Dow Jones - 43,588.58 (-1.23%) 

Nasdaq - 20,650.13 (-2.24%)

S&P 500 - 6,238.01 (-1.60%)

• A bad ending. Friday’s sell-off ended a tough week that saw major U.S. stock indexes fall about 2% to 3%. The S&P 500 and NASDAQ pulled back from record highs amid a week full of headlines on tariffs, jobs, GDP, earnings, and Federal Reserve policy.
• Someone had to get fired. President Trump axed the Labor Statistics Chief after a dud job report. The BLS reported only 73,000 jobs added in July, well below expectations, and revised the prior two months down by 258,000—the steepest cut since April 2020.
• SEC Chair Paul Atkins aims to develop “very straightforward” regulations for crypto companies. SEC Chair Paul Atkins announced Friday that he aims to develop “very straightforward” regulations for crypto companies to give investors greater “certainty,” but cautioned the process could take years. “You want to ask questions first and have people give input to make sure things are correct and there are no loopholes,” Atkins told Yahoo Finance, 
• New spot opens for Trump to fill. Federal Reserve Governor Adriana Kugler will resign on August 8.
• Apple hit it out of the park. The iPhone maker delivered a Q3 earnings report that exceeded Wall Street expectations. CEO Tim Cook announced increased AI investments and openness to acquisitions—their first major M&A since the 2014 Beats deal.
• Earnings season heats up. With over two-thirds of earnings season complete, recent reports have led analysts to raise their overall forecasts. As of Friday, FactSet data shows second-quarter earnings for S&P 500 companies are now expected to grow an average of 10.3%, factoring in both reported results and estimates for those yet to report.
• Tariff news. The Trump administration’s Friday tariff deadline sparked a wave of announcements. Trading partners like the European Union and South Korea secured full or partial agreements to curb previously planned tariff hikes. Meanwhile, negotiations with Canada, India, and Brazil remained unresolved, and talks continued with major partners including China and Mexico.
• Volatility. Following Friday’s weaker-than-expected jobs report, a key measure of investor expectations for short-term U.S. stock market volatility jumped nearly 22% for the day. The Cboe Volatility Index reached its highest level in six weeks and surged almost 37% over the week.
• No rate cuts. The U.S. Federal Reserve paused rate cuts for the fifth straight policy meeting, though two members dissented, voting for an immediate 0.25% cut. Stocks dipped after Chair Jerome Powell indicated that a rate reduction at the mid-September meeting is not assured.
• U.S. GDP grew. It grew at a 3.0% annual rate in Q2, rebounding after a slight contraction in the prior quarter. Both quarters’ results were influenced by rising tariffs, with the latest growth driven in part by a drop in imports as businesses scaled back on foreign-made goods following a prior rush to stockpile before tariff hikes.
• Figma shares closed up. The stock had a massive 250% surge in Thursday’s IPO debut.
• Coinbase dropped 14%. This was the stock's steepest intraday fall since April, after the company reported weaker quarterly revenue due to declining trading volume.
• Reddit surged more than 16% early Friday. The company beat Q2 earnings and revenue estimates and providing an upbeat Q3 forecast.
• Novo Nordisk and Eli Lilly rallied. Reports surfaced that the Trump administration plans to pilot Medicare and Medicaid coverage for weight-loss drugs.
• Oil prices tumbled on weak U.S. data and tariff concerns. West Texas Intermediate crude falling 2.8% to around $67 a barrel—the biggest daily drop since June 24. Traders expect OPEC+ to approve a 548,000 barrels-per-day output increase at their weekend meeting.
• Bitcoin hovered just under $114,000. 
• Core PCE inflation data. The data showed a 0.3% monthly and 2.8% annual rise, triggered a dip in crypto markets. 
• Gold prices climbed nearly 2%. The metal hit a one-week high at $1,347.66 per ounce. U.S. gold futures settled 1.5% higher at $1,399.80.
• Amazon fell. The drop came despite strong revenue guidance, weighed down by weaker operating profit forecasts.
• Exxon Mobil rose. The gas company reported stronger-than-expected earnings aided by cost savings, despite a 12% revenue decline. Chevron also edged higher after beating estimates.
• Moderna dropped. The company topped earnings and revenue expectations, but disappointed in guidance.
• CSX fell. Merger speculation was reported with Berkshire Hathaway’s Burlington Northern Santa Fe (BNSF) railroad. Reports suggested a potential $80 billion deal, shortly after Union Pacific announced its acquisition of Norfolk Southern.
• Roku slipped. The company beat earnings and guidance, but a new stock buyback program failed to reverse early losses.
• Berkshire Hathaway reported earnings. Operating earnings dipped 4% as the conglomerate braces for a tariff impact.

• Meta Platforms (META)
• Tesla (TSLA)
• Amazon (AMZN)
• Reddit (RDDT)
• Apple (AAPL)

Biggest Gainers

• Workiva, Inc. (WK) +32.07%
• AppFolio, Inc. (APPF) +19.36%
• iRhythm Technologies, Inc. (IRTC) +17.68%
• Bio-Rad Laboratories, Inc. (BIO) +17.63%
• Reddit, Inc. (RDDT) +17.47%

Biggest Losers

• Fluor Corporation (FLR) -27.04%
• Enovix Corporation (ENVX) -20.11%
• Eastman Chemical Company (EMN) -19.03%
• Riot Platforms, Inc. (RIOT) -17.75%
• EchoStar Corporation (SATS) -17.37%

Weekly Notables 

Trump Fires Labor Statistics Chief After Weak Jobs Report Hits Markets

President Donald Trump fired Bureau of Labor Statistics Commissioner Dr. Erika McEntarfer on Friday, just hours after the agency reported a disappointing July jobs report that triggered a sharp market sell-off. In a Truth Social post, Trump claimed McEntarfer, a Biden appointee, manipulated data for political purposes. “I was just informed that our Country’s ‘Jobs Numbers’ are being produced by a Biden Appointee... who faked the Jobs Numbers before the Election to try and boost Kamala’s chances of Victory,” he wrote. “We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY.”

Jury Rules Tesla Must Pay Portion of $329M Damages After Fatal Autopilot Crash

A Miami jury found Tesla partially responsible for a fatal 2019 crash involving its Autopilot system and ordered the company to pay a significant share of $329 million in damages. Tesla faces $129 million in compensatory and $200 million in punitive damages, with the jury assigning 33% fault to Tesla—making its compensatory share about $42.5 million. Plaintiffs expect Tesla to pay the full $200 million punitive amount, totaling roughly $242.5 million. Tesla plans to appeal.

The Week Ahead

• Potential market moving catalysts this week: Monday (Aug. 4): Factory Orders. Tuesday (Aug. 5): ISM Services, Trade Balance. Wednesday (Aug. 6): EIA Crude Oil Inventories, MBA Mortgage Applications Index. Thursday (Aug. 7): Consumer Credit, Continuing Claims, EIA Natural Gas Inventories, Initial Claims, Productivity – Preliminary, Unit Labor Costs-Preliminary, Wholesale Inventories. Friday (Aug. 8): -no reports.

• Earnings: Monday (Aug. 4): Axon Enterprise Inc. (AXON), BioNTech SE (BNTX), IDEXX Laboratories Inc. (IDXX), MercadoLibre Inc. (MELI), ON Semiconductor Corp. (ON), Palantir Technologies Inc. (PLTR), Simon Property Group Inc. (SPG), Tyson Foods (TSN), Vertex Pharmaceuticals (VRTX), Wayfair Inc. (W). Tuesday (Aug. 5): Advanced Micro Devices (AMD), Apollo Global Management Inc. (APO), Arista Networks Inc. (ANET), Caterpillar Inc. (CAT), Coupang Inc. (CPNG), Eaton Corporation PLC (ETN), Duke Energy Corp. (DUK), Mariott International Inc. (MAR), Pfizer Inc. (PFE), Super Micro Computer (SMCI), Toast Inc. (TOST). Wednesday (Aug. 6): Airbnb Inc. (ABNB), AppLovin Corp. (APP), DoorDash Inc. (DASH), Energy Transfer LP (ET), McDonald's Corp. (MCD), Novo Nordisk A/S (NVO), Uber Technologies Inc. (UBER), Walt Disney Co. (DIS). Thursday (Aug. 7): Atlassian Corp. (TEAM), Brookfield Corp. (BN), ConocoPhillips (COP), Constellation Energy Corp. (CEG), Eli Lilly & Co. (LLY), EOG Resources Inc. (EOG), Flutter Entertainment PLC (FLUT), Parker-Hannafin Corp. (PH), Sony Group (SONY). Friday (Aug. 8): Avidity Biosciences (RNA), CleanSpark Inc. (CLSK), Essent Group Ltd. (ESNT), Lamar Advertising Co. (LAMR), Plains All American Pipeline LP (PAA), Plains GP Holdings LP (PAGP), Tempus AI Inc. (TEM).