US stocks closed lower, with market capitalization evaporating by over $1 trillion.

On August 1st, local time, the US stock market closed lower due to the impact of US tariff policies and July employment data falling short of expectations. The Dow Jones Industrial Average closed down 601 points, a decrease of 0.74%; the S&P 500 index fell by 0.37%, recording its largest single-day decline since May; the Nasdaq index plunged by 473.75 points, marking its biggest decline since April. The US stock market saw a market value loss of over $1 trillion. Data released by the Chicago Mercantile Exchange's FedWatch tool on the morning of August 1st showed that the probability of a 25 basis point rate cut at the September Federal Reserve policy meeting increased significantly from 37.7% the previous day to 75.5%.