07:37 AM EDT, 08/01/2025 (MT Newswires) -- The benchmark US stock measures fell before Friday's open after President Donald Trump announced sweeping new reciprocal tariff rates on several countries, while investors await the national employment situation report for July.

The S&P 500 fell 1%, the Dow Jones Industrial Average declined 0.9% and the Nasdaq was off 1.1% in premarket activity. The indexes closed Thursday's trading session mostly lower.

Trump signed an executive order on Thursday modifying the reciprocal tariff rates for certain countries, setting duties in a range of 10% to 41% for several trading partners of the US. The tariffs are scheduled to come into effect within seven days, according to the order.

Some countries agreed to or "are on the verge" of finalizing "meaningful trade and security commitments" with the US, while other nations offered terms that didn't "sufficiently address imbalances in our trading relationship," Trump said in the order. Some countries failed to engage in negotiations with the US, Trump added.

The US recently reached trade deals with several trading partners, including the European Union, Japan, the Philippines and Indonesia.

Washington agreed to extend existing tariffs on Mexico for 90 days because the "complexities of a deal with Mexico are somewhat different than other nations," Trump said on Truth Social on Thursday. The White House also reportedly imposed duties of 35% on Canada, after Trump recently said it would be "very hard" to make a deal with the country amid its intention to recognize the State of Palestine at a United Nations meeting in September.

The US administration had set a Friday deadline for countries to negotiate trade deals with Washington or face higher tariffs.

The nonfarm payrolls report for last month is scheduled to be released at 8:30 am ET. Government data is expected to show that the US economy added 104,000 jobs in July, which would mark a drop from the 147,000 gain posted for the previous month, according to a Bloomberg poll.

Treasury yields moved higher in premarket action, with the two-year rate edging 0.2 basis points higher to 3.95%, while the 10-year rate gained 4 basis points to 4.4%.

Government data on Thursday showed that consumer spending rose less than projected in June, while the Federal Reserve's preferred inflation metric held steady on an annual basis. Earlier in the week, the Fed's monetary policy committee left interest rates unchanged for a fifth consecutive meeting.

Friday's economic calendar also has the Purchasing Managers' manufacturing index's final reading and the Institute for Supply Management's manufacturing index, both for July, as well as the final University of Michigan consumer sentiment report for the same month.

Shares of Apple ( AAPL ) inclined 1.4% pre-bell as the iPhone maker reported better-than-expected fiscal third-quarter results. Amazon.com ( AMZN ) fell 8.2% even though the e-commerce giant recorded second-quarter results above market expectations.

Oil heavyweights Exxon Mobil ( XOM ) and Chevron ( CVX ) are scheduled to release their latest financial results before the bell, along with Colgate-Palmolive ( CL ) , Moderna ( MRNA ) , Magna International ( MGA ) , EchoStar ( SATS ) , Cinemark (CNK) and Newell Brands ( NWL ) .

West Texas Intermediate crude oil decreased 0.6% to $68.82 a barrel before the opening bell. The weekly Baker Hughes domestic oil-and-gas rig count posts at 1 pm.

Gold slipped 0.1% to $3,347 per troy ounce, while bitcoin slid 1.9% to $114,721.