US stock indexes closed lower on Friday as President Donald Trump announced plans to announce reciprocal tariffs on many countries next week. The Dow Jones Industrial Average fell 0.99%, while the S&P 500 lost 0.95% and the Nasdaq Composite dropped 1.36%. The announcement followed weak jobs and consumer sentiment data, with January’s nonfarm payrolls increasing by 143,000.
Uber shares jumped 6.6% after billionaire Bill Ackman disclosed a large stake in the company. Meanwhile, Amazon.com fell 4.1% due to weakness in its cloud computing unit. The Cboe Volatility Index rose 6.6%, indicating increased investor fear.
The Federal Reserve is expected to cut interest rates just once this year, backing away from earlier bets on two rate cuts starting in June. Other movers included Expedia, which rose 17.3% after posting better-than-expected fourth-quarter results, and Elf Beauty, which tumbled 19.6% after cutting its annual net sales and profit forecasts.
Overall, the market closed lower for the week, with the Dow breaking a three-week streak of gains and ending 0.54% lower.
Source: https://www.reuters.com/markets/us/futures-steady-ahead-monthly-payrolls-test-amazon-slips-2025-02-07