The major averages take a dive to start the month of August following weak jobs data, more tariff news and rising tensions between the US and Russia. The Dow Jones Industrial Average fell 542 points or 1.23%. The S&P 500 fell 101 points or 1.7% while the Nasdaq fell 472 points or 2.24%.

The July jobs report showed nonfarm payrolls expanded by 73,000 last month, well beneath the consensus estimate from economists polled by Dow Jones that called for a 100,000 increase to payrolls. Prior months were significantly revised down. June job growth totaled just 14,000, down from 147,000. The May count came down to 19,000 from 125,000, signaling the labor market has been weakening for a while now.

The 2-year yield note yield plunged more than 28 basis points to 3.67% on the news. The 10-year Treasury note yield dropped 14 basis points to 4.21% while the 30-year bond yield dropped 7.6 basis points to 4.80%.

In corporate news, plenty of earnings from the likes of Apple, Amazon, Chevron, Exxon, Moderna, RBC, Grainger, Dominion Energy and Fluor.  Dominion was a diamond up 3% on their earnings. Apple initially rose on their solid results, but then was dragged into the red with the red of the techs. Fluro was a dog down 27% as tariffs created cancellation of orders.

In the commodity space, oil was down nearly 3% even as tensions rise with Russia. OPEC is considering a production boost while the weak jobs data could hurt demand down the road. Gold was up nearly 2% on hopes of more rate cuts in the future. Bitcoin took a hit down nearly 3%.

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