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U.S. stocks edged higher on Monday as investors began the week on an upbeat note following last week\u2019s sharp sell-off amid weak jobs data and tariff jitters.<\/p>\n
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The Dow Jones Industrial Average was up nearly 300 points, while both the S&P 500 and Nasdaq rose 0.8% and 0.95%, respectively, as Wall Street searched for fresh footing.<\/p>\n
Slight gains across the major indices came after equities hit a wall on the first day of August. At the top of the headwinds list were the disappointing U.S. labor data report and uncertainty amid a slew of tariff announcements from President Donald Trump.<\/p>\n
The benchmark index S&P 500, which had hovered at record highs for much of July, began Aug. on a whimper as panic selling saw it dump over 2% for its worst day since late May.\u00a0<\/p>\n
Meanwhile, the Dow slumped more than 500 points, suffering its worst week since the market downturn in early April. The Nasdaq, which had gained upside momentum from Big Tech earnings, also dropped amid a 2.4% rout on Friday.<\/p>\n
Declines across stocks also hit the cryptocurrency market, with Bitcoin (BTC) plummeting to below $114k.<\/p>\n
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Stocks sold off on Aug. 1 following July\u2019s U.S. monthly jobs report, which came in weaker than expected.<\/p>\n
The data didn\u2019t just disappoint but compounded a negative outlook with revisions that showed the Labor Department had sharply downgraded previous months\u2019 numbers. Investors reacted negatively, spooked by signs that the U.S. labor market may not be as strong as previously indicated.<\/p>\n
Among key developments following the data release was President Trump\u2019s move to fire the Bureau of Labor Statistics commissioner Erika McEntafer. Reports<\/a> say Trump could name a new BLS commissioner this week.<\/p>\n The U.S. economy remains a key focus area for investors. However, the market is also closely watching the Federal Reserve and global trade tensions. While the Fed left interest rates unchanged at its July meeting, bets on a September cut are as high as 90%.<\/p>\n Jeremy Siegel, professor of finance at the University of Pennsylvania\u2019s Wharton School of Business and WisdomTree chief economist, told<\/a> CNBC\u2019s \u2018Squawk Box\u2019 on Monday that the Fed would have cut rates had it had access to the weak jobs data.<\/p>\nTariffs, earnings in focus<\/h2>\n