The stock market closed sharply lower as President Donald Trump released its modified tariff rates and July jobs report showed signs a slowdown in labor market.
Trump’s updated tariffs now ranged from 10% to 41%. Canada, for instance, will now be imposed a 35% levy, up from 25%. This significantly impacted investors’ sentiment.
Meanwhile, the July jobs report revealed that nonfarm payrolls increased by 73,000 last month, far behind the 100,000 estimates. June and May counts were also revised downwards to 14,000 (from 147,000) and 19,000 (from 125,000), respectively. This only shows that the labor market has been weakening.
Overall, S&P 500 dropped 1.6% to 6,238, while NASDAQ fell 2.2% to 20,650.
Chart of the Day
Here is the one-year chart of S&P Global (SPGI) as of July 8, 2025, when the stock was at $526.
S&P Global’s management lowered guidance after seeing a slowdown in decision making in the markets compared to its initial expectations.
Billed issuance rose 9% last quarter, but began to decline in April. Management expects a double-digit drop in billed issuance for Q2 and flat levels for the rest of 2025. High-yield issuance is also slowing due to market volatility.
In M&A, many customers are less confident in the timing and magnitude of the recovery this year.
S&P Global originally assumed 3% GDP growth and now thinks it will be lower than that. Management expects slightly lower growth in Ratings and Indices. The full-year revenue growth forecast was also trimmed to 4%–6%, down from the previous 5%–7%.
SPGI is part of our Conservative Growth Portfolio.
