05:15 PM EDT, 08/01/2025 (MT Newswires) -- US equities and Treasury yields declined Friday following a weaker-than-expected jobs report and the White House's announcement of new tariff rates on several countries.

The Nasdaq Composite closed 2.2% lower at 20,650.1, while the S&P 500 declined 1.6% to 6,238. The Dow Jones Industrial Average lost 1.2% to 43,588.6. Most sectors ended in the red, led by consumer discretionary, while health care saw the biggest gain.

For the week, the Dow shed 2.9%, the S&P 500 was down 2.4%, and the Nasdaq fell 2.2%.

In economic news, total nonfarm payrolls in the US rose by 73,000 last month, the Bureau of Labor Statistics reported. The consensus was for a 104,000 increase, according to a survey compiled by Bloomberg. Job gains in the previous two months were revised sharply lower.

"The July employment report should be a wake-up call to the markets and others that the US tariff shock is real," Scott Anderson, BMO Chief US economist, said in a note. "There are meaningful risks to the labor market and inflation from the new higher tariffs, even if the reciprocal rates overall don't quite reach the heights we saw on 'Liberation Day.'"

Trump on Friday fired Bureau of Labor Statistics Commissioner Erika McEntarfer after the agency released the jobs report.

"Today's jobs numbers were rigged in order to make the Republicans, and me, look bad," Trump said in a social media post.

US Treasury yields sank, with the two-year rate plunging 26.5 basis points to 3.7% and the 10-year rate losing 15.1 basis points to 4.22%.

The White House on Thursday issued a list of new reciprocal tariff rates, ranging from 10% to 41%, on different countries. The US recently reached deals with several trading partners, including the European Union, Japan, the Philippines and Indonesia.

The Federal Reserve should ease its monetary policy to avoid a potential deterioration in the labor market, governors Michelle Bowman and Christopher Waller -- who dissented with this week's central bank decision to hold rates steady -- said Friday.

The odds of a 25-basis-point rate cut next month shot up to 86% Friday from 38% Thursday, according to the CME FedWatch tool.

Fed Governor Adriana Kugler, who recently favored holding rates steady "for some time," is leaving the central bank, effective Aug. 8, the Fed board announced on Friday. Kugler, who has been a Fed governor since September 2023, has sent her letter of resignation to Trump, it said.

US consumer sentiment rose for the second consecutive month in July, while year-ahead inflation expectations dropped to their lowest level since February, final survey results from the University of Michigan showed.

"Although recent trends show sentiment moving in a favorable direction, sentiment remains broadly negative," Surveys of Consumers director Joanne Hsu said. "Consumers are hardly optimistic about the trajectory of the economy, even as their worries have softened since April."

West Texas Intermediate crude oil was down 2.9% at $67.24 a barrel in Friday late-afternoon trade.

Eight members of the Organization of the Petroleum Exporting Countries and its allies -- a group called OPEC+ -- are scheduled to hold their monthly meeting on Sunday to decide on September production levels.

The group comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman is expected to boost output by up to 548,000 barrels per day, completing the unwinding of 2.2-million barrels per day of production cuts, Reuters reported Friday.

After that meeting, the OPEC+ will likely "hit the pause button on additional output increases," RBC Capital Markets Head of Global Commodity Helima Croft said in a Friday note.

In company news, Amazon.com ( AMZN ) shares were down 8.3%, the worst performer on the Dow and among the worst on the S&P 500, even as the e-commerce giant delivered a second-quarter beat overnight. The company's operating income guidance for the third quarter at the mid point was below consensus estimates.

Apple ( AAPL ) shares were down 2.5%, among the steepest declines on the Dow. The iPhone maker late Thursday posted better-than-expected fiscal third-quarter results.

Monolithic Power Systems ( MPWR ) shares were up nearly 11%, the top gainer on the S&P 500. The company late Thursday posted higher-than-projected second-quarter results.

Newell Brands ( NWL ) shares tumbled 15% after the company issued a downbeat guidance for the third quarter and lowered its full-year earnings outlook.

Moderna ( MRNA ) shares slumped 6.6% after the drugmaker lowered the top end of its 2025 revenue guidance range due to a delay in COVID-19 vaccine shipments to the UK.

Gold was up 1.9% at $3,413 per troy ounce, while silver added about 1% to $37.06 per ounce.