U.S. stocks tumbled Friday, weighed down by a weaker-than-expected jobs report that signaled a cooling labor market and growing investor unease over the Trump administration's erratic trade policies.
The Dow Jones Industrial Average dropped 542.4 points, or 1.23 percent, to 43,588.58. The Standard and Poor's 500 declined 1.6 percent to 6,238.01, and the Nasdaq Composite slid 2.24 percent to 20,650.13.
Losses were broad across the market, with eight of the 11 primary Standard and Poor's 500 sectors closing lower. Consumer discretionary and technology stocks led the decline, falling 3.59 percent and 2.07 percent, respectively. Health care and consumer staples were among the few bright spots, rising 0.58 percent and 0.53 percent.
The U.S. economy added just 73,000 jobs in July, far below the 104,000 forecast. Previous months' job gains were also revised down sharply, and the unemployment rate rose to 4.2 percent from 4.1 percent in June.
U.S. President Donald Trump criticized the report as a "mistake," and announced the dismissal of Bureau of Labor Statistics Commissioner Erika McEntarfer. He also renewed criticism of Federal Reserve Chair Jerome Powell.
Markets were also rattled by a sweeping executive order signed by Trump on Thursday, which hiked tariffs on Canadian goods to 35 percent and set "reciprocal" tariffs on dozens of other countries.
Tech stocks were hit hard. Amazon dropped 8.27 percent despite posting better-than-expected second-quarter results. Apple declined 2.5 percent, reversing earlier gains after releasing strong earnings. Meta lost about 3 percent, while Nvidia, Microsoft, Alphabet, Broadcom, and Tesla all slid more than 1.5 percent.
U.S. stocks sink on tepid U.S. jobs data, erratic trade policies
A former television host from Taiwan, Zhai Xuan, has made a pivotal decision to leave mainstream broadcasting in order to create content that provides a better understanding of the Chinese mainland and cross-strait relations.
Zhai, a seasoned television host with over a decade of experience in Taiwan's media landscape, recently addressed an audience at an event in Beijing, where she revealed her complete transition into independent online media.
In her remarks, she articulated her aspiration to bridge what she perceives as a significant information gap between audiences on both sides of the Strait, highlighting her commitment to fostering a deeper understanding and connection through her new endeavors.
"I was really surprised by all the fake news. There were stories saying people on the mainland can't afford tea eggs or that they live in mud houses and in Taiwan, this was the main information many people received," said Zhai.
Zhai said she initially began producing online videos to challenge such perceptions while continuing her work as a television host.
In April 2025, she travelled to the mainland with her father to fulfill her late grandfather's wish to return to his hometown. The trip, which reunited family members separated since 1949, was recorded in a video series titled "Journey to Find Our Roots", drawing attention from viewers in both Taiwan and the mainland.
"Many people in Taiwan told me that after watching, they wanted to apply for a mainland travel permit immediately and go looking for their relatives. Some had long forgotten these things, but after seeing my story, they began thinking about their hometowns and family members they had never met and decided to search for their roots," Zhai shared her story at the event.
By mid-2025, Zhai said she began to feel increasing pressure amid rising political tensions and a tightening atmosphere around cross-Strait exchanges in Taiwan.
After more than 12 years in the industry, Zhai resigned from her position, believing it was the right thing to do.
"At that moment, I felt this was a major issue，not just for me, but for Chinese people on both sides of the Strait. If I backed down then, I wouldn’t be standing on the right side," said Zhai.
Since leaving television, Zhai has broadened her online programming to encompass a range of daily-life topics, including practical guidance on applying for a mainland travel permit and using commonly employed mobile applications, in addition to content that delves into historical memory and cultural connections across the Strait.
As the debate over cross-Strait relations continues in Taiwan, Zhai said she remains committed to her current path.
Former Taiwan TV host bridges cross-Strait divide via online media
