Post-Bell | Nasdaq Drops 2.2%. Investors React to Kugler's Resignation, Firing of BLS Commissioner; Coinbase Declines 17%; Reddit Jumps 17%; Opendoor up 14%

U.S. stocks slumped on Friday, and the S&P suffered its biggest daily percentage decline in more than two months as new U.S. tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure.

Market Snapshot

The Dow Jones Industrial Average fell 542.40 points, or 1.23%, to 43,588.58, the S&P 500 lost 101.38 points, or 1.60%, to 6,238.01 and the Nasdaq Composite lost 472.32 points, or 2.24%, to 20,650.13. Opendoor Technologies Inc up 14%.

Market Movers

Apple reported a jump of 10% in fiscal third-quarter revenue to $94 billion as iPhone sales rose more than 13% from a year earlier to $44.58 billion and surpassed Wall Street estimates of $40.09 billion. Analysts suggest many customers rushed to buy new iPhones expecting that tariffs would boost prices. CEO Tim Cook said Apple incurred about $800 million of tariff-related costs in the third quarter. Cook added Apple estimates it will face tariff costs of about $1.1 billion in its fiscal fourth quarter. Apple shares fell 2.5%.

Amazon.com fell 8.3%. The tech and online retailing giant posted better-than-expected second-quarter earnings, as profit rose 35% from a year earlier and net sales rose by 13% to $168 billion. Analysts had been expecting sales of $162 billion. Amazon recorded $30.9 billion in revenue in its Amazon Web Services cloud business, up nearly 18% from a year earlier and higher than Wall Street forecasts of $30.8 billion. Amazon said it expects third-quarter sales of $174 billion to $179.5 billion, compared with expectations of $173.3 billion. However, Amazon said it anticipates third-quarter operating income of $18 billion at the midpoint of its range, below analysts' estimates of $19.5 billion.

Figma rose 5.6% to $122 after closing up 250% in its trading debut Thursday at $115.50. The design software start-up's initial public offering of 36.9 million shares was priced Wednesday at $33 a share, above the expected range. Figma's IPO raised more than $1.2 billion.

Exxon Mobil fell 1.8%. Earnings in the second quarter fell 23% from a year earlier on lower oil prices. Profit of $1.64 a share beat analysts' expectations of $1.56.

Moderna declined 6.6% after the vaccine maker reported a narrower-than-expected loss in the second quarter as revenue fell 41% from the same period a year earlier, primarily due to lower Covid-19 vaccine sales. Moderna also cut the high end of its full-year revenue outlook.

Microsoft fell 1.8%. The software company closed up 4% on Thursday at an all-time high of $533.50 after posting fiscal fourth-quarter earnings that beat analysts' estimates. Revenue jumped 18% to $76.4 billion. Microsoft closed with a market valuation of $3.966 trillion after crossing $4 trillion during Thursday's session.

Tesla shed 1.8% after the electric-vehicle maker began offering ride-hailing services in the San Francisco Bay Area. "You can now ride-hail a Tesla in the SF Bay Area, in addition to Austin," said CEO Elon Musk in a post on X.com, adding that "Invites to our Bay Area ride-hailing service are going out now."

Reddit swung to a profit in the second quarter and adjusted earnings easily topped analysts' expectations. Ad revenue in the quarter of $465 million jumped 84% from a year earlier. The social media company issued better-than-expected revenue guidance for the third quarter. Reddit shares jumped 17%.

Strategy, the largest corporate holder of Bitcoin, swung to a profit in the second quarter as revenue rose 3% from a year earlier and its Bitcoin per share increased 25% in 2025. MicroStrategy earned $32.60 a share in the quarter, a reversal from a year-earlier loss of 57 cents. Operating income jumped more than 7,000% to $14.03 billion as an accounting change allowed MicroStrategy to include an unrealized gain on the company's digital assets of $14 billion. Shares fell 8.8%.

Coinbase Global reported second-quarter revenue of $1.5 billion that slightly missed analysts' expectations while transaction revenue of $764.3 million also came up shy of forecasts of $814 million. Subscription and services revenue in the period was $656 million. The cryptocurrency exchange said it expects third-quarter subscription and services revenue of $665 million to $745 million, below estimates of $752.9 million. Coinbase declined 17%.

First Solar rose 5.3% after the solar company reported better-than-expected second-quarter earnings and issued a mixed full-year outlook. First Solar expects 2025 revenue of between $4.9 billion and $5.7 billion, higher than earlier forecasts of $4.5 billion to $5.5 billion. The company also narrowed its earnings guidance to a range of $13.50 to $16.50 a share, from $12.50 to $17.50.

Eastman Chemical fell 19% and was the worst-performing stock in the S&P 500 on Friday after posting second-quarter adjusted earnings that missed Wall Street estimates. Eastman also forecast adjusted profit in the third quarter of $1.25 a share, well below analysts' calls of $1.91 that were made before the earnings report was issued.

Fluor fell 27% after the engineering and construction company reported worse-than-expected second-quarter earnings and slashed its 2025 outlook.

Rocket Companies rose 12% after second-quarter earnings and revenue beat analysts' estimates while revenue guidance for the third quarter also topped forecasts.

Market News

Investors React to Kugler's Resignation, Firing of BLS Commissioner

The Federal Reserve said on Friday that Governor Adriana Kugler was resigning from the central bank effective Aug. 8.

Separately, U.S President Donald Trump ordered that the commissioner of the U.S. Bureau of Labor Statistics, Erika L. McEntarfer, be fired after data showed employment growth was than expected last month.

Alphabet's CapitalG, Nvidia in Talks to Fund Vast Data at up to $30 Billion Valuation, Sources Say

Alphabet's growth-stage venture arm CapitalG and NVIDIA are in talks to invest in artificial intelligence infrastructure provider Vast Data in a new funding round that could value the startup as high as $30 billion, two sources said.

The startup is raising several billion dollars from tech giants, private equity and venture capital investors, which could make it one of the most valuable AI startups, the two sources with knowledge of the matter said, as companies building the backbone for the AI boom come into sharper focus.