Stock market posts worst week in months on renewed economic fears
The S&P 500 ended the day down 1.6%, capping one of the index's worst weeks since Trump wrought chaos across the global trading system when he unveiled his first round of steep tariffs in April. The benchmark fell 2.4% for the week.
On Friday, investors parsed through the president's latest tariff plans and how they might further drive up costs for companies and consumers. But it was a report from the Labor Department that caused the most alarm.
U.S. employers added 73,000 jobs in July, fewer than the roughly 100,000 that economists had expected, and the unemployment rate rose slightly. The report also revised down the data on hiring from May and June by a combined 258,000 jobs, suggesting the labor market was under greater strain than initially believed.
The weaker-than-expected hiring data, particularly the large downward revisions for May and June, raised concerns about the strength of the economy under Trump and created new uncertainty about the timing of the Federal Reserve's next interest rate cut.
With the stock market swooning and his critics raising new questions about the efficacy of his economic policies, Trump took the extraordinary step of publicly calling into the question the veracity of the hiring data. In a social media post Friday afternoon, he blamed, without evidence, a Biden administration appointee in the Bureau of Labor Statistics for producing faulty numbers.
Trump's charge did little to soothe investors' concerns about the economy, however, as the market remained lower throughout the afternoon.
'This is the first eye-opening bad number,' said Mark Hackett, chief market strategist at Nationwide. 'It's a reminder that volatility still exists.'
Investors had been 'lulled into a sense of complacency' over the past few months as stocks surged, Hackett added. The market rally was headed for a pause, he said, but 'the payroll number really changes the conversation.'
As recently as Wednesday, Jerome Powell, the Fed chair, described the labor market as 'solid' when explaining the central bank's decision to keep holding interest rates steady.
For Wall Street, the data Friday cast fresh skepticism on that assessment.
The yield on 10-year Treasury bonds slid more than a tenth of a percentage point, a large move in that market that reflected expectations for lower rates. (Yields move inversely to prices.) The dollar also dropped sharply against other major currencies.
Traders' bets on a September rate cut rose to more than 90% Friday, up from roughly 40% the day before, according to CME FedWatch.
The Trump administration also seized on the weak hiring numbers to continue to hammer Powell to cut rates soon, to jolt economic growth. Posting on social media, Trump said Powell should 'substantially' lower rates. If he doesn't, the Fed board should 'assume control,' the president said.
Friday's losses were steepest in the technology-heavy Nasdaq Composite index, which fell 2.2%. Stocks in Asia and Europe also lost ground Friday.
The declines put a damper on a weekslong rally, supported by solid corporate earnings from many major technology companies. But the downward shift Friday -- the fourth consecutive daily drop for the S&P 500 -- echoed Wall Street's tariff-induced meltdown in April.
Back then, rounds of selling pushed the index to the brink of a bear market, before Trump paused his most punitive tariffs. By late June, the S&P 500 had surged to a record high and regained all the ground it lost in March and early April.
Analysts have noted that market declines fueled by fears of tariffs have tended to give way to rallies, as deadlines were extended or altered. But now that steeper tariffs are set to take effect Thursday, a renewed escalation of Trump's global trade war -- coupled with signs of weakness in the economy -- is injecting volatility into financial markets again.
'It's kind of a warning sign about where the economy might be headed,' said Greg McBride, chief financial analyst at Bankrate. 'The labor market is not nearly on a solid footing as we had thought.'
This article originally appeared in The New York Times.
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Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," he said. "These tariff rates are pretty much set." Read more here. (Reuters) -The tariffs U.S. President Donald Trump imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on Sunday. Ahead of a Friday deadline, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. In trade talks since Trump returned to office, the White House has lowered some rates from levels initially announced, including halving import duties set last week as part of a deal with the European Union. Greer told CBS's Face the Nation on Sunday, however, that this would not be the case on the most recent round of tariffs. 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Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. President Trump is moving forward on a new suite of tariff rates with an approach increasingly focused on grouping countries into tiers, as opposed to a previous approach of simply looking at the trade balance. The new approach remains heavily influenced by either a trade surplus or a deficit but has grown more complex — some might say more subjective — leading to some consolidation in rate levels and the lowering of rates for many countries to a key new standard of 15%. The new landscape was reflected in Thursday night's executive action announcing rates, which centered around the 15% rate set to be in place next week in about 40 countries. Countries facing that rate include major trading partners that recently struck deals, such as Europe and Japan, as well as smaller nations, from Afghanistan to Zimbabwe. More than 100 countries were excluded altogether from this week's announcement, meaning their rate will stay at 10%. Meanwhile, a third group of about 30 countries will see higher rates ranging from 18% to 50%. Trump and his team are taking an approach that could simplify future negotiations and be more in line with global trade dynamics. Read more here. Berkshire's consumer goods companies feel the sting of Trump's tariffs Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. Not even the Oracle of Omaha can avoid the pinch of President Trump's trade war, it seems. Warren Buffett's Berkshire Hathaway said Saturday its consumer goods businesses felt the impact of Trump's trade policy, which raised tariffs on imported goods, Reuters reported: Read more here. US has 'makings of a deal' with China, Bessent says Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Treasury Secretary said on X that the US has "makings of a deal" with China. Reuters reports: Read more here. Nike, Deckers, On Running among footwear stocks under pressure as Trump outlines latest tariff plans Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Footwear companies like Deckers (DECK), Nike (NKE), and On Holding (ONON) are under pressure from President Trump's tariff plans, including new rates released Thursday evening that range from 10% to 40%. Yahoo Finance's Brooke DiPalma reports: Read more here. Stocks sink after Trump's latest tariff blitz Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Stocks came under pressure Friday after President Trump unveiled his plan for sweeping tariffs on almost all trading partners. Also weighing on sentiment were further signs of cracks in the labor market, punctuated by a weaker-than-expected jobs report released Friday morning. You can check out the latest action and updates in our markets live blog. Trump's 40% penalty for tariff dodging missing key details President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. Trump unleashes massive tariffs on Swiss watches, pharma firms Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here.
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Colgate-Palmolive Stock: Is Wall Street Bullish or Bearish?
Valued at a market cap of $67.7 billion, Colgate-Palmolive Company (CL) is a global consumer goods giant specializing in oral care, personal care, home care, and pet nutrition, with popular brands like Colgate, Palmolive, Softsoap, and Hill's Pet Nutrition. Headquartered in New York, the company operates in over 200 countries through Oral, Personal & Home Care and Pet Nutrition segments. The oral hygiene giant has lagged behind the broader market, declining 18.9% over the past year and 8.3% on a YTD basis. In contrast, the S&P 500 Index ($SPX) has surged 18.4% over the past year and 7.6% in 2025. More News from Barchart Options Traders Expected Palantir Stock's Tamest Earnings Reaction in a Year. Did They Get It Right? Dear Nvidia Stock Fans, Mark Your Calendars for August 27 Tesla Gains on Elon Musk's New Pay Package. Is TSLA Stock a Buy? Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Narrowing the focus, CL has also underperformed the Consumer Staples Select Sector SPDR Fund's (XLP) 1.6% gains over the past year and 2.5% rally in 2025. CL shares slid marginally on Aug. 1 after the company posted its fiscal 2025 second-quarter earnings. It reported net sales of $5.11 billion, up 1% year-over-year, with organic sales growing 1.8%. Adjusted EPS of $0.92 slightly beat analyst expectations. Colgate maintained its global leadership in oral care in 2025, holding a 41.1% share of the toothpaste market and a 32.4% share of the manual toothbrush market. For the current fiscal year 2025, ending in December, analysts expect CL to report a 1.9% year-over-year increase in adjusted EPS to $3.67. The company has a solid earnings surprise history. It has surpassed the Street's bottom-line estimates in each of the past four quarters. The stock holds a consensus 'Moderate Buy' rating overall. Of the 20 analysts covering the CL stock, opinions include 10 'Strong Buys,' two 'Moderate Buys,' six 'Holds,' and two 'Strong Sells.' This configuration is more bearish than three months ago, when the stock had 11 'Strong Buy' ratings. On August 4, Citigroup Inc. (C) analyst Filippo Falorni reaffirmed a "Buy" rating on Colgate-Palmolive but lowered the price target from $108 to $105, reflecting a 2.8% reduction. CL's mean price target of $98 represents a premium of 17.6% to current price levels, while its Street-high target of $108 suggests a 29.6% potential upside. On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
