To The Moon

Once joked he loved the “whooshing sound” of deadlines flying by. Wall Street was less amused Friday, as the White House pushed back another tariff deadline, only to replace it with more punitive measures. Coupled with a weak jobs report, the move knocked stocks to their worst week since “Liberation Day.”

Tariffs Whiplash

Tariffs Tighten, Deadlines Shift Again

August 1 had been the target for finalizing several U.S. trade agreements. Instead, President Trump signed an executive order Thursday night hiking tariffs above 30% on a wide list of countries, including Canada and Switzerland. The new rates take effect August 7.

The S&P 500, Dow, and Nasdaq all dropped over 2% for the week.

Labor Market Woes Add Pressure

Friday’s July jobs report disappointed across the board:

• Payroll growth: sharply below expectations

• Downward revisions for May & June

• Three-month average payroll gain: just 35,000

President Trump fired Bureau of Labor Commissioner Erika McEntarfer after the release.

Rate cut speculation heated up, but opinions diverge:

• Jamie Cox, Harris Financial: sees a September cut as a lock, possibly 50bps.

• Bill Adams, Comerica Bank: not convinced, strong August data could keep the Fed on hold.

Friday’s Market Snapshot

Index Close % Chg Dow 43,588.58 -1.2%. $S&P 500(.SPX)$ 6,238.01 -1.6%. $NASDAQ(.IXIC)$ 20,650.13 -2.2%

• Hot Stock: $Monolithic Power(MPWR)$ +10.5%

• Biggest Loser: Eastman Chemical -19%

• Best Sector: Health Care +0.5%

• Worst Sector: Consumer Discretionary -2.4%

Looking Ahead: Earnings Still in Focus

The coming week features a dense earnings calendar that could help stabilize sentiment, or deepen the pullback.

Key Reports:

• Monday: $Palantir Technologies Inc.(PLTR)$ , On Semiconductor, BioNTech, Wayfair, Williams Companies

• Tuesday: $Advanced Micro Devices(AMD)$ , $SUPER MICRO COMPUTER INC(SMCI)$ , Snap, Caterpillar, Pfizer, Marriott, Rivian

• Wednesday: Walt Disney, McDonald’s, Uber, Airbnb, Shopify, Monster Beverage

• Thursday: Block, Occidental Petroleum, Expedia, Eli Lilly, The Trade Desk, Toyota

• Friday: Under Armour, Wendy’s, AMC Networks

Economic Data:

• Monday: ISM Services PMI (July)

• Thursday: Consumer Credit (June)

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This summary is for informational purposes only and does not constitute financial advice. Investors should conduct their own research before making investment decisions.