Stocks tumbled lower on Friday as market participants reacted to a much weaker-than-expected jobs report following the start of President Donald Trump's new tariff rates. Markets were also brought down by disappointing outlook for Amazon (AMZN  ), while Apple's (AAPL  ) strong iPhone sales failed to support forward momentum.

The Dow Jones Industrial Average (DIA  ) dropped over 500 points, while the S&P 500 Index (SPY  ) and Nasdaq Composite (QQQ  ) each fell over 1.5% and 2.2%, respectively.

Plunging sentiment, the Labor Department's July jobs report showed nonfarm payrolls added only 73,000 positions, coming in well below consensus expectations for an increase of at least 100,000. Moreover, June and May's totals were also downwardly revised: June expanded by just 14,000 compared to its prior print of 147,000, while May's total fell to 19,000 from 125,000 -- each signaling a weakening jobs market.

President Donald Trump fired the commissioner of the Bureau of Labor Statistics following the report on Friday.

"I was just informed that our Country's "Jobs Numbers" are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala's [Harris'] chances of Victory," Trump wrote in a Truth Social post on Friday.

"We need accurate Job Numbers," the president continued. "I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified."

The report also increased the likelihood that the Federal Reserve will change course and lower interest rates at its upcoming September meeting, with traders pricing in a roughly 80% chance according to CME Group's FedWatch tool. The swings in sentiment come just a day after Fed Chair Jerome Powell reduced the odds after signaling that the central bank will continue its "wait-and-see" policy stance in response to tariff uncertainty.