Business news update for Monday, Aug 4th

capitalcurrentsdaily.substack.com

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* Apple and Amazon earnings 🍎📦

* Tariffs go live for 80+ countries 🌍

* ESPN takes a stake in NFL Media 🏈

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In today's episode, we'll recap earnings from Apple and Amazon—lowkey, I’m getting tired of all these earnings. It’s been every episode last week. Then, I’ll tell you about a new deal update between ESPN and the NFL. I got a great show for you today. Let’s go.

Stocks continued to slide at market close on Friday, and the S\&P 500 dropped for the third day in a row, closing down 0.4%.

Also on Friday:

* The **tariff deadline expired**, and the new rates are now in effect (15% to 40% for 80+ countries).

* **China** is the exception with another 90-day extension.

* Countries not named in the order now face a **10% baseline tariff**.

* The **July jobs report** came in cold: just **73,000 jobs** added vs. 100k expected.

We got hit with a double whammy: inflation is heating up while job growth slows. Could be a rocky August.

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### 🍏 Apple Earnings

Apple posted a surprisingly strong quarter:

* Revenue jumped **10% to \$94B**, the fastest growth in 3 years.

* Profit came in over **\$23B**.

iPhone sales were up **13%**, possibly because buyers rushed in before tariffs hit. Even though Apple hasn’t raised prices yet, tariffs cost them **\$800M** in Q2 and are expected to reach **\$1.1B** in Q3.

Their **services business**—App Store, iCloud—grew **13% to \$27B**. Overall, a solid quarter. Apple shares rose nearly 2%.

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### 📦 Amazon Earnings

Amazon also beat on revenue and profits:

* Sales up **13% to \$167B**.

* But the stock dropped **7%** on weak profit guidance and AWS concerns.