02:37 PM EDT, 08/01/2025 (MT Newswires) -- US benchmark equity indexes and Treasury yields tumbled intraday after the July jobs report came in weaker than expected and President Donald Trump announced new tariff rates on several countries.

The Nasdaq Composite was down 2.4% at 20,617.4 after midday Friday, while the S&P 500 declined 1.8% to 6,226.5. The Dow Jones Industrial Average lost 1.5% to 43,488.5. Among sectors, consumer discretionary saw the biggest fall, while consumer staples, health care, and utilities were in the green.

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.

"A notable deterioration in US labor market conditions appears to be underway," BMO said. "This report highlights the risk of a harder landing for the labor market."

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 81% Friday from 38% Thursday, according to the CME FedWatch tool.

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."

US Treasury yields sank intraday, with the two-year rate plunging 23.4 basis points to 3.72% and the 10-year rate losing 13 basis point to 4.23%.

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 market remains complacent over tariffs, with the belief that deals will be made before there is any significant impact," Tigress Financial said in a Friday client note.

West Texas Intermediate crude oil was down 2.6% at $67.46 a barrel intraday.

In company news, Amazon.com ( AMZN ) shares were down 8.6%, 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 at the mid point was below consensus estimates.

Apple ( AAPL ) shares were down 2.8% intraday Friday, 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 10% intraday Friday, the top gainer on the S&P 500. The company late Thursday posted higher-than-projected second-quarter results.

Gold was up 1.5% at $3,400 per troy ounce, while silver added 0.6% to $36.92 per ounce.