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Indexes down: Dow 1.44%, S&P 500 1.7%, Nasdaq 2.29%

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Amazon ( AMZN ) slides after cloud computing growth underwhelms

investors

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

(Updates with market-open prices)

By Nikhil Sharma and Sukriti Gupta

Aug 1 (Reuters) -

Wall Street's main indexes declined sharply on Friday as new

U.S. tariffs on dozens of trading partners and Amazon's ( AMZN )

unimpressive earnings weighed on sentiment, while a weaker

payrolls report added to risk aversion.

Hours ahead of the tariff deadline, President Donald Trump

signed an executive order imposing duties on U.S. imports from

countries including Canada, Brazil, India and Taiwan.

Data showed U.S. job growth

slowed more than expected

in July while the prior month's data was revised sharply

lower, pointing to a sharp moderation in the labor market.

"This was a pretty disappointing report ... markets are

getting a little bit more worried about the state of the labor

market in the aftermath of today's report," said BeiChen Lin,

senior investment strategist at Russell Investments.

Following the data, traders have raised their bets for a

September interest rate cut to 81.9%, according to CME's

FedWatch tool.

At 9:52 a.m. ET, the Dow Jones Industrial Average

fell 633.77 points, or 1.44%, to 43,491.55, the S&P 500

lost 107.59 points, or 1.70%, to 6,231.80 and the Nasdaq

Composite lost 483.70 points, or 2.29%, to 20,638.74.

The S&P 500 and the Nasdaq fell to a more than two-month

low each, while the Dow slipped to an over one-month low.

The CBOE Volatility index, also known as Wall

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

up 20.66 points.

Eight of the 11 S&P 500 sector indexes declined, led by

consumer discretionary, which was down 3.4% as

Amazon ( AMZN ) slid 6.7%. The company's growth in its cloud

computing unit failed to impress investors, in contrast to

robust gains reported by AI-focused rivals Alphabet

and Microsoft ( MSFT ).

Technology and communication services

indexes fell 1.9% and 1.5%, 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 0.2% lower.

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

3.1%, Tesla falling 2.6%, Meta Platforms ( META ) down

2.5%, and Alphabet losing 1.4%.

Financials fell 2.2%, with Coinbase Global ( COIN )

falling 16.2% after the crypto exchange reported a drop in

adjusted profit for the second quarter.

Industrial tools supplier WW Grainger ( GWW ) dropped 9.2%

after slashing its forecast for annual profit.

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 gains on

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

agreements with top partners such as the European Union and

South Korea.

Declining issues outnumbered advancers by a 2.93-to-1 ratio

on the NYSE, and by a 4.43-to-1 ratio on the Nasdaq.

The S&P 500 posted six new 52-week highs and 18 new

lows, while the Nasdaq Composite recorded 8 new highs and 131

new lows.