Stock Market Today: Markets Churn After July Jobs Report, Amazon Soars on Q2 Earnings
While the main benchmarks made modest moves after the monthly jobs report, AMZN stock popped on impressive earnings and an upbeat outlook.


Friday marked another lackluster reaction from stocks to a key economic report, though this morning's weaker-than-expected jobs data put more support behind a pause at the next Fed meeting.
Still, while the main benchmarks made modest moves, there were plenty of fireworks among single stocks – including in Amazon.com (AMZN), which spiked on a solid earnings report.
The U.S. added 187,000 new jobs in July, the Bureau of Labor Statistics reported Friday, the slowest pace of job growth since December 2020. This was roughly in line with June's downwardly revised 185,000, as well as economists' forecast. Average hourly earnings growth remained unchanged from the prior month, rising at an annual pace of 4.4%, while the unemployment rate ticked lower to 3.5% from 3.6%.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Today's jobs data is just one of many economic reports to roll in ahead of the September Fed meeting, so it's hard to tell what the central bank intends to do about interest rates moving forward.
However, following the employment update, the probability of another quarter percentage point rate hike at the gathering next month fell to 14.5% from yesterday's 18% reading, according to CME Group. Last week, the Fed hiked rates by 25 basis points (0.25%) to bring the target range to its highest level in 22 years. Next up is the July Consumer Price Index (CPI), which will be released Thursday morning.
Amazon a "top idea" at UBS after earnings
On the earnings front, Amazon stock soared 8.3% after its second-quarter results. The e-commerce giant reported better-than-expected earnings of 65 cents per share on revenue of $134.4 billion. AMZN also forecast higher-than-anticipated third-quarter revenue.
UBS Global Research analyst Lloyd Walmsley called Q2 "an inflection quarter" for Amazon, which he believes will drive a "sustained move higher" in shares. "Not only did we get a trifecta beat – retail revenues, Amazon Web Services revenues and margins – but also the tone from management on the call was that there is more to come on retail margins and AWS acceleration," Walmsley said. The analyst has a Buy rating on AMZN, and has it as a "top idea" across his coverage of related stocks.
Analysts say Apple's still a Buy after earnings
Apple (AAPL), on the other hand, slumped 4.8% after reporting fiscal third-quarter earnings. While the company beat on both the top and bottom lines, total revenue was down 1% year-over-year amid declines in iPhone and iPad revenue. Additionally, on the company's earnings call, Luca Maestri, Apple's chief financial officer, said September quarter revenue will likely be "similar" to the June quarter.
Still, many experts agree that AAPL remains a solid long-term investment stock. CFRA Research analyst Angelo Zino, for instance, reiterated a Buy rating on Apple after earnings, citing expectations for iPhone and Services revenue to rebound in the September quarter. "We believe the Street continues to underestimate AAPL's long-term growth and earnings per share trajectory, as we see massive growth opportunities ahead tied to India, spatial computing, foldable devices and new Services," Zino says.
As for the major indexes, the Dow Jones Industrial Average finished Friday down 0.4% at 35,065, while the S&P 500 (-0.5% at 4,478) and the Nasdaq Composite (-0.4% at 13,909) also notched modest losses.
Related Content
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Savings Goal Calculator
Tools Want to know how much you need to save each month to reach your financial goals? Our calculator helps you build a realistic savings plan.
-
Cash vs. Mortgage: How to Pay for Your Second Home
Should you buy your second home outright or finance it with a loan? Weigh the pros, cons and tax implications before making the leap.
-
Dow Gains 617 Points as Rate Cuts Near: Stock Market Today
Wednesday's economic data didn't shift Wall Street's expectations that the Fed is preparing for a rate cut at next week's meeting.
-
S&P 500 Hits New High After Oracle Earnings: Stock Market Today
Another down day for Apple held the Dow Jones Industrial Average back, though.
-
Stocks Grind Up to New All-Time Highs: Stock Market Today
UnitedHealth stock led the Dow Jones Industrial Average amid increasing signs the labor market has not been well for months.
-
Markets Prepare for August Inflation Data: Stock Market Today
Apple CEO Tim Cook is still important, but price action this week is as much about incoming inflation data ahead of next week's Fed meeting.
-
Big Tech Names Rise Above Broad Weakness: Stock Market Today
Some familiar names enjoyed solid rallies on the resolution of outstanding questions, but macro uncertainty hangs over the broader market.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have Today
Sherwin-Williams stock has clobbered the broader market by a wide margin for a long time.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have Today
UNH stock was a massive market beater for ages — until it wasn't.
-
Stocks Struggle to Start Nvidia Week: Stock Market Today
Another important week for the stock market starts on a risk-off note.