Wall St jumps on Microsoft's blockbuster earnings
Microsoft became the second publicly-traded company after Nvidia to surpass $US4 trillion ($A6.2 trillion) in market valuation, following a blockbuster earnings report.
Meta Platforms also climbed 12.1 per cent to an all-time high in early trading, after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business.
Nvidia gained more than one per cent.
The S&P technology index and the communication services index both hit record highs, up 1.2 per cent and over three per cent, respectively.
In early trading on Thursday, the Dow Jones Industrial Average rose 88.73 points, or 0.20 per cent, to 44,550.01, the S&P 500 gained 45.18 points, or 0.71 per cent, to 6,408.08 and the Nasdaq Composite gained 245.09 points, or 1.16 per cent, to 21,374.76.
A Commerce Department report showed US inflation increased in June as tariffs on imports started raising the cost of some goods, supporting economists' expectations that price pressures would pick up in the second half of the year.
"Thursday's PCE was stronger than expected and throws cold water on the idea of (an autumn) rate-cut, as it's clear that lower interest rates are not justified at this time," said Clark Bellin, president and chief investment officer, Bellwether Wealth.
"Inflation remains sticky and justifies the Fed's decision to keep interest rates unchanged at Wednesday's meeting."
Separately, weekly jobless claims increased marginally last week, suggesting the labour market remained stable.
Attention now turns to Friday's non-farm payrolls report and a looming tariff deadline, with President Donald Trump refusing to extend trade talks for lagging partners.
Easing global trade war fears, signs of US economic resilience, and renewed AI optimism have set Wall Street on course for monthly gains.
The S&P 500 and blue-chip Dow are set for a third straight monthly gain - their longest winning streak in nearly a year - while the Nasdaq was on track for its best monthly run since March 2024.
On Wednesday, Federal Reserve Chair Jerome Powell diluted investor expectations for an interest rate cut in September after the central bank kept rates unchanged.
Traders now see a 58.8 per cent chance the Fed will stay pat in September as well, according to CME's FedWatch tool.
Powell said it was too early to predict a September rate cut, and that current policy was not restricting the economy. The statement came after stronger-than-expected GDP data for the second quarter.
The "hold" verdict prompted another jibe on Powell by Trump, while Treasury Secretary Scott Bessent said he expected an announcement on Powell's successor by year-end.
Trump's deal with South Korea on Wednesday cut the country's import tariff to 15 per cent from the previously threatened 25 per cent.
Among other stocks, Applied Digital soared 32.7 per cent after the data centre operator surpassed estimates for quarterly revenue.
Declining issues outnumbered advancers by a 1.17-to-1 ratio on the NYSE, and by a 1.16-to-1 ratio on the Nasdaq.
The S&P 500 and Nasdaq have climbed to new record highs as Microsoft's blockbuster earnings propelled the tech giant and fueled investor confidence in Big Tech's hefty investments in artificial intelligence.
Microsoft became the second publicly-traded company after Nvidia to surpass $US4 trillion ($A6.2 trillion) in market valuation, following a blockbuster earnings report.
Meta Platforms also climbed 12.1 per cent to an all-time high in early trading, after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business.
Nvidia gained more than one per cent.
The S&P technology index and the communication services index both hit record highs, up 1.2 per cent and over three per cent, respectively.
In early trading on Thursday, the Dow Jones Industrial Average rose 88.73 points, or 0.20 per cent, to 44,550.01, the S&P 500 gained 45.18 points, or 0.71 per cent, to 6,408.08 and the Nasdaq Composite gained 245.09 points, or 1.16 per cent, to 21,374.76.
A Commerce Department report showed US inflation increased in June as tariffs on imports started raising the cost of some goods, supporting economists' expectations that price pressures would pick up in the second half of the year.
"Thursday's PCE was stronger than expected and throws cold water on the idea of (an autumn) rate-cut, as it's clear that lower interest rates are not justified at this time," said Clark Bellin, president and chief investment officer, Bellwether Wealth.
"Inflation remains sticky and justifies the Fed's decision to keep interest rates unchanged at Wednesday's meeting."
Separately, weekly jobless claims increased marginally last week, suggesting the labour market remained stable.
Attention now turns to Friday's non-farm payrolls report and a looming tariff deadline, with President Donald Trump refusing to extend trade talks for lagging partners.
Easing global trade war fears, signs of US economic resilience, and renewed AI optimism have set Wall Street on course for monthly gains.
The S&P 500 and blue-chip Dow are set for a third straight monthly gain - their longest winning streak in nearly a year - while the Nasdaq was on track for its best monthly run since March 2024.
On Wednesday, Federal Reserve Chair Jerome Powell diluted investor expectations for an interest rate cut in September after the central bank kept rates unchanged.
Traders now see a 58.8 per cent chance the Fed will stay pat in September as well, according to CME's FedWatch tool.
Powell said it was too early to predict a September rate cut, and that current policy was not restricting the economy. The statement came after stronger-than-expected GDP data for the second quarter.
The "hold" verdict prompted another jibe on Powell by Trump, while Treasury Secretary Scott Bessent said he expected an announcement on Powell's successor by year-end.
Trump's deal with South Korea on Wednesday cut the country's import tariff to 15 per cent from the previously threatened 25 per cent.
Among other stocks, Applied Digital soared 32.7 per cent after the data centre operator surpassed estimates for quarterly revenue.
Declining issues outnumbered advancers by a 1.17-to-1 ratio on the NYSE, and by a 1.16-to-1 ratio on the Nasdaq.
The S&P 500 and Nasdaq have climbed to new record highs as Microsoft's blockbuster earnings propelled the tech giant and fueled investor confidence in Big Tech's hefty investments in artificial intelligence.
Microsoft became the second publicly-traded company after Nvidia to surpass $US4 trillion ($A6.2 trillion) in market valuation, following a blockbuster earnings report.
Meta Platforms also climbed 12.1 per cent to an all-time high in early trading, after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business.
Nvidia gained more than one per cent.
The S&P technology index and the communication services index both hit record highs, up 1.2 per cent and over three per cent, respectively.
In early trading on Thursday, the Dow Jones Industrial Average rose 88.73 points, or 0.20 per cent, to 44,550.01, the S&P 500 gained 45.18 points, or 0.71 per cent, to 6,408.08 and the Nasdaq Composite gained 245.09 points, or 1.16 per cent, to 21,374.76.
A Commerce Department report showed US inflation increased in June as tariffs on imports started raising the cost of some goods, supporting economists' expectations that price pressures would pick up in the second half of the year.
"Thursday's PCE was stronger than expected and throws cold water on the idea of (an autumn) rate-cut, as it's clear that lower interest rates are not justified at this time," said Clark Bellin, president and chief investment officer, Bellwether Wealth.
"Inflation remains sticky and justifies the Fed's decision to keep interest rates unchanged at Wednesday's meeting."
Separately, weekly jobless claims increased marginally last week, suggesting the labour market remained stable.
Attention now turns to Friday's non-farm payrolls report and a looming tariff deadline, with President Donald Trump refusing to extend trade talks for lagging partners.
Easing global trade war fears, signs of US economic resilience, and renewed AI optimism have set Wall Street on course for monthly gains.
The S&P 500 and blue-chip Dow are set for a third straight monthly gain - their longest winning streak in nearly a year - while the Nasdaq was on track for its best monthly run since March 2024.
On Wednesday, Federal Reserve Chair Jerome Powell diluted investor expectations for an interest rate cut in September after the central bank kept rates unchanged.
Traders now see a 58.8 per cent chance the Fed will stay pat in September as well, according to CME's FedWatch tool.
Powell said it was too early to predict a September rate cut, and that current policy was not restricting the economy. The statement came after stronger-than-expected GDP data for the second quarter.
The "hold" verdict prompted another jibe on Powell by Trump, while Treasury Secretary Scott Bessent said he expected an announcement on Powell's successor by year-end.
Trump's deal with South Korea on Wednesday cut the country's import tariff to 15 per cent from the previously threatened 25 per cent.
Among other stocks, Applied Digital soared 32.7 per cent after the data centre operator surpassed estimates for quarterly revenue.
Declining issues outnumbered advancers by a 1.17-to-1 ratio on the NYSE, and by a 1.16-to-1 ratio on the Nasdaq.
The S&P 500 and Nasdaq have climbed to new record highs as Microsoft's blockbuster earnings propelled the tech giant and fueled investor confidence in Big Tech's hefty investments in artificial intelligence.
Microsoft became the second publicly-traded company after Nvidia to surpass $US4 trillion ($A6.2 trillion) in market valuation, following a blockbuster earnings report.
Meta Platforms also climbed 12.1 per cent to an all-time high in early trading, after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business.
Nvidia gained more than one per cent.
The S&P technology index and the communication services index both hit record highs, up 1.2 per cent and over three per cent, respectively.
In early trading on Thursday, the Dow Jones Industrial Average rose 88.73 points, or 0.20 per cent, to 44,550.01, the S&P 500 gained 45.18 points, or 0.71 per cent, to 6,408.08 and the Nasdaq Composite gained 245.09 points, or 1.16 per cent, to 21,374.76.
A Commerce Department report showed US inflation increased in June as tariffs on imports started raising the cost of some goods, supporting economists' expectations that price pressures would pick up in the second half of the year.
"Thursday's PCE was stronger than expected and throws cold water on the idea of (an autumn) rate-cut, as it's clear that lower interest rates are not justified at this time," said Clark Bellin, president and chief investment officer, Bellwether Wealth.
"Inflation remains sticky and justifies the Fed's decision to keep interest rates unchanged at Wednesday's meeting."
Separately, weekly jobless claims increased marginally last week, suggesting the labour market remained stable.
Attention now turns to Friday's non-farm payrolls report and a looming tariff deadline, with President Donald Trump refusing to extend trade talks for lagging partners.
Easing global trade war fears, signs of US economic resilience, and renewed AI optimism have set Wall Street on course for monthly gains.
The S&P 500 and blue-chip Dow are set for a third straight monthly gain - their longest winning streak in nearly a year - while the Nasdaq was on track for its best monthly run since March 2024.
On Wednesday, Federal Reserve Chair Jerome Powell diluted investor expectations for an interest rate cut in September after the central bank kept rates unchanged.
Traders now see a 58.8 per cent chance the Fed will stay pat in September as well, according to CME's FedWatch tool.
Powell said it was too early to predict a September rate cut, and that current policy was not restricting the economy. The statement came after stronger-than-expected GDP data for the second quarter.
The "hold" verdict prompted another jibe on Powell by Trump, while Treasury Secretary Scott Bessent said he expected an announcement on Powell's successor by year-end.
Trump's deal with South Korea on Wednesday cut the country's import tariff to 15 per cent from the previously threatened 25 per cent.
Among other stocks, Applied Digital soared 32.7 per cent after the data centre operator surpassed estimates for quarterly revenue.
Declining issues outnumbered advancers by a 1.17-to-1 ratio on the NYSE, and by a 1.16-to-1 ratio on the Nasdaq.
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The Advertiser
2 hours ago
- The Advertiser
Stocks slump on latest tariffs, soft jobs data
US stocks slumped on Friday, and the S&P suffered its biggest daily percentage decline in more than two months as new US tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. Also weighing on equities was an 8.3 per cent tumble in shares after the company posted quarterly results but failed to meet lofty expectations for its Amazon Web Services cloud computing unit. Just hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on US imports from countries, including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals. Further denting confidence in the economic picture, data showed US job growth slowed more than expected in July while the prior month's report was revised sharply lower, indicating the labour market may be starting to crack. The report significantly pushed up expectations the Federal Reserve will cut interest rates at its September meeting. "There's no way to pretty-up this report. Previous months were revised significantly lower where the labour market has been on stall-speed," said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin. "Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They'll likely have to do the same thing this year." Market expectations the Fed will cut rates by at least 25 basis points at its September meeting stood at 86.5 per cent, according to CME's FedWatch Tool, up from 37.7 per cent in the prior session. The Dow Jones Industrial Average fell 542.40 points, or 1.23 per cent, to 43,588.58, the S&P 500 lost 101.38 points, or 1.60 per cent, to 6,238.01 and the Nasdaq Composite lost 472.32 points, or 2.24 per cent, to 20,650.13. The S&P 500 recorded its biggest single-day percentage decline since May 21 while the Nasdaq suffered its biggest daily percentage drop since April 21. For the week, the S&P 500 fell 2.36 per cent, the Nasdaq declined 2.17 per cent, and the Dow fell 2.92 per cent. The CBOE Volatility Index, also known as Wall Street's fear gauge, closed up 3.66 points at 20.38, its highest close since June 20. Amazon was the biggest drag on the Dow, S&P 500 and Nasdaq and pushed the consumer discretionary index, down nearly 3.6 per cent as the worst performing of the 11 major S&P 500 sectors. Also reporting earnings was Apple, which lost 2.5 per cent after it posted a current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned US tariffs would add $US1.1 billion ($A1.7 billion) in costs over the period. Stocks briefly extended declines after Trump said he ordered the commissioner of the US Bureau of Labor Statistics, Erika L. McEntarfer, to be fired in the wake of the jobs data. "(Trump) didn't seem to be disappointed with the last five jobs reports," said Art Hogan, Chief Market Strategist, B. Riley Wealth, Boston, saying that the firing stood out as irregular. "I think this is clearly something that happens in dictatorships, not in democracies." The Federal Reserve said Governor Adriana Kugler is resigning early from her term and will exit the central bank on Aug. 8, enabling President Donald Trump to select a new governor as he has ramped up pressure against Chair Jerome Powell recently to cut interest rates. Declining issues outnumbered advancers by a 2.17-to-1 ratio on the NYSE, and by a 2.69-to-1 ratio on the Nasdaq. The S&P 500 posted eight new 52-week highs and 29 new lows, while the Nasdaq Composite recorded 29 new highs and 202 new lows. Volume on US exchanges was 19.51 billion shares, compared with the 18.44 billion average for the full session over the last 20 trading days. US stocks slumped on Friday, and the S&P suffered its biggest daily percentage decline in more than two months as new US tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. Also weighing on equities was an 8.3 per cent tumble in shares after the company posted quarterly results but failed to meet lofty expectations for its Amazon Web Services cloud computing unit. Just hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on US imports from countries, including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals. Further denting confidence in the economic picture, data showed US job growth slowed more than expected in July while the prior month's report was revised sharply lower, indicating the labour market may be starting to crack. The report significantly pushed up expectations the Federal Reserve will cut interest rates at its September meeting. "There's no way to pretty-up this report. Previous months were revised significantly lower where the labour market has been on stall-speed," said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin. "Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They'll likely have to do the same thing this year." Market expectations the Fed will cut rates by at least 25 basis points at its September meeting stood at 86.5 per cent, according to CME's FedWatch Tool, up from 37.7 per cent in the prior session. The Dow Jones Industrial Average fell 542.40 points, or 1.23 per cent, to 43,588.58, the S&P 500 lost 101.38 points, or 1.60 per cent, to 6,238.01 and the Nasdaq Composite lost 472.32 points, or 2.24 per cent, to 20,650.13. The S&P 500 recorded its biggest single-day percentage decline since May 21 while the Nasdaq suffered its biggest daily percentage drop since April 21. For the week, the S&P 500 fell 2.36 per cent, the Nasdaq declined 2.17 per cent, and the Dow fell 2.92 per cent. The CBOE Volatility Index, also known as Wall Street's fear gauge, closed up 3.66 points at 20.38, its highest close since June 20. Amazon was the biggest drag on the Dow, S&P 500 and Nasdaq and pushed the consumer discretionary index, down nearly 3.6 per cent as the worst performing of the 11 major S&P 500 sectors. Also reporting earnings was Apple, which lost 2.5 per cent after it posted a current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned US tariffs would add $US1.1 billion ($A1.7 billion) in costs over the period. Stocks briefly extended declines after Trump said he ordered the commissioner of the US Bureau of Labor Statistics, Erika L. McEntarfer, to be fired in the wake of the jobs data. "(Trump) didn't seem to be disappointed with the last five jobs reports," said Art Hogan, Chief Market Strategist, B. Riley Wealth, Boston, saying that the firing stood out as irregular. "I think this is clearly something that happens in dictatorships, not in democracies." The Federal Reserve said Governor Adriana Kugler is resigning early from her term and will exit the central bank on Aug. 8, enabling President Donald Trump to select a new governor as he has ramped up pressure against Chair Jerome Powell recently to cut interest rates. Declining issues outnumbered advancers by a 2.17-to-1 ratio on the NYSE, and by a 2.69-to-1 ratio on the Nasdaq. The S&P 500 posted eight new 52-week highs and 29 new lows, while the Nasdaq Composite recorded 29 new highs and 202 new lows. Volume on US exchanges was 19.51 billion shares, compared with the 18.44 billion average for the full session over the last 20 trading days. US stocks slumped on Friday, and the S&P suffered its biggest daily percentage decline in more than two months as new US tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. Also weighing on equities was an 8.3 per cent tumble in shares after the company posted quarterly results but failed to meet lofty expectations for its Amazon Web Services cloud computing unit. Just hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on US imports from countries, including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals. Further denting confidence in the economic picture, data showed US job growth slowed more than expected in July while the prior month's report was revised sharply lower, indicating the labour market may be starting to crack. The report significantly pushed up expectations the Federal Reserve will cut interest rates at its September meeting. "There's no way to pretty-up this report. Previous months were revised significantly lower where the labour market has been on stall-speed," said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin. "Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They'll likely have to do the same thing this year." Market expectations the Fed will cut rates by at least 25 basis points at its September meeting stood at 86.5 per cent, according to CME's FedWatch Tool, up from 37.7 per cent in the prior session. The Dow Jones Industrial Average fell 542.40 points, or 1.23 per cent, to 43,588.58, the S&P 500 lost 101.38 points, or 1.60 per cent, to 6,238.01 and the Nasdaq Composite lost 472.32 points, or 2.24 per cent, to 20,650.13. The S&P 500 recorded its biggest single-day percentage decline since May 21 while the Nasdaq suffered its biggest daily percentage drop since April 21. For the week, the S&P 500 fell 2.36 per cent, the Nasdaq declined 2.17 per cent, and the Dow fell 2.92 per cent. The CBOE Volatility Index, also known as Wall Street's fear gauge, closed up 3.66 points at 20.38, its highest close since June 20. Amazon was the biggest drag on the Dow, S&P 500 and Nasdaq and pushed the consumer discretionary index, down nearly 3.6 per cent as the worst performing of the 11 major S&P 500 sectors. Also reporting earnings was Apple, which lost 2.5 per cent after it posted a current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned US tariffs would add $US1.1 billion ($A1.7 billion) in costs over the period. Stocks briefly extended declines after Trump said he ordered the commissioner of the US Bureau of Labor Statistics, Erika L. McEntarfer, to be fired in the wake of the jobs data. "(Trump) didn't seem to be disappointed with the last five jobs reports," said Art Hogan, Chief Market Strategist, B. Riley Wealth, Boston, saying that the firing stood out as irregular. "I think this is clearly something that happens in dictatorships, not in democracies." The Federal Reserve said Governor Adriana Kugler is resigning early from her term and will exit the central bank on Aug. 8, enabling President Donald Trump to select a new governor as he has ramped up pressure against Chair Jerome Powell recently to cut interest rates. Declining issues outnumbered advancers by a 2.17-to-1 ratio on the NYSE, and by a 2.69-to-1 ratio on the Nasdaq. The S&P 500 posted eight new 52-week highs and 29 new lows, while the Nasdaq Composite recorded 29 new highs and 202 new lows. Volume on US exchanges was 19.51 billion shares, compared with the 18.44 billion average for the full session over the last 20 trading days. US stocks slumped on Friday, and the S&P suffered its biggest daily percentage decline in more than two months as new US tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. Also weighing on equities was an 8.3 per cent tumble in shares after the company posted quarterly results but failed to meet lofty expectations for its Amazon Web Services cloud computing unit. Just hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on US imports from countries, including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals. Further denting confidence in the economic picture, data showed US job growth slowed more than expected in July while the prior month's report was revised sharply lower, indicating the labour market may be starting to crack. The report significantly pushed up expectations the Federal Reserve will cut interest rates at its September meeting. "There's no way to pretty-up this report. Previous months were revised significantly lower where the labour market has been on stall-speed," said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin. "Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They'll likely have to do the same thing this year." Market expectations the Fed will cut rates by at least 25 basis points at its September meeting stood at 86.5 per cent, according to CME's FedWatch Tool, up from 37.7 per cent in the prior session. The Dow Jones Industrial Average fell 542.40 points, or 1.23 per cent, to 43,588.58, the S&P 500 lost 101.38 points, or 1.60 per cent, to 6,238.01 and the Nasdaq Composite lost 472.32 points, or 2.24 per cent, to 20,650.13. The S&P 500 recorded its biggest single-day percentage decline since May 21 while the Nasdaq suffered its biggest daily percentage drop since April 21. For the week, the S&P 500 fell 2.36 per cent, the Nasdaq declined 2.17 per cent, and the Dow fell 2.92 per cent. The CBOE Volatility Index, also known as Wall Street's fear gauge, closed up 3.66 points at 20.38, its highest close since June 20. Amazon was the biggest drag on the Dow, S&P 500 and Nasdaq and pushed the consumer discretionary index, down nearly 3.6 per cent as the worst performing of the 11 major S&P 500 sectors. Also reporting earnings was Apple, which lost 2.5 per cent after it posted a current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned US tariffs would add $US1.1 billion ($A1.7 billion) in costs over the period. Stocks briefly extended declines after Trump said he ordered the commissioner of the US Bureau of Labor Statistics, Erika L. McEntarfer, to be fired in the wake of the jobs data. "(Trump) didn't seem to be disappointed with the last five jobs reports," said Art Hogan, Chief Market Strategist, B. Riley Wealth, Boston, saying that the firing stood out as irregular. "I think this is clearly something that happens in dictatorships, not in democracies." The Federal Reserve said Governor Adriana Kugler is resigning early from her term and will exit the central bank on Aug. 8, enabling President Donald Trump to select a new governor as he has ramped up pressure against Chair Jerome Powell recently to cut interest rates. Declining issues outnumbered advancers by a 2.17-to-1 ratio on the NYSE, and by a 2.69-to-1 ratio on the Nasdaq. The S&P 500 posted eight new 52-week highs and 29 new lows, while the Nasdaq Composite recorded 29 new highs and 202 new lows. Volume on US exchanges was 19.51 billion shares, compared with the 18.44 billion average for the full session over the last 20 trading days.
The Age
2 hours ago
- The Age
‘Rigged': The jobs numbers came in and they were bad. Trump fired the stats boss
Washington: US President Donald Trump ordered the dismissal of the country's labour statistics commissioner following a shock employment report which he alleged, without evidence, was 'rigged' for political purposes. The Bureau of Labour Statistics found only 73,000 jobs were created in the world's biggest economy in July, well below market expectations, and significantly revised down the figures for May and June. 'Larger than normal' revisions concluded only 19,000 jobs were created in May, not 144,000, and only 14,000 jobs were created in June, not 147,000. In total, the numbers were revised down by 258,000 over two months. Trump – who spent much of the week saying the US was 'the hottest country in the world' after gross domestic product figures showed the economy rebounded to grow 3 per cent in the June quarter – immediately went on the attack and ordered the sacking of the commissioner, Erika McEntarfer. 'I was just informed that our country's 'Jobs Numbers' are being produced by a Biden Appointee, Dr. Erika McEntarfer … who faked the Jobs Numbers before the Election to try and boost Kamala's chances of Victory,' Trump claimed on TruthSocial, citing previous corrections from 2024 when Biden was president. 'We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can't be manipulated for political purposes.' Trump added that in his opinion, the figures were 'rigged' to make Republicans, himself included, look bad. Despite the Labour Department trumpeting the July jobs growth figure earlier in the day, Labour Secretary Lori Chavez-DeRemer promptly confirmed McEntarfer had been terminated following Trump's orders, with the deputy commissioner now serving in an acting capacity.
Sydney Morning Herald
3 hours ago
- Sydney Morning Herald
Cheesed off: Swiss meltdown over Trump's ‘incomprehensible' tariff whack
London: Swiss companies are reeling from a shock move by US President Donald Trump to slap a 39 per cent tariff on their exports, stunning brand-name suppliers of luxury watches, jewellery, cheese and chocolate. Swiss chocolate makers have declared the move 'incomprehensible' and are warning it will hit them hard, as the changes flow through to higher prices for American customers. The biggest names in luxury watches, already suffering a slowdown in America after Trump's previous trade decisions, now confront extraordinary price hikes that could lead them to expand sales in other markets. Trump spared Australia from higher penalties in his sweeping trade decision on Thursday, leaving tariffs at 10 per cent for most Australian exports, but he singled out Switzerland with the biggest blow to any European country. At 39 per cent, the new rate is higher than the 31 per cent tariff the president proposed in April – and much worse than Swiss leaders expected. The decision puts the Swiss exporters at a grave disadvantage to competitors in Belgium, France, Germany, Italy and other countries that will incur the 15 per cent tariff applied to the European Union. While Americans may have to pay steeper prices for Bally fashion made in Switzerland, they would incur a more modest price hike for a Dior item made in France or Armani product made in Italy. 'It is incomprehensible why Switzerland is affected by these tariffs, as reciprocity is out of the question,' industry group Chocosuisse said, repeating concerns it aired in April.
