U.S. equities opened sharply lower on the first trading day of August after a weaker-than-expected jobs report coincided with a broad tariff escalation from President Donald Trump. The Dow Jones Industrial Average shed around 400–450 points, or about 1.1%, while the S&P 500 and Nasdaq Composite each fell more than 1%. Treasury yields slipped as investors shifted into haven assets. Labor Department figures showed non-farm payrolls grew by only 73,000 in July, far below the 104,000 consensus and accompanied by downward revisions of roughly 260,000 jobs over the prior two months. The unemployment rate ticked up to 4.2% and the labor-force participation rate edged down to 62.2%, reinforcing expectations—now estimated at a 66% probability—that the Federal Reserve could cut rates as early as September. Sentiment worsened after Trump unveiled tariffs of 15% to 41% on imports from more than 90 nations, lifting the average U.S. tariff level to about 15.2%, the highest since the 1930s. Corporate results added to the pressure: Amazon slumped about 7% following a downbeat earnings outlook, while Apple rose roughly 1% on stronger-than-forecast profits.