Overview

• President Trump signed an executive order imposing reciprocal tariffs of 10%–41% on dozens of countries, set to take effect Aug. 7.
• Canada’s tariff rate jumped to 35% on Aug. 1, excluding goods covered by the USMCA.
• Futures tied to the Dow, S&P 500 and Nasdaq fell about 1% as investors digested the tariff announcements.
• The July jobs report due today is expected to show the economy added 100,000 jobs and unemployment ticked up to 4.2%.
• Apple and Amazon beat second-quarter earnings estimates but highlighted tariff-related costs of $1.1 billion for Apple and saw Amazon shares slide 8% in premarket trading.