular devices. It projected tariff costs could reach $1.1 billion in the current quarter.</p>
<p>Among non-Magnificent Seven stocks,</p>
<p>Coinbase beat second-quarter adjusted earnings per share estimates but revenues fell short.</p>
<p>Social media company Reddit's second-quarter results topped Wall Street forecasts. Its revenue grew 78% to $500 million, its fastest revenue growth in three years, according to the company. It also provided upbeat third-quarter guidance.</p>
<p>Cloudflare topped forecasts with its second-quarter results and raised its full-year profit and revenue guidance.</p>
<p>First Solar reported second-quarter results above analysts' expectations and raised its 2025 revenue guidance.</p>
<p>Stryker's second-quarter results were better than expected. The medical device maker also raised its earnings outlook for the year, with forecasts for a smaller tariff hit.</p>
<p>Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.</p>
<p>This article originally appeared on USA TODAY: US stock futures drop as Trump imposes sweeping new tariffs</p>
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