On today's podcast:
1) Markets take a hit as President Trump unleashes a wave of new tariff rates. The world is facing some of the steepest US tariffs since the 1930s, with an average of 15%, according to the text. So far, the global economy has held up better than many economists expected after Trump’s initial tariff blitz. A rush to beat the elevated rates spurred a front-loading of exports, aiding many Asian economies and shielding US consumers from price spikes.
2) Shares of Amazon sell off while Apple rises following the latest tech earnings. Apple reported its fastest quarterly revenue growth in more than three years, with revenue rising 9.6% to $94 billion in the fiscal third quarter. Amazon dropped in premarket trading after projecting weaker-than-expected operating income and trailing the sales growth of its cloud rivals. CEO Andy Jassy said it was "very early days" in artificial intelligence, and that the company's efforts to lower the costs of running AI applications would draw more customers over time.
3) Investors prepare for the July jobs report to wrap up a week of key US economic data. Bloomberg Economics predicts July’s seasonally adjusted nonfarm payrolls to increase by 160,000 — higher than the consensus expectation of 105,000.
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