logo
US stock futures extend losses after July jobs data

US stock futures extend losses after July jobs data

Reuters5 days ago
Aug 1 (Reuters) - U.S. stock index futures extended losses on Friday after a weaker-than-expected July jobs report elevated concerns about the health of the labor market amid uncertainties about U.S. trade policies.
A Labor Department report showed the U.S. economy added 73,000 jobs in July, compared with economists' estimate of a rise of 110,000.
The unemployment rate stood at 4.2%, in line with expectations, while average earnings rose 0.3% on a monthly basis against a forecast of 0.3% growth.
At 08:30 a.m. ET, Dow E-minis were down 425 points, or 0.96%, S&P 500 E-minis were down 65 points, or 1.02%, and Nasdaq 100 E-minis were down 269.75 points, or 1.15%.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Amazon Is Selling a ‘Powerful' Greenworks Chainsaw for 43% Off, and Shoppers Say It's ‘Game Changer'
Amazon Is Selling a ‘Powerful' Greenworks Chainsaw for 43% Off, and Shoppers Say It's ‘Game Changer'

Auto Blog

time17 minutes ago

  • Auto Blog

Amazon Is Selling a ‘Powerful' Greenworks Chainsaw for 43% Off, and Shoppers Say It's ‘Game Changer'

By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. There are plenty of U.S. states without a comprehensive hands-free driving legislation, but laws can remain strict without one. Mercedes-Benz celebrates its 600,000th G-Class with an all-electric G 580 EQ, continuing the SUV's legacy with zero emissions and full luxury customisation. Stellantis has a new North American Design Chief. Discover how this key appointment will influence the look and feel of your favorite Dodge, Jeep, and Ram models. View post: Meet the New Design Chief Who Will Shape the Future of Dodge, Jeep, and Ram 'They're taking our cars,' the president said in a phone interview. Autoblog aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission. When it comes to purchasing new appliances and power tools, some shoppers only pay attention to name brands. Although you can find quality products that don't carry a popular or well-known brand name, sometimes it's easier to stick with what you know. That's why we were excited to find that Amazon has an awesome deal on the Greenworks 80V 18-Inch Brushless Cordless Chainsaw. Right now, you can grab this power tool for 43% off, for a total of $199. Greenworks 80V 18-Inch Brushless Cordless Chainsaw, $199 (was $350) at Amazon This battery-powered machine uses brushless motor technology to deliver two times more torque, a longer runtime, a quiet operation, and an extended motor life. It weighs just a little over 2 pounds and uses a 18-inch bar length that can make up to 100 cuts per charge. 'Complete game changer,' said one shopper. 'I am so happy to report that the saw was awesome! It has great power and is very comfortable in the hand. It has teeth at the base of the blade to prevent kickback and a lock bar in case it should happen.' 'Amazing chainsaw,' wrote another shopper. 'For a battery operated chainsaw, this thing is a beast! Very simple to adjust chain tension and it's nice not having something leaking all over the shed floor. I highly recommend this. It comes with two batteries and they each hold a charge for a long time.' It uses no gas or oil with zero emissions, making it an eco-friendly alternative to other chainsaws on the market. The device comes with a 80V 2.0AH battery and rapid charger for ease of use. Plus, the chainsaw itself features a comfort grip, wrap around handle, mechanical chain brake, and automatic oiler that delivers proper chain lubrication. A third shopper said, 'I will NEVER go back to a gas chainsaw. This saw is so easy to use. I like the safety feature that you must push the button to turn it on before using the saw, preventing the blade from accidentally turning on. This saw is powerful!' If you plan on tackling those pesky branches, trees, and shrubs in your backyard, this $199 Greenworks chainsaw is a must-have. Grab it now before the 43% off deal ends. About the Author Victoria Garcia View Profile

Trump taking on Modi risks worst of both worlds
Trump taking on Modi risks worst of both worlds

Telegraph

time18 minutes ago

  • Telegraph

Trump taking on Modi risks worst of both worlds

Secondary tariffs on countries buying Russian oil were meant to be the bunker buster in Washington's sanctions armoury, a weapon so devastating it would cripple Moscow's economy. Yet by appearing to punish India alone, Donald Trump risks squandering its impact. He may end up with the worst of all worlds: dropping a bomb too small to do significant damage to Russia while alienating a vital ally and counterweight to China. After months of resolutely refusing to punish Russia, the US president has changed tack. Convinced that Vladimir Putin has no interest in ending the war in Ukraine, Mr Trump has concluded that targeting Russia's energy sector – which generates a third of government revenue – is the key pressure point. 'If energy goes down, Putin is going to stop killing people,' he said this week. India has undeniably helped prop up the Kremlin's war machine, buying £42bn of Russian oil last year. But other nations have also helped fund Putin's invasion. China buys more than India, while Turkey, Brazil, the United Arab Emirates and even some European Union states are significant consumers. It is possible that Mr Trump may widen his net in the coming days. He has given Putin until Friday to agree to a ceasefire or face consequences. Until now, Russia has faced a 10 per cent tariff, the lowest level Mr Trump applies. That figure is almost certain to rise, but with bilateral trade at £3.9bn last year, such a move will barely trouble the Kremlin. More direct sanctions on Russia's banks or its shadow tanker fleet could follow, but these too seem unlikely to force a change of course. Secondary tariffs on countries buying Russian oil could, in theory, bite harder. Yet, by singling out India with a 25 per cent penalty, the weapon has been fired half-cocked. Analysts speculate that Mr Trump may extend the measures to other countries. If that is his intent, it is curious he would shame India rather than wait 48 hours to announce a broader policy. The strategy risks misfiring. Narendra Modi, India's prime minister, has endured repeated humiliations from a man he once called a friend. Yet in recent months Mr Trump has imposed higher tariffs on India than on most of its Asian competitors and caused anguish by courting Pakistan, which is closely aligned with China. With public anger in India growing over Washington's perceived high-handedness, Mr Modi would find it politically tricky to halt all Russian oil purchases, even if he wished to. Given the importance of the US market for Indian exports, he may have to find a fudge. Any concession, however, will come at a cost. Analysts say India is now likely to edge closer to China and Russia, weakening one of Washington's most valuable relationships in Asia. Even if India reduces imports, it is unclear whether losing a single buyer – even one as important as Delhi – will seriously dent Russia's war economy. A policy that leaves Putin undeterred while estranging India is hardly a triumph of statecraft – though final judgment must wait until Mr Trump reveals the rest of his plan.

Kashkari: Fed needs to respond to slowing economy, two cuts this year would be reasonable
Kashkari: Fed needs to respond to slowing economy, two cuts this year would be reasonable

Reuters

time18 minutes ago

  • Reuters

Kashkari: Fed needs to respond to slowing economy, two cuts this year would be reasonable

WASHINGTON, Aug 6 (Reuters) - The U.S. Federal Reserve may need to cut interest rates in the near term in response to a slowing U.S. economy, even though it remains unclear whether tariffs will continue to push inflation higher, Minneapolis Fed President Neel Kashkari said on Wednesday. "The economy is slowing, and that means in the near term it may become appropriate to start adjusting," Kashkari said in an interview on CNBC's Squawk Box, adding that two quarter-percentage-point rate cuts by the end of the year "seems reasonable to me." Kashkari said concerns about rising inflation remain valid, but that it will take time to know whether that poses a problem for the Fed reaching its 2% inflation target or not. Meanwhile a weak jobs report and downward revisions to prior months' employment data add to a developing set of statistics that show the economy slowing to a degree the Fed cannot ignore, Kashkari said. Recent data "suggests the real underlying economy is slowing. I've got confidence that that is happening," Kashkari said. "How long can we wait until the tariff effects become clear? That's just weighing on me right now." Kashkari does not have a vote on interest rate policy this year, but his arguments are similar to those voiced by two Fed governors who dissented at the Fed's decision last week to hold the policy rate steady while awaiting more clarity on how rising import tariffs will feed through to consumer prices. A slowdown in job creation and rise in the unemployment rate in July have begun shifting the narrative, however, to put more focus on risks to the Fed's other goal of maintaining maximum employment.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store