U.S. stock futures are diving as President Donald Trump unveils a slew of new tariff rates on trading partners that will kick in Aug. 7; job growth is projected to have slowed in July and the unemployment rate is expected to have ticked higher; Apple (AAPL) reports strong earnings numbers on the back of record-high services revenue; and Amazon (AMZN) shares are plunging as the online retailer’s profit outlook disappoints investors. Here’s what investors need to know today.

1. US Stock Futures Drop as Traders Review Tariffs, Await Job Numbers

U.S. stock futures are pointing sharply lower as investors review the latest changes to U.S. tariff policy and watch for fresh data on the U.S. labor market. S&P 500 futures are down about 1% after the benchmark index marked its third straight session of declines following a series of record highs, and Dow Jones Industrial Average futures are similarly lower. Nasdaq futures are down by 1.3% as traders review earnings from several top tech firms. Bitcoin (BTCUSD) is falling to trade below $115,000. The yield on the 10-year Treasury note is higher. Oil futures are falling while gold futures are little changed.

2. White House Unveils Tariffs, Pushes Implementation Back to Aug. 7

President Donald Trump unveiled a series of tariffs Thursday night that will be implemented Aug. 7, pushed back from today. The U.S. struck deals with South Korea, Cambodia, and Thailand just before Trump’s self-imposed deadline, while Trump extended talks with Mexico for 90 days. Trump raised tariffs on Canada to 35%, citing failure to curb fentanyl traffic into the U.S. Meanwhile, White House negotiators are nearing a deal with China, the world’s second-largest economy and one of the most important trading partners of the U.S., Treasury Secretary Scott Bessent said Thursday on CNBC.

3. Job Growth Expected to Have Slowed in July

Job growth is expected to have slowed in July when employment data is released at 8:30 a.m. ET today. U.S. employers likely added 100,000 jobs in July, down from 147,000 in June, according to economists surveyed by The Wall Street Journal and Dow Jones Newswires. It would be the fewest jobs added to the U.S. economy since last October. Meanwhile, the unemployment rate is forecast to have ticked up to 4.2% from 4.1%, staying within the same narrow range it’s been since May 2024, signaling employers are reluctant to both hire and fire.

4. Apple Tops Q2 Estimates on Rising Services Revenue

Apple (AAPL) reported second-quarter results that topped analysts’ expectations on the back of record-high services revenue. The iPhone maker posted profit of $1.57 per share on revenue that rose 10% year-over-year to $94.04 billion, both above Visible Alpha consensus estimates. Apple’s services revenue improved 13% to a record $27.42 billion to beat expectations. Meanwhile, CEO Tim Cook said Apple expects tariffs to cost the company $1.1 billion this quarter, and that it has been “significantly growing” its investments in AI.  Apple shares are up nearly 2% in premarket trading.

5. Amazon Stock Plungs as Cloud Revenue Fails to Impress Investors

Amazon (AMZN) shares are plunging 8% in premarket trading despite better-than-projected second-quarter results. Amazon posted profit of $1.68 per share and a 13% year-over-year revenue jump to $167.7 billion to beat Visible Alpha consensus estimates. Amazon Web Services revenue increased by 18% to $30.9 billion, which was ahead of analysts’ expectations but may not have been enough for investors after Microsoft reported blowout cloud revenue a day earlier.