The major US indices are closing sharply lower with the NASDAQ index and the small-cap Russell index down over 2% each.

The cause:

August 1 tariffs went into effect
Jobs data came in much lower, with revisions the big contributor to the weakness
News that the US was positioning nuclear subs in “appropriate regions” as a result of the inflammatory comments from former Russian Pres. Medvedev
The firing of the BLS chief in charge of the employment data for manipulating the data to make Trump look bad.

If you had those four things on your bingo card, you win the prize.

The final numbers are showing:

Dow industrial average minus 542.40.0 -1.23% at 43588.58.
S&P index -101.38 points or -1.60% at 6238.01.
NASDAQ index -472.32 points or -2.24% at 20650.13.
Russell 2000-44.86 points or -2.03% at 2166.78.

For the trading week all three major indices were lower

Dow industrial average -2.92%
S&P index -2.36%
NASDAQ index -2.17%

All was not bad this week. Corning was a big winner at 12.10% after earnings. Roblox continues to soar and reported better earnings. Meta on Wednesday rose by 5.21% and Microsoft rose by 2.05%. Below is a list of some of the winners this week mostly helped by earnings.

Corning: +12.10% — Surged after strong earnings and upbeat guidance driven by optical communications demand.
Western Digital: +11.19% — Jumped on better-than-expected Q4 results and a new buyback/dividend announcement.
Cadence Design: +7.46% — Rose on AI-driven chip design optimism and solid sector momentum.
Roblox: +5.27% — Climbed after announcing user growth and monetization improvements ahead of earnings.
Meta Platforms: +5.21% — Extended gains after strong earnings last week and AI ad tools momentum.
Super Micro Computer: +3.98% — Continued rally on AI server demand and recent earnings strength.
AMD: +3.14% — Rose as investors positioned ahead of upcoming AI chip releases.
Northrop Grumman: +2.96% — Advanced on defense spending tailwinds and sector rotation.
Synopsys: +2.84% — Gained on positive sentiment around semiconductor design and AI development tools.
Microsoft: +2.05% — Steady climb following cloud and AI guidance in recent earnings.
Costco: +1.80% — Rose on defensive buying amid economic uncertainty.
Walmart: +1.02% — Modest gain as consumers continue to favor value retailers.
Exxon Mobil: +0.96% — Moved higher alongside oil prices and strong cash flow expectations.
Lennar: +0.63% — Rose as mortgage rates eased slightly and housing data remained solid.
SPDR Gold Shares: +0.56% — Tick higher as gold benefited from Fed rate cut expectations.
Biogen: +0.33% — Slight gain amid stable biotech sentiment and recent pipeline updates.
Dollar Tree: +0.25% — Marginal rise on cost-cutting efforts and discount retail strength.
NVIDIA: +0.13% — Flat week despite continued AI hype; investors likely paused after sharp prior gains