Stocks slumped and Treasury yields fell sharply Friday (August 1) after a weak report on hiring and the latest gyrations in US trade policy shook Wall Street. The S&P 500 fell 1.8% and is on track for its biggest decline since late April.

The Dow Jones Industrial Average dropped 542.40 points, or 1.23%, closing at 43,588.58. The S&P 500 shed 1.60% to end at 6,238.01, while the Nasdaq Composite dipped 2.24% and settled at 20,650.13.

Amazon stock plunged 8% in premarket trades Friday. The e-commerce giant reported second-quarter results that topped Wall Street's expectations, but gave a mixed outlook. For the current quarter, Amazon predicted sales of $176.75 billion at the midpoint of its range, compared with analyst expectations for $173.27 billion.