Stock Market Today: Latest jobs data to move stocks after dramatic Trump decision originally appeared on TheStreet.

Good morning. The market has been open for roughly an hour now, reversing some of its early gains. The Nasdaq, S&P 500, and Russell 2000 are in the green, up 0.76%, 0.23%, and 0.23% a piece. The Dow is the sole loser, down 0.21% at the moment.

In addition, Trump's long-delayed tariffs went into effect, introducing higher levies on dozens of countries. After the changes, the average effective tariff rate for the U.S. will rise to 18.3%, per data from the Yale Budget Lab.

The market has been open for a little over an hour now. Here are stocks that are breaking out or breaking down in the early trade:

Duolingo  (DUOL)  is one of the market's top movers today, up 30% after it announced that its daily active users (DAUs) rose 40% to 48 million. The company's revenues did one better, rising 41%. The company raised its forecast on the news.

Payroll and HR software company Paycom  (PAYC)  is sitting near the top of the S&P 500 today, up 10.4% after a strong quarterly earning performance. The company cited new AI features for driving new demand, raising their revenue and profit forecast.

U.S. fashion brand Ralph Lauren  (RL)  started its new financial year with a 14% march in revenue, pushing the company to raise its sales guidance for the year, albeit with a warning about margins and consumer uncertainty towards the end of this year.

The footwear firm Crocs  (CROX)  is down 25% this morning, despite meeting earnings expectations, after taking a $737 million write-down from their langishing HEYDUDE brand. In addition, the firm issued paltry guidance. The company has gyrated over the last year amid growth worries.

We're a few minutes away from the market opening. The Russell 2000 is leading the pack, up 1%. The Nasdaq, S&P, and Dow aren't far behind; they're +0.78%, +0.62%, and +0.47% heading into the open.

Here are the three big stories heading into the opening bell:

President Donald Trump is expected to sign a long-anticipated 401(k) order today, opening up retirement accounts to crypto and private equity.

President Donald Trump said that Intel INTC CEO Lip-Bu Tan should resign, calling him "conflicted." Intel is down 2.1% pre-market.

Eli Lilly LLY reported that its clinical stage obesity pill, orforglipron, was found to help patients lose 12% of their weight. It's down 7.7% pre-market.

In addition, the first set of economic drops for today are out:

Initial and continuing jobless claims ticked higher to 226,000 and 1.974 million (previously 219,000 and 1.936 million, respectively).

Used car prices declined 0.5% month-over-month (prev: 1.6%) and 2.9% year-over-year (prev: 6.3%).

Across the pond, The Bank of England just cut rates for the fifth time this year (from 4.25% to 4%).

These prints aren't likely going to make many waves, since they fall within expectations. The 4-week on jobless claims is lower at 220,750 (prev: 221,250), which is a modest improvement, all things considered.

Update: 4:30 a.m. EDT

Earnings from energy and infrastructure firms will be at the forefront this morning.

Per Nasdaq, there are 468 earnings reports today, which makes this the busiest day of the second-quarter earnings season thus far.

Here are the ten largest reports (by market cap) that will report this morning:

This morning, we're looking out for a raft of both hard and soft economic data points. Atop the swath will be jobless claims data, which is bound to move stocks after the Trump administration's dramatic firing of Bureau of Labor Statistics commissioner Erika McEntarfer.

However, it won't be the only datapoint to watch. Here are the highlights (which will be updated as the data comes in):

Initial Jobless Claims (Previously: 218,000; 4-Week Average is 221,000)

Continuing Jobless Claims (Prev: 1,946,000)

Nonfarm Productivity (Prev: -1.5% quarter-over-quarter)

Unit Labor Costs (Prev: +6.6% QoQ)

Wholesale Inventories (Prev: -0.3% month-over-month)

Consumer Inflation Expectations (Prev: +3%)

Consumer Credit Change (Prev: +$5.1 billion)

Fed speeches from Bostic at 10 A.M; Musalem at 10:20 A.M.

Used car prices (+1.6% MoM; +6.3% YoY) also due out intraday

The 4 and 8-week bill auctions are out at 11:30 A.M; the 30-year bond auction is out at 1:00 P.M.

After market close, the Fed Balance Sheet is expected around 4:30 P.M. EDT.

Stock Market Today: Latest jobs data to move stocks after dramatic Trump decision first appeared on TheStreet on Aug 7, 2025

This story was originally reported by TheStreet on Aug 7, 2025, where it first appeared.