Stock futures were under pressure Friday as traders digested President Trump’s modified tariff rates and the latest Big Tech earnings. Investors also await July’s jobs report expected later in the day. Futures tied to the Dow Jones Industrial Average fell 402 points, or 0.9%. S&P 500 futures were down 0.9%, while Nasdaq-100 futures lost 1%. Shares of Amazon tumbled more than 7% after the e-commerce giant provided light operating income guidance for the current quarter. Apple shares jumped 2% on the back of an earnings and revenue beat. President Donald Trump issued updated duties ranging from 10% to 41%. Goods that have been transshipped in a bid to avoid the tariffs will face another 40% levy, according to the White House. For Canada, one of the U.S.′ biggest trading partners, goods imported into the country will now have a 35% levy, up from 25%. “Investors have been wrapping tariffs in a ‘better than feared, we finally have clarity’ patina of optimism for weeks, but that perspective is wearing thin as reality sets in – tariffs will have stagflationary implications for the economy as they slowly seep into the data over the course of many months,” wrote Adam Crisafulli of Vital Knowledge, in a note. “We continue to think this issue is more negative than the consensus appreciates.” In addition to the new tariffs, another market catalyst looms on Friday. July’s jobs report will be due at 8:30 a.m. ET, and the reading is expected to show a slowing labor market. Dow Jones estimates call for a 100,000 increase to payrolls and for the unemployment rate to creep higher to 4.2%. Stocks are coming off of a lackluster trading session, which saw the S&P 500 notch its third straight losing day as solid earnings from Microsoft and Meta Platforms failed to lift the broader market. Both the S&P 500 and Nasdaq had hit intraday records earlier in the session until the tech-fueled rally fizzled. “The S&P 500 forecast remains bullish for now, but the path forward looks uncertain. On one hand, Big Tech is delivering in spades, feeding into the [artificial intelligence] gold rush and lifting equity markets to record highs,” said Fawad Razaqzada, analyst at City Index. “On the other, geopolitical tensions, valuation concerns and monetary policy uncertainty are threatening to pull the rug from under this rally.” In what was an eventful month for stocks, the major averages managed to close out July with gains. The S&P 500 ended the month up 2.2%, while the Nasdaq logged a 3.7% advance. The 30-stock Dow eked out a slim gain of less than 0.1%. Week to date, the broad market index is on pace for an 0.8% loss, while the Dow is off 1.7%. The Nasdaq is tracking for an advance of less than 0.1%. U.S. Treasury yields were higher on Friday as investors awaited a key payrolls report and monitored trade news after President Donald Trump announced a raft of new levies. At 6:42 a.m. ET, the 10-year Treasury yield was up over 3 basis points at 4.396%. The 2-year yield was little changed at 3.953%, and the 30-year bond yield was nearly 5 basis points higher at 4.934%. Asia-Pacific markets ended the day lower on Friday. Hong Kong’s Hang Seng Index declined 1.07% to close at 24,507.81, while mainland China’s CSI 300 index decreased by 0.51% to 4,045.93. Japan’s Nikkei 225 benchmark ended the day 0.66% lower at 40,799.60, while the broader Topix index ticked up 0.19% to 2,948.65. Meanwhile, South Korea’s Kospi index retreated 3.88% to close at 3,119.41, while the small-cap Kosdaq plunged 4.03% to 772.79. Australia’s S&P/ASX 200 benchmark fell 0.92% to end the day at 8,662. Oil prices were little changed on Friday and heading for a weekly gain, as investors weighed the impact of further tariffs and sanctions by U.S. President Donald Trump. Brent crude futures were up 19 cents, or 0.26%, to $71.89 a barrel at 0823 GMT. U.S. West Texas Intermediate crude was up 20 cents, or 0.29%, to $69.46 a barrel. Prices stabilized on Friday after losing more than 1% in the previous session. However, for the week Brent was on course for a 5% gain, and WTI around 6.6%. Gold prices held steady on Friday, but were poised for a third consecutive weekly loss pressured by a stronger dollar and diminished expectations for U.S. rate cuts, while uncertainty from U.S. tariffs on trading partners offered support. Spot gold was steady at $3,293.56 per ounce, as of 0934 GMT. Bullion is down 1.4% so far this week. U.S. gold futures edged down 0.1% to $3,344.60. The dollar index hit its highest level since May 29, making gold more expensive for other currency holders.