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Tariffs Bite, Jobs Disappoint, and Markets Stumble
For the week, the S&P 500 fell 2.5%. The Dow was down 3.1%. And the Nasdaq slipped 2.5%. That makes it the worst week since May for the S&P and since April for the Dow.
The big data point? The July jobs report. Just 73,000 new nonfarm payrolls were well short of the 100,000 economists were expecting. And to make matters worse, May and June numbers were revised sharply lower. It is a sign the labor market has been losing steam for a while now.
Bank stocks took a hit on those growth worries. JPMorgan dropped more than 2%, while Bank of America and Wells Fargo each fell over 3%.
Then came tariffs. The new duties range from 10% to 41%, including a 40% levy on goods rerouted to dodge tariffs. Canada will now face a 35% rate.
Tech was not spared either. Amazon fell more than 8% after giving weak guidance. Apple slid 2.5%.
All of this sent rate‑cut bets sharply higher. Markets are now pricing in an 86% chance of a September Fed cut.
Stock market closing data for the week of July 28th to Aug 1st, 2025
News Summaries
Figma Soars 250% in IPO, Valued Above $56 Billion
Figma surged 250% in its NYSE debut after raising $1.2 billion in an IPO, closing at $115.50 compared with the $33 issue price.
The jump values the design software maker at $56.3 billion on outstanding shares, and more than $65 billion on a fully diluted basis, far above the $20 billion valuation from its abandoned deal with Adobe.
The IPO was more than 40 times oversubscribed, with Figma selling 12.47 million new shares and early investors such as Index Ventures and Greylock Partners selling 24.46 million shares. Chief Executive Dylan Field’s stake is now worth about $6 billion, and his performance-linked compensation has begun to vest.
Figma’s revenue rose 46% in the first quarter to $228 million, with gross margins near 92%. The firm is expanding into AI-powered tools and developer collaboration, areas that will need to deliver sustained growth to justify the lofty valuation.
Samsung Foldable Sales Jump in US, Best Launch Yet
Samsung reported that US sales of its new Galaxy Z Fold 7 are running 50% ahead of the prior model, setting a record for preorders of its $2,000 book-style foldable phone.
Combined with the Z Flip 7, total preorders are up more than 25%, while carrier partners saw a 60% rise in foldable orders. Blue accounted for nearly half of Z Fold 7 preorders, while coral red made up a quarter of Z Flip 7 orders. Samsung has also seen more women buying foldables this year.
Although foldable volumes remain small compared with traditional smartphones, early momentum suggests the format is gaining traction. Samsung’s challenge will be to move beyond niche appeal as it looks to defend its lead ahead of Apple’s first foldable iPhone and Google’s Pixel 10 Pro Fold launch later this year.
Apple iPhone Sales Jump 13% on Tariff-Driven Buying
Apple’s June-quarter iPhone sales rose 13%, the strongest growth in years, as many US consumers bought devices ahead of potential tariff increases.
Total revenue rose 10% to $94 billion, helped by strong upgrade demand and the release of a lower-priced iPhone earlier in the year. About one-sixth of the sales increase came from tariff-related early purchases, and Apple cushioned the impact of a 20% China import levy by shipping more US-bound iPhones from India.
Gross margins came in at 46.5%, ahead of expectations, and China revenue grew 4% after recent declines. However, tariff costs are expected to rise to $1.1 billion next quarter, and Apple’s slower pace in AI development leaves open the question of how it will drive future device upgrades.
From the World of Crypto
Bitcoin, Ether Slips as ETF Euphoria Fades
Bitcoin declined for a fifth consecutive session this week, falling as much as 2% to $114,128, the lowest in three weeks.
The drop comes after the July surge that sent the cryptocurrency to a record $123,200, shortly before the United States introduced its first regulatory guidelines for digital assets.
Ether fell as much as 3.1% to $3,617, with the total cryptocurrency market value pulling back from the $4 trillion mark reached in July. That rally had been driven by unprecedented inflows into exchange-traded funds, including $6 billion into Bitcoin ETFs and $5.4 billion into Ether ETFs in July, among the strongest monthly totals recorded.
Momentum has slowed in recent days as ETF inflows have tapered and institutional signals point to reduced demand. Bitcoin’s Coinbase premium, a gauge of United States investor appetite, turned negative for the first time in two months.
Open interest in Bitcoin and Ether futures on CME has fallen 13% and 21% from July highs, and options markets now show stronger demand for downside protection than for upside bets. Analysts attribute the weakness to profit-taking by institutions, which realized billions of dollars in gains late in July, as well as increased selling by miners.
This combination suggests the market is shifting into a consolidation phase, with investors growing cautious after an exceptionally strong first half of the year.
Key headlines of the week
Fantastic Four Reboots Marvel at No. 1 with $117.6M Debut | Marvel Studios’ The Fantastic Four: First Steps topped the US and Canadian box office with $117.6 million in ticket sales, matching forecasts. The film kicks off the sixth phase of the MCU, with Disney scaling back annual releases to rebuild audience anticipation after recent uneven results.
Spotify Posts Q2 Loss on Higher Compensation Costs | Spotify reported a Q2 loss of €0.42 per share, missing estimates as employee compensation costs exceeded expectations. Revenue rose 10% to €4.19 billion, slightly below forecasts, but strong subscriber and user growth points to continued long-term momentum.
BYD Sales Stall, Annual Target at Risk | BYD delivered 344,296 vehicles in July, up 0.6% year-on-year but down 10% from June, marking its first monthly drop in 2025. The slowdown raises doubts over its 5.5 million annual target, as it must now average 602,000 monthly sales for the rest of the year, well above past peaks.
