U.S. stocks closed lower, with market value evaporating by over $1 trillion

On August 1st local time, affected by U.S. tariff policies and July employment data that fell far short of expectations, the U.S. stock market closed lower. The Dow Jones Industrial Average closed down 601 points, a decrease of 0.74%; the S&P 500 index fell 0.37%, recording its largest single-day drop since May; the Nasdaq index plummeted 473.75 points, marking its largest drop since April. The market capitalization of the U.S. stock market evaporated by over $1 trillion. The Federal Reserve's observation tool from the Chicago Mercantile Exchange released data on the morning of the 1st, showing that the probability of a 25 basis point rate cut at the Fed's September monetary policy meeting surged from the previous day's 37.7% to 75.5%