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Stock market today: Dow, S&P 500, Nasdaq slide to solid month on sour note as Trump’s tariff deadline, jobs report loom
- Yahoo Finance’s Dan Howley reports:
- Read more here.
- Stocks closed lower as President Trump’s tariff deal deadline approached and investors awaited more key earnings from Big Tech players after blowout quarters from (META) and Microsoft (MSFT).
- The Nasdaq Composite (^IXIC) fell below the flatline while the S&P 500 (^GSPC) also closed down nearly 0.4% The Dow Jones Industrial Average (^DJI) slid 0.7%.
- After notching a series of all-time high closes in July, the S&P 500 and Nasdaq closed out the month with gains of 2.3% and 3.7%, respectively.
- However, the markets stalled in the last couple of sessions as the Aug. 1 tariff deadline for US trading partners loomed and the Federal Reserve opted to keep interest rates unchanged for now.
- Yahoo Finance’s Francisco Velasquez reports:
- Read more here.
- By many measures, hiring momentum has slowed in the US labor market.
- That’s expected to continue with Friday’s jobs report, which economists project will show the US economy added 104,000 jobs in July. This would mark the lowest monthly job gain since February.
- But while monthly job additions have moved lower along with the national hiring rate, so too has the overall number of workers participating in the labor force. This, Fed Chair Jerome Powell said on Wednesday, means the labor market remains balanced.
- When asked directly which metric this has Powell watching in the monthly jobs report, the Fed chair said, “the main number you have to look at now is the unemployment rate.”
- Looking at a one-year chart entering Friday’s report, that key metric has been relatively steady in what Powell described as a “historically” low range for a year now and is one reason the central bank isn’t rushing to cut interest rates.
- Figma (FIG) stock surged more than 230% above its initial public offering price after it began trading just before 2:00 p.m. ET on Thursday.
- As of 2:15 p.m., shares of the design software company traded at $108 each, well above the IPO price of $33. It was briefly halted nine seconds after trading for volatility.
- Yahoo Finance’s Jake Conley reports:
- Read more here.
- Yahoo Finance’s Ben Werschkul reports:
- Read more here.
- Apple (AAPL) is scheduled to announce its third quarter earnings after the bell on Thursday, as Wall Street looks for signs of movement on the company’s AI plans and a view into how much tariff-related costs are eating into its margins, Yahoo Finance’s Dan Howley reports.
- Howley writes:
- Read more about the tech giant’s upcoming quarterly results here.
- Meme stock FOMO is taking a breather, Yahoo Finance’s Francisco Velasquez reports.
- Velasquez writes:
- Read the full story here.
- Reddit shares jumped nearly 5% Thursday morning ahead of the social media’s second quarter earnings report after the bell.
- Reddit’s results after the bell Thursday come as Wall Street scrutinizes how changes to Google Search’s algorithm could affect the social media platform’s daily active users, which fell below expectations in the US in the past two quarters.
- Wall Street analysts tracked by Bloomberg expect Reddit to report adjusted earnings per share of $0.72, up from last year’s loss per share of $0.06. They project the company’s second quarter revenue to hit $425 million, up 50% from the prior year, according to Bloomberg data.
- Analysts expect global daily active users to climb 20% from the prior year to roughly 110 million for the period and US users to rise more than 9% to 50.5 million.
- Read more about Reddit’s upcoming report here.
- CoreWeave (CRWV) shares surged more than 12% Thursday on the heels of strong earnings reports from two of its customers, Microsoft (MSFT) and Meta (META).
- Microsoft is CoreWeave’s largest customer, accounting for 72% of its revenue in the burgeoning cloud provider’s most recent quarterly earnings report. Microsoft spent $88.2 billion in its fiscal year 2025, ahead of the $80 billion it previously forecast. That figure represented a 58% increase in the tech giant’s spending from the prior year.
- Microsoft said its spending will grow at a slower pace in its 2026 fiscal year. During the first quarter, it expects to spend $30 billion, a 50% increase from the prior year.
- “We will continue to invest against the expansive opportunity ahead across both capital expenditures and operating expenses given our leadership position in commercial cloud, strong demand signals for our cloud and AI offerings, and significant contracted backlog,” Microsoft CFO Amy Hood said in an earnings call with analysts.
- Microsoft’s (MSFT) market capitalization officially hit the $4 trillion mark Thursday, making it the second company behind Nvidia (NVDA) to achieve the feat.
- Shares of Microsoft climbed as much as 8% Thursday morning before paring gains, up roughly 5% shortly after the market opened.
- Microsoft, Apple (AAPL), and Nvidia have traded places as the world’s most valuable companies. Nvidia still retains the top spot after a stunning comeback from a rocky first half of the year, with its market cap sitting around $4.4 trillion as of Thursday. Apple’s was just over $3 trillion in morning trading.
- The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) surged on Thursday, on track for fresh record highs after strong Meta (META) and Microsoft (MSFT) earnings fueled a spike in tech stocks.
- The Nasdaq climbed roughly 1.3%, while the S&P 500 rose 0.8%. The Dow Jones Industrial Average (^DJI) lagged, up less than 0.1%.
- Microsoft (MSFT) and Meta (META) stocks ripped higher in premarket trading as investors continued to bid up shares following the tech giants’ earnings reports.
- Combined, the two stocks have added about half a trillion dollars in market value since Wednesday’s close.
- If gains hold, Microsoft is set to join Nvidia (NVDA) in the $4 trillion market capitalization club when the market opens. Its market cap as of Wednesday stood at $3.81 trillion, and the stock has gained nearly 9% in premarket trading.
- Meta stock surged 11% ahead of the opening bell. Both Meta and Microsoft reported strong revenue growth that outweighed investors’ concerns about spending on artificial intelligence.
- “The stock moves make sense — the results are that good,” D.A. Davidson head of technology research Gil Luria told Yahoo Finance following Meta’s and Microsoft’s earnings. “Meta is gaining significant share in the digital advertising market, … and therefore investors have patience for the capex guidance they’re providing.”
- The latest reading of the Federal Reserve’s preferred inflation gauge showed price increases accelerated in June as inflation remained above the Fed’s 2% target.
- Yahoo Finance’s Josh Schafer reports:
- Read more here.
- Roblox’s (RBLX) stock rocketed 20% higher in premarket trading after reporting record daily users and raising its third quarter forecast for bookings.
- Daily active users rose 41% in the second quarter to cross 111 million, the company reported on Thursday.
- Roblox also raised its forecast for annual bookings in the third quarter to $1.59 billion to $1.64 billion. Bookings for the second quarter came in at $1.44 billion, beating market estimates of $1.24 billion.
- Reuters reports that the company has been investing in search and discovery features that allow greater visibility for viral games like “Grow a Garden.” Roblox also aims to diversify its revenue beyond gaming by turning the platform into a hub for socializing, commerce, and advertising.
- The platform saw a boost in engagement during the quarter, with engaged hours up 58% to 27.4 billion.
- Read more here.
- President Trump and European Commission President Ursula von der Leyen shook hands Sunday over a trade agreement. The White House did a victory lap, but days later, there are still plenty of disagreements about exactly what is in the pact.
- Yahoo Finance’s Ben Werschkul reports:
- Read more here.
- Economic data: Challenger jobs cuts (July); Personal income & spending (June); Core PCE price index; Employment cost index (second quarter); Initial jobless claims (week ending July 26)
- Earnings: Apple (AAPL), Amazon (AMZN), Bristol Myers Squibb (BMY), Cigna (CI), Coinbase (COIN), CVS Health (CVS), Mastercard (MA), Norwegian Cruise Line (NCLH), Reddit (RDDT), Roblox (RBLX), Roku (ROKU), Strategy (MSTR)
- Here are some of the biggest stories you may have missed overnight and early this morning:
- Trump knocks Canada as countries rush to strike trade deals
- Trump tariffs face another legal test on eve of deadline
- Apple faces 2 major threats ahead of earnings
- What’s in the US-EU trade deal? It depends on who’s talking.
- Fed calendar quirk raises the stakes for its Sept. meeting
- Meta stock surges after earnings beat, guidance surprise
- Microsoft on track for $4 trillion market cap after earnings beat
- Arm stock falls as chip ambitions shake investor confidence
- Here are some top stocks trending on Yahoo Finance in premarket trading:
- Arm (ARM) stock fell 6% on Thursday before the bell following the announcement of the chip tech provider’s plan to invest in its own chip development, which would bite into future profits, disappointed investors.
- CVS (CVS) stock jumped 7% in premarket on Thursday after the company beat Wall Street estimates for second-quarter profit.
- Confluent Inc (CFLT) stock rose over 20% premarket following the company’s positive earnings report. The data streaming platform reported a 21% growth in subscription revenue and a 28% growth in Confluent Cloud revenue for Q2 2025.
- Shares in Carvana (CVNA) surged over 15% in premarket trading after the online used-car seller defied expectations with strong second quarter results and outlook.
- Bloomberg reports:
- Read more here.
