(For a Reuters live blog on U.S., UK and European stock

markets, click LIVE/ or type LIVE/ in a news window.)

*

Indexes down: Dow 1.3%, S&P 500 1.48%, Nasdaq 1.95%

*

Amazon ( AMZN ) slides after cloud computing growth underwhelms

investors

*

U.S. job growth slowed more than expected in July

(Updates with analyst comment, early afternoon prices)

By Nikhil Sharma and Sukriti Gupta

Aug 1 (Reuters) - Wall Street's main indexes led a

global selloff on Friday as new U.S. tariffs on dozens of

trading partners weighed on sentiment, while a

weaker-than-expected payrolls report added to risk aversion.

Just hours before the tariff deadline on Friday, President

Donald Trump signed an executive order imposing duties on U.S.

imports from countries including Canada, Brazil, India and

Taiwan, even as countries scrambled to seek ways to strike

better deals.

Data showed U.S. job growth slowed more than expected in

July while the prior month's report was revised sharply lower,

pointing to a sharp moderation in the labor market.

"Everybody's quite shocked at how large the downward

revisions were for both May and June. The upside is that the

unemployment rate did not spike meaningfully," said Kevin

Gordon, senior investment strategist at Charles Schwab.

The report perked up bets for a September interest rate cut

to 80.0%, according to CME's FedWatch tool.

BeiChen Lin, senior investment strategist at Russell

Investments, said job growth has been mostly concentrated in

previously understaffed sectors like healthcare and social

assistance. "The breadth of job creation has steadily declined

in recent months."

At 11:39 a.m. ET, the Dow Jones Industrial Average

fell 573.05 points, or 1.30%, to 43,557.93, the S&P 500

lost 93.99 points, or 1.48%, to 6,245.40 and the Nasdaq

Composite lost 412.60 points, or 1.95%, to 20,709.85.

Both the S&P 500 and the Nasdaq were on track for their

worst single-day performance since April 21.

The CBOE Volatility index, also known as Wall

Street's fear gauge, jumped to a near six-week high and was last

up 19.41 points.

Further weighing on markets,

Amazon ( AMZN ) dropped 8% after the company's growth in its

cloud computing unit failed to impress investors, widely lagging

its AI-focused rivals Alphabet and Microsoft ( MSFT )

that reported on Wednesday.

The stock weighed heavily on the consumer discretionary

index, which led the sectoral losses by falling 3.5%.

Nine of the 11 S&P 500 sector indexes were trading in the red.

Technology and communication services

indexes fell 1.9% and 1.45%, respectively.

Apple ( AAPL ) posted its current-quarter revenue forecast

well above Wall Street estimates, but CEO Tim Cook warned U.S.

tariffs would add $1.1 billion in costs over the period. The

stock edged 2% lower.

Most major megacap stocks fell, with Nvidia ( NVDA ) down

1.6, Tesla lost 0.8%, Meta Platforms ( META ) down

2.3%, and Alphabet losing 1.6%.

Financials shed 2%, with Coinbase Global ( COIN )

sinking 15.6% after the crypto exchange reported a drop in

adjusted profit for the second quarter.

Bucking the trend, Reddit ( RDDT ) surged 21.9% after it

reported quarterly results that exceeded Street expectations,

boosted by an AI-focussed advertising strategy and strong user

engagement.

Meanwhile, Trump said on Friday the Federal Reserve's board

should assume control if the central bank's chair, Jerome

Powell, continues to refuse to lower interest rates.

Powell, despite pressure from Trump to cut rates, has

indicated the central bank was in no rush to do so.

The day's sharp losses put the S&P 500 and the Nasdaq on

track for weekly losses, offsetting the week's earlier momentum

on signs of economic resilience, AI boost, and key U.S. trade

agreements with top partners such as the European Union.

Declining issues outnumbered advancers by a 2.74-to-1 ratio

on the NYSE, and by a 3.58-to-1 ratio on the Nasdaq.

The S&P 500 posted seven new 52-week highs and 26 new lows,

while the Nasdaq Composite recorded 13 new highs and 183 new

lows.