Global markets were shaken on Friday by weak U.S. job growth and new tariffs imposed by President Trump, leading to a massive selloff in stocks and the dollar. The S&P 500 and Nasdaq plummeted, while U.S. 2-year bond yields fell significantly. Despite rising average earnings and hours worked, the unemployment rate inched up to 4.2%. The likelihood of a Fed rate cut next month is now seen as nearly certain, with traders pricing in further easing by year-end. Trump’s announcement of more tariffs and personnel changes added to investor uncertainty, setting the stage for a volatile trading month ahead.

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