Grupo Sura and Argos Shares Drop as Corporate Split Concludes
Grupo Sura's common shares dropped almost 20% and Grupo Argos lost 35%, as traders reprice the stocks following the unwinding of complex cross-holding structures that bound the two companies together for decades. Both firms resumed traded Monday after a week's suspension to complete the separation process.
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CNN
10 minutes ago
- CNN
Trump fires a senior official over jobs numbers
Donald Trump Job market EconomyFacebookTweetLink Follow President Donald Trump has fired Dr. Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, whom he accused, without evidence, of manipulating the monthly jobs reports for 'political purposes.' The BLS' monthly labor report Friday showed that the US economy added only 73,000 jobs in July, far below expectations. It also sharply revised down the employment growth that had been previously reported in May and June – by a combined 258,000 jobs. After the revisions, the jobs report showed the weakest pace of hiring for any three-month period since the pandemic recession in 2020. 'In my opinion, today's Jobs Numbers were RIGGED in order to make the Republicans, and ME, look bad,' Trump said in a Truth Social post. Although the May and June jobs numbers were worse than initially believed, revisions are normal in this process. The BLS' initial monthly jobs estimates are often based on incomplete data, so they are revised twice after the initial report — followed by an annual revision every February. Additionally, BLS economists use a formula to smooth out jobs numbers for seasonal variations and that can exacerbate revisions when they fall outside economists' expectations. Trump on Friday incorrectly called the revisions a 'mistake.' 'McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months,' Trump said on Truth Social. 'Similar things happened in the first part of the year, always to the negative. The Economy is BOOMING under 'TRUMP.'' Trump said McEntarfer 'faked' the jobs numbers before the election to try to boost former Vice President Kamala Harris' chances in the 2024 presidential election. 'We're doing so well. I believe the numbers were phony, just like they were before the election, and there were other times. So, you know what I did? I fired her, and you know what? I did the right thing,' Trump told reporters Friday on the South Lawn. McEntarfer was confirmed by the Senate 86-8 in January 2024 for a term of four years. CNN has reached out to McEntarfer for comment. Until Trump replaces McEntarfer, Deputy Commissioner William Wiatrowski will serve as Acting Commissioner, the administration said. Trump has previously criticized the BLS for its jobs data and revisions, and he told reporters Friday evening he's 'always had a problem with these numbers.' In 2016, during his first presidential campaign, Trump claimed that the unemployment rate was significantly higher than the BLS let on. In 2024, he accused former President Joe Biden's administration of orchestrating a cover-up, after the BLS reported that it had overcounted jobs by 818,000 over the previous 12 months. 'I was thinking about it this morning, before the numbers that came out. I said, 'Who is the person that does these numbers?' And then they gave me stats about before the election,' Trump said Friday. 'We need people that we can trust,' he added. But Trump and his administration have also praised the BLS data when it has been favorable to them. During Trump's first term, former White House Press Secretary Sean Spicer said in March 2017 that the jobs data was no longer 'phony' after the BLS issued a strong jobs report. And a month ago, current White House Press Secretary Karoline Leavitt posted on social media that the economy had beat expectations for jobs in four straight BLS labor reports. The BLS is nonpartisan, and businesses and government officials rely on the accuracy of its data to make determinations about investment, hiring, spending and all sorts of key decisions. 'It's outrageous for anyone in government to question the integrity of the BLS,' said Jason Furman, a Harvard professor and former Obama economic adviser. 'Accurate statistics are essential to the economy.' Furman doubted that replacing McEntarfer would compromise the BLS, but he said even the possibility or appearance of that notion 'would be bad.' 'Countries that have tried to fake those statistics have often ended up with economic crises as a result,' Furman said. Mark Zandi, chief economist at Moody's Analytics, said the BLS' data is at the 'highest standard,' and 'as accurate as it can be.' 'Anything that undermines that or even the perception of that high standard is deeply worrisome,' Zandi said. 'I've never seen anything even close to this.' At Moody's, Zandi said he has hired a number of former BLS economists whom he called 'fantastic.' 'They do great work,' Zandi said. 'They are critical to a well-functioning economy.' Democratic Virginia Senator Mark Warner accused Trump of working the referees. 'Firing the ump doesn't change the score,' Warner said in a statement. 'Americans deserve to know the truth about the state of the Trump economy.' But Labor Secretary Lori Chavez-DeRemer said in a post on social media that she supports replacing McEntarfer. 'A recent string of major revisions have come to light and raised concerns about decisions being made by the Biden-appointed Labor Commissioner,' Chavez-DeRemer said on X. 'I support the President's decision to replace Biden's Commissioner and ensure the American People can trust the important and influential data coming from BLS.' The BLS jobs survey is widely considered by economists to be robust. It samples more than 100,000 businesses and government agencies each month, representing roughly 629,000 individual worksites. But, as part of larger cost-cutting taking place around practically every part of Trump's government, the BLS is laying off staff — and, as a result, reducing the scope of its work. For example, the BLS posted a notice in June stating it stopped collecting data for its Consumer Price Index in three cities (Lincoln, Nebraska; Buffalo, New York; and Provo, Utah) and increased 'imputations' for certain items (a statistical technique that, when boiled down to very rough terms, essentially means more educated guesses). That worried Federal Reserve Chair Jerome Powell. In testimony before Congress in June, Powell said he believed the BLS data to be accurate, but he was upset about what could become a trend. 'I wouldn't say that I'm concerned about the data today, although there has been a very mild degradation of the scope of the surveys,' Powell said at the time, in response to a question about survey data quality. 'But I would say the direction of travel is something I'm concerned about.' This story has been updated with additional developments and context.
Yahoo
10 minutes ago
- Yahoo
Newell Brands Issues Downbeat Third-Quarter Outlook, Cuts 2025 Earnings Estimate; Shares Tumble
Newell Brands (NWL) shares tumbled intraday Friday after the company issued a downbeat guidance for
Yahoo
10 minutes ago
- Yahoo
Gold Surges to $3350 as Tariffs and Weak Jobs Data Rattle Markets
Happy Friday, traders. Welcome to our weekly market wrap, where we take a look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets— and may continue to in the future. Here's what you need to know: Gold spot prices surged to $3350/oz Friday after a weak Jobs Report and new tariffs triggered a market shock. Earlier in the week, gold briefly dipped below $3300/oz amid Fed uncertainty and profit-taking. The Fed held rates steady but hinted that future moves depend on inflation and tariff-driven risks. Volatility is expected to carry over into next week due to limited economic data and elevated uncertainty. So, What Kind of a Week Has it Been? Financial markets, both as a technical marketplace and as a mass of people, appeared to be riding the waves pretty smoothly for much of this week. Those waves being one of the highest profile weeks, from a macroeconomic data perspective, in some time, as well as the potential pivot-points of the July FOMC meeting and the enactment of another raft of Trump Tariffs against many of the US' foundational trading partners. Gold Slides Early, Then Spikes For gold specifically, trading in the first days of the week was frothy at times as traders positioned themselves for mid-week fireworks and made liquidations to lock in profits before closing the book of business for July. On net, the yellow metal slid slightly lower during these sessions but appeared to have healthy support and ultimately traded comfortably in a band between $3320-3330/oz in the spot market. Very early Wednesday morning, as managers and investors prepared for the FOMC announcement (and, to a lesser extent, the first-look at US GDP for Q2,) gold endured the sharpest sell-off of the week, breaking down support and taking spot below $3300 just before the US cash-market opened and continuing to slide to the weekly nadir at $3270/oz. FOMC Holds Steady, Market Digests The FOMC's July announcement was delivered largely as expected: No rate cut yet, to the chagrin of the US administration among others, and a refusal to directly suggest that a cut in September (to say nothing of the Jackson Hole summit this month) is anything more than a possibility while pointing to the potential inflationary effects of the US' Trump Tariff policy clicking into effect in August as the main reason for needing to 'wait and see.' Gold prices reacted with a moderate rebound, although any rally higher for the precious metal was going to be muted by headwinds following on from the Fed announcement (recall, much of gold's upward mobility in 2025 has been based on an expectation of lower rates.) When Asian markets opened for Thursday's trading, however, the chop-and-change as traders unwound pre-FOMC positions or otherwise locked in positions and/or profits ahead of both month-end and the eleventh hour before the US' threatened trade restrictions had an unexpected effect of pushing gold higher. The yellow metal peeked briefly back above $3300 before the start of US trading, and another US Dollar rally wound gold back to the neighborhood of $3290. Jobs Report Shock and Tariffs Ignite a Rally From here, it looked as if gold would end up closing the week at a moderate loss between Sunday evening's opening bids and Friday's close. But the double-whammy of a slew of the Trump Administration's punitive tariff rates going into effect as of August 1, combined with a very ugly July Jobs Report, has tripped markets into a powder keg. The resulting explosion in volatility has shot gold spot prices sharply higher. July's Non-Farm Payrolls data, expected to show +100K jobs added to the US economy, instead came in at a disappointing 73K while also making drastic downward revisions to the prior two months' reporting. This, as much as anything, has been the catalyst for gold's aggressive spike to end the week, quickly jumping $40/oz to $3340 minutes after the print before picking up another +$10/oz once US markets opened. The primary signals here were clear pluses for gold as an asset. On one hand, gold benefits from the inherent shock of instability and uncertainty the Jobs Report has flushed into markets (which has, at the same time, rocked equities lower.) On the other hand, the dominant read of this data is that it piles much stronger pressure on the Fed to begin easing conditions by cutting rates, another boon for gold. What's Next? This shock has been so acute and aggressive, and has come so close to the end of the week, that it is likely we will see momentum carry on when markets reopen on Sunday evening. If it can hold serve, we may see more risk-off rebalancing into gold positions as the calendar ahead is much, much lighter on consequential macro data. In the meantime, traders, I hope you can get out and safely enjoy your weekend for the next couple of days. After that, I'll see you back here next week for another market recap. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
