Positive Return 
Market Recap for the Past Week (July 28 - August 3, 2025)
English Version:
United States
- Trade and Tariffs:
President Trump signed an executive order imposing tariffs on most U.S. trading partners, effective August 7, with rates like 15% for the EU and Japan, 35% for Canada, and a 90-day negotiation extension for Mexico. This led to a late-week sell-off, with major indexes down ~1% pre-market on Friday.[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)[](https://www.schwab.com/learn/story/stock-market-update-open)
- Earnings Season: 66% of S&P 500 companies reported, with 82% beating consensus earnings estimates, achieving a blended earnings growth of 10.3%. However, companies like Ford Motor flagged tariff-related costs (~$2 billion hit).[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- Labor Market: July nonfarm jobs report showed only 73,000 jobs added (below 104,000 expected), with prior months revised down by 258,000. Unemployment rose to 4.2%, increasing expectations for a Federal Reserve rate cut in September (80% probability).[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock-market-weekly-update)[](https://www.jhinvestments.com/weekly-market-recap)
- Market Performance: S&P 500 and Nasdaq hit record highs mid-week but retreated ~2-3% by Friday due to tariff and jobs news. The Cboe Volatility Index surged 37% for the week.[](https://www.jhinvestments.com/weekly-market-recap)
Europe:
- **Trade Deal:** A U.S.-EU trade agreement set a 15% tariff on most European exports (lower than the proposed 30%), though steel and aluminum tariffs remain at 50%. Markets showed mixed reactions, with early gains erased by Monday’s close.[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)[](https://www.fidelity.co.uk/shares/stock-market-news/market-reports/)
- **Market Performance:** European shares fluctuated, rising on positive eurozone data and U.S. trade optimism but falling later due to tariff uncertainty.[](https://www.fidelity.co.uk/shares/stock-market-news/market-reports/)
- **Corporate News:** Strong earnings from companies like Informa boosted specific sectors, but overall sentiment remained cautious.[](https://www.fidelity.co.uk/shares/stock-market-news/market-reports/)
**Japan:**
- **Economic Data:** June industrial production rose 1.7% month-on-month (vs. expected -0.6%), and retail sales grew 2.0% year-on-year (vs. 1.8% expected).[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **Market Performance:** Nikkei 225 fell 1.58%, and TOPIX dropped 0.11%, driven by weak tech earnings and trade tensions. The yen weakened to JPY 150 against the USD, prompting concern from Japan’s Finance Minister.[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **Trade Deal:** A U.S.-Japan trade agreement set a 15% tariff rate, with Japan pledging significant U.S. investments.[](https://fortune.com/2025/07/27/stock-market-today-dow-futures-us-eu-trade-deal-earnings-fed-meeting-china-talks/)
**China:**
- **Economic Slowdown:** Manufacturing PMI fell to 49.5 in July (below 50, indicating contraction), signaling weaker growth amid global trade concerns and domestic demand issues.[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **Market Performance:** CSI 300 declined 1.75%, Shanghai Composite fell 0.94%, and Hang Seng dropped 3.47%, reflecting tariff and growth worries.[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **Trade Context:** No final U.S.-China trade deal was reached; talks continue with an August 12 deadline.[](https://www.schwab.com/learn/story/stock-market-update-open)
Key Events to Watch Next Week (August 4-8, 2025):**
- **U.S.:** Federal Reserve’s policy meeting (likely to hold rates steady), July ISM Services PMI, June factory orders, and June consumer credit data. Ongoing tariff negotiations, especially with China (deadline August 12), could move markets.[](https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary)[](https://www.morningstar.com/markets/whats-happening-markets-this-week)[](https://www.schwab.com/learn/story/stock-market-update-open)
- **Europe:** Monitor reactions to the U.S.-EU trade deal implementation and potential tariff adjustments. Eurozone economic data releases may influence sentiment.[](https://www.fidelity.co.uk/shares/stock-market-news/market-reports/)
- **Japan:** Potential Bank of Japan rate hike signals (base case early 2026) and further yen movements.[](https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary)
- **China:** Watch for additional PMI data and trade talk developments, which could impact export-driven sectors.[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
**Key Companies’ Earnings Reports (August 4-8, 2025):**
- **August 4:** Palantir Technologies (PLTR), Tyson Foods (TSN), Hims & Hers Health (HIMS), Wayfair (W).[](https://www.morningstar.com/markets/whats-happening-markets-this-week)[](https://www.schwab.com/learn/story/stock-market-update-open)
- **August 5:** Pfizer (PFE), Caterpillar (CAT), BP (BP), Marriott (MAR), Duke Energy (DUK), DuPont (DD), Cummins (CMI), Snap (SNAP).[](https://www.morningstar.com/markets/whats-happening-markets-this-week)[](https://www.schwab.com/learn/story/stock-market-update-open)
- **August 6:** Uber (UBER), Walt Disney (DIS), Energy Transfer (ET).[](https://www.morningstar.com/markets/whats-happening-markets-this-week)
- **August 7:** Eli Lilly (LLY), Occidental Petroleum (OXY), Groupon (GRPN).[](https://www.morningstar.com/markets/whats-happening-markets-this-week)
- **August 8:** ConocoPhillips (COP).[](https://www.schwab.com/learn/story/stock-market-update-open)
**Traditional Chinese Version:**
### 上週市場回顧（2025年7月28日至8月3日）
**美國：**
- **貿易與關稅：** 川普總統簽署行政命令，對大多數美國貿易夥伴加徵關稅，自8月7日起生效，歐盟與日本關稅為15%，加拿大為35%，墨西哥獲90天談判延期。週五市場因關稅消息下跌，主要指數盤前跌約1%。
[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)[](https://www.schwab.com/learn/story/stock-market-update-open)
- **財報季：** 66%的標普500公司已公布財報，82%超出共識預期，綜合盈利增長10.3%。但部分公司（如福特汽車）警告關稅影響，預計損失20億美元。
[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **勞動市場：** 7月非農就業報告僅新增73,000個就業崗位（低於預期104,000），前兩個月數據下修258,000。失業率升至4.2%，市場預期聯儲會9月降息機率升至80%。[](https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/stock
-market-weekly-update)[](https://www.jhinvestments.com/weekly-market-recap)
- **市場表現：** 標普500與納斯達克指數週中創歷史新高，但週五因關稅與就業數據回落2-3%。Cboe波動率指數週內飆升37%。[](https://www.jhinvestments.com/weekly-market-recap)
**歐洲：**
- **貿易協議：** 美國與歐盟達成貿易框架，關稅定為15%（低於原提議的30%），但鋼鋁關稅仍為50%。市場反應不一，週初上漲，但週一收盤時回吐。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)[](https://www.fidelity.co.uk/shares/stock-market-news/market-reports/)
- **市場表現：** 歐洲股市波動，受益於歐元區正面數據與美國貿易樂觀情緒，但後因關稅不確定性下跌。[](https://www.fidelity.co.uk/shares/stock-market-news/market-reports/)
- **企業動態：** Informa等公司強勁財報提振部分行業，但整體市場情緒謹慎。[](https://www.fidelity.co.uk/shares/stock-market-news/market-reports/)
**日本：**
- **經濟數據：** 6月工業生產環比增長1.7%（預期下降0.6%），零售銷售同比增長2.0%（預期1.8%）。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **市場表現：** 日經225指數下跌1.58%，TOPIX指數跌0.11%，受科技股財報不佳及貿易緊張影響。日元兌美元貶至150，引發財務大臣表達關注。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **貿易協議：** 美日貿易協議設定15%關稅，日本承諾對美投資數千億美元。[](https://fortune.com/2025/07/27/stock-market-today-dow-futures-us-eu-trade-deal-earnings-fed-meeting-china-talks/)
**中國：**
- **經濟放緩：** 7月製造業PMI降至49.5（低於50，顯示收縮），反映全球貿易擔憂及內
需疲軟。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **市場表現：** 滬深300指數下跌1.75%，上證指數跌0.94%，恒生指數跌3.47%，受關稅及經濟放緩影響。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
- **貿易背景：** 美中貿易談判未達成最終協議，截止日期為8月12日。[](https://www.schwab.com/learn/story/stock-market-update-open)
**下週關鍵事件（2025年8月4-8日）：**
- **美國：** 聯儲會政策會議（預計維持利率不變）、7月ISM服務業PMI、6月工廠訂單及消費者信貸數據。與中國的關稅談判（8月12日截止）可能影響市場。[](https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary)[](https://www.morningstar.com/markets/whats-happening-markets-this-week)[](https://www.schwab.com/learn/story/stock-market-update-open)
- **歐洲：** 關注美歐貿易協議實施情況及潛在關稅調整。歐元區經濟數據可能影響市場情緒。[](https://www.fidelity.co.uk/shares/stock-market-news/market-reports/)
- **日本：** 日本央行加息信號（基準預測為2026年初）及日元走勢。[](https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary)
- **中國：** 關注更多PMI數據及貿易談判進展，影響出口相關行業。[](https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.html)
**重點公司財報（2025年8月4-8日）：**
- **8月4日：** Palantir Technologies (PLTR)、Tyson Foods (TSN)、Hims & Hers Health (HIMS)、Wayfair (W)。[](https://www.morningstar.com/markets/whats-happening-markets-this-week)[](https://
www.schwab.com/learn/story/stock-market-update-open)
- **8月5日：** Pfizer (PFE)、Caterpillar (CAT)、BP (BP)、Marriott (MAR)、Duke Energy (DUK)、DuPont (DD)、Cummins (CMI)、Snap (SNAP)。[](https://www.morningstar.com/markets/whats-happening-markets-this-week)[](https://www.schwab.com/learn/story/stock-market-update-open)
- **8月6日：** Uber (UBER)、Walt Disney (DIS)、Energy Transfer (ET)。[](https://www.morningstar.com/markets/whats-happening-markets-this-week)
- **8月7日：** Eli Lilly (LLY)、Occidental Petroleum (OXY)、Groupon (GRPN)。[](https://www.morningstar.com/markets/whats-happening-markets-this-week)
- **8月8日：** ConocoPhillips (COP)。[](https://www.schwab.com/learn/story/stock-market-update-open)
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