U.S. stock futures fell on Friday after disappointing jobs data, while investors continued to digest new tariffs and earnings reports from tech giants Amazon and Apple.
At 08:35 Eastern Time (20:35 Beijing Time), Dow futures fell 360 points, or 0.8%, S&P 500 futures fell 55 points, or 0.9%, and Nasdaq 100 futures fell 230 points, or 1%.
Wall Street's main indexes fell in the previous session, paring earlier gains as investor concerns about Friday's trade deadline outweighed impressive quarterly results from tech giants Meta Platforms (NASDAQ: META ) and Microsoft (NASDAQ: MSFT ).
Disappointing employment data
On the economic data front, investors on Friday were interpreting the latest indicators on the U.S. labor market as the Labor Department released its key monthly jobs report for July.
The U.S. economy added 73,000 jobs last month, missing expectations for a 106,000 gain, while June data was revised to show just 14,000 jobs added, well below the initially reported 147,000.
The unemployment rate rose to 4.2% from 4.1% in June.
The Federal Reserve on Wednesday opted to keep borrowing costs unchanged for a fifth consecutive meeting despite intense pressure from President Trump to cut rates quickly to help boost the economy. While the decision was largely expected, the Fed's options at its next meeting in September are unclear.
While the labor market shows signs of slack, the Fed is also grappling with inflation above its long-term 2% target, and some early indicators suggest the cost of Trump's tariffs are starting to bite the prices of some trade-sensitive goods.
Trump imposes more tariffs
Trump signed an executive order on Thursday imposing tariffs of up to 50% on dozens of countries after his deadline for "reciprocal" tariffs expired after weeks of negotiations and delays.
Major industrialized economies such as the European Union, Japan and South Korea would face tariffs of 15%, while other countries with trade surpluses with the United States would be subject to 10%.
Other countries will face higher tariffs, including a 50% tariff on Brazil. Trump raised tariffs on Canada to 35% for goods that don't comply with the United States-Mexico-Canada Agreement, signed during his first term.
The tariffs will take effect at 12:01 a.m. on August 7.
Meanwhile, Trump and Mexican President Claudia Sheinbaum said Mexico had been given another 90 days to reach a deal.
Amazon declines on weak AWS performance
In the corporate sector, Amazon (NASDAQ: AMZN ) shares fell in pre-market trading after the e-commerce giant provided weak operating income guidance for the current quarter.
Amazon Web Services (AWS), its key cloud computing division, achieved sales of $30.9 billion, a 17.5% year-over-year increase. While slightly ahead of the 17% growth forecast, the performance was still disappointing given the market's high expectations and concerns that AWS could lose more market share than expected.
In contrast, Apple (NASDAQ: AAPL ) shares rose after the iPhone maker reported third-quarter results that beat Wall Street expectations, thanks to better-than-expected iPhone sales, a rebound in demand in China and record services revenue.
Investors are also looking at quarterly results from oil giants Chevron (NYSE: CVX ) and Exxon Mobil (NYSE: XOM ), manufacturers Colgate-Palmolive (NYSE: CL ), Regeneron Pharmaceuticals (F: REGN ) and consumer products company Kimberly-Clark (NASDAQ: KMB ).
Crude oil fell slightly
Oil prices edged lower on Friday as traders digested the possible impact of new, higher tariffs on economic growth at the end of a positive week.
At 09:35 Eastern Time, Brent futures fell 0.3% to $71.52 per barrel, and U.S. WTI crude oil futures fell 0.1% to $69.20 per barrel.
Both major oil benchmarks rose about 1% on Thursday after the United States imposed new, mostly higher tariffs on several trading partners, including Canada, India and Taiwan, that failed to reach trade deals before Trump's August 1 deadline.
However, both crude contracts were on track for weekly gains of about 5% after Trump threatened earlier this week to impose tariffs on buyers of Russian crude, particularly China and India, to pressure Russia to end its war in Ukraine.
Ayushman Ojha contributed to this article.