Market Minute 9-5-25- Wretched Jobs Report Fuels Wild Market Moves

Today’s jobs report was downright wretched…and it’s fueling WILD moves across multiple asset classes. Gold and silver are rallying, Treasury yields are plunging, the dollar is tanking, while equities are mixed.

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Now let’s talk about the data. Economists were expecting a gain of 75,000 jobs in August. But the economy added just 22,000. Plus, the last two readings were revised downward by a net 21,000 jobs – with June’s new number actually NEGATIVE-13,000. That was the first subzero reading since December 2020.chart

Source: Wall Street Journal

The unemployment rate climbed to 4.3%, while average hourly earnings rose 0.3% -- both in-line with forecasts. But the average workweek dipped. Plus, all the other labor market reports this week – from the Challenger, Grey & Christmas layoff and ADP employment reports to the recent JOLTS data – came in weak.

The data locks in a Federal Reserve interest rate cut in September. Additional cuts in the back half of 2025 are being priced in as well – with some pundits debating whether the Fed will “go 50” (basis points) this month. The yield curve has been steepening for months, and this data is turbocharging that trend.

Tesla Inc. (TSLA) got slapped down by a Delaware court when it tried to give CEO Elon Musk a generous compensation package worth more than $50 billion. So naturally, the company decided to…offer him up to $1 TRILLION in a new one! Musk would have to hit very aggressive growth milestones to get the full payout in the 10-year plan, which is unprecedented in US corporate history. But even the upfront price tag of $87.8 billion is generous by most standards.

See also:NTAP: An Attractive Data Management and Cloud Storage Play

Finally, it’s September and you know what that means. No, not the start of football season (though that, too!)…the annual Apple Inc. (AAPL) product reveal extravaganza! The tech giant will release its newest iPhone lineup, plus other consumer gadgets like smartwatches, next Tuesday. Early reports suggest the iPhone 17 line will feature several appearance upgrades, an ultrathin “Air” model, and more.

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