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Amazon stock sinks as much as 8% on Friday following poor hiring data. July Nonfarm Payrolls report showcases large revision to summer hiring. Trump institutes new tariff rate, many of them higher than expected. Market is unhappy with AWS growth rate as Microsoft bears down on cloud leader. Amazon (AMZN) stock is reeling on Friday along with much of tech mega-cap tech sector after the July Nonfarm Payrolls (NFP) report showed a drastic decrease in hiring and the Trump administration’s higher tariff rates went into effect. All hell broke loose after the July NFP on Friday morning showed only 73K net new jobs in July, and prior months were revised down 260K fewer jobs than earlier reported. This news sent the US Dollar down 1.3% against the Euro and traders sold equities to crowd into US Treasuries, which saw sharp declines in yield. To say that risk-off sentiment has surged would be an understatement. While markets had long expected new tariff levels to go into effect on August 1, the Trump administration announced higher than expected tariff levels on several countries late Thursday. The 35% tariff on Canada, up from 25%, and 39% on Switzerland raised eyebrows, while India received a 25% tariff rate, similar to Mexico. Taken together with the employment report, investors are now returning to their April worries over the carnage unleashed by tariffs in the months ahead. The NASDAQ has traded down more than 2% at times on Friday morning, while the S&P 500 and Dow Jones Industrial Average (DJIA) have averaged between a 1% and 1.5% decline. Amazon stock news Amazon stock was already sinking somewhat in Thursday’s post-market despite delivering impressive second-quarter earnings results. Amazon delivered a 26% beat to the Wall Street adjusted earnings per share (EPS) consensus, and revenue came in $5.6…
