Stock Markets Plummet Amid Weak Job Data and New Tariffs; Crypto Markets Follow Suit
On August 1, 2025, U.S. stock markets experienced significant declines following the release of a weaker-than-expected jobs report combined with the announcement of new tariffs by President Trump. The Dow Jones Industrial Average dropped 1.2%, losing over 500 points, while the S&P 500 declined 1.6%, marking its fourth consecutive day of losses. The Nasdaq Composite suffered a 2.2% fall, posting its worst weekly performance since mid-May.
The July jobs report revealed the U.S. economy added 73,000 jobs, falling short of the 100,000 expected. Moreover, significant downward revisions were made to previous months: June's job additions were amended from 147,000 to just 14,000 and May's from 144,000 to 19,000. These discouraging figures have increased speculation that the Federal Reserve might consider interest rate cuts to stimulate growth.
The cryptocurrency market also reacted to this negative economic backdrop. Coinbase Global shares declined by 17% following earnings that missed analyst expectations. Bitcoin's price dropped from $119,000 to $113,500, reaching a three-week low. Additionally, major bitcoin purchaser Strategy (MSTR) was downgraded by 9%, while bitcoin miner Riot Platforms (RIOT) shares tumbled 18%.
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