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37 minutes ago
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Trump Fires Labor Stats Chief after July Jobs Miss and Revisions Hit Market
President Donald Trump removed Bureau of Labor Statistics Commissioner (BLS) Erika McEntarfer on Friday, after the agency reported July job growth came in far below forecasts. The BLS posted an increase of 73,000 nonfarm payrolls for the month, missing expectations and triggering a sharp market reaction. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. The president announced the decision on Truth Social. He claimed the commissioner, appointed in 2024 under President Joe Biden, had produced flawed data. Trump alleged the report was manipulated to harm the economy's perceived strength. However, no official evidence supports this claim. Until a replacement is confirmed, Deputy Commissioner William Wiatrowski will serve as acting head of the agency. Powell in Trump's Crosshairs In the same post, Trump criticized Federal Reserve Chair Jerome Powell. He called for Powell's removal, citing interest rate decisions that, in his view, counteracted the broader economic policy. On Wednesday, the Federal Open Market Committee voted to hold the benchmark rate steady. Markets have now priced in a strong chance of a rate cut in September. The BLS also revised May and June job totals lower by a combined 258,000. That brought the three-month average to 35,000, the weakest stretch since April 2020. Economists note revisions are standard and reflect updated data, not political bias. Markets moved lower after the release. The Dow Jones Industrial Average (DJIA) fell over 500 points. The Nasdaq dropped more than 2%. Treasury yields declined as traders adjusted rate expectations. Data Integrity in Focus Critics of the decision include William Beach, a 2017 Trump appointee and former BLS chief. He said the move threatens the agency's independence and the reliability of federal data. Multiple public sector groups have raised similar concerns. The Bureau of Labor Statistics is part of the Department of Labor and provides key reports on jobs, inflation, and productivity. Its data is used by investors, businesses, and policymakers. The White House has promoted prior reports as signs of labor strength. Following the June numbers, it called the figures a 'June Boom.' Trump has frequently highlighted payroll gains while in office. The latest report, along with the firing, raises new focus on how economic data is produced and viewed during the 2025 election cycle.
Yahoo
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- Yahoo
Warren Buffett Said Buying 'Distressed' Homes With 30-Year Mortgages And Renting Them Out Might Be The 'Most Attractive' Investment Available
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CNBC
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- CNBC
Top Wall Street analysts pick these 3 stocks for their growth potential
This earnings season, a number of companies are demonstrating their resilience by delivering solid performance despite macro challenges and tariff uncertainties. With their in-depth analysis, top Wall Street analysts can help investors pick stocks that can navigate short-term pressures with solid execution and focus on delivering attractive returns. Here are three stocks favored by the Street's top pros, according to TipRanks, a platform that ranks analysts based on their past performance. Database management software company MongoDB (MDB) is this week's first pick. In June, the company delivered solid results for the first quarter of fiscal 2026. Recently, BMO Capital analyst Keith Bachman initiated coverage of MongoDB stock with a buy rating and a price target of $280. Meanwhile, TipRanks' AI analyst has an "outperform" rating on MDB stock with a price forecast of $263. Bachman said that, according to Gartner, the database market is among the largest software markets at over $100 billion in annual spend, and MongoDB is a leader in the non-relational database segment. Notably, this segment accounts for about 25% of the overall market and is growing by about 20% year over year. The 5-star analyst noted that feedback from Value Added Resellers (VARs) and users indicates that developers have a very positive view of MongoDB, a platform that is well-suited for customers with multi-cloud deployments. Bachman believes that MongoDB can be one of the generative artificial intelligence (AI) database winners. "We think MDB is currently focused on improving its vector search capabilities to help win new workloads, including through M&A," noted the analyst. Also, Bachman expects MongoDB's cloud-based database offering, Atlas, to sustain low- to mid-20% growth through fiscal 2027. He expects MongoDB to deliver mid- to high-teens growth in fiscal 2027, while gradually enhancing profitability. Bachman ranks No. 531 among more than 9,900 analysts tracked by TipRanks. His ratings have been profitable 58% of the time, delivering an average return of 10.3%. See MongoDB Insider Trading Activity on TipRanks. We move to ServiceNow (NOW), an AI-powered platform for business transformation. The company posted better-than-anticipated second-quarter results and lifted its full-year outlook, backed by increasing AI adoption. Reacting to the Q2 print, TD Cowen analyst Derrick Wood reaffirmed a buy rating on ServiceNow stock and raised the price forecast to $1,200 from $1,150. Meanwhile, TipRanks' AI analyst has an "outperform" rating on NOW stock with a price target of $1,129. Wood noted the impressive 21.5% growth (at constant currency) in ServiceNow's current remaining performing obligations, delivering a 200 basis-point beat. The top-rated analyst explained that this strong growth was driven by early renewals and AI strength in the enterprise business, which offset tougher federal spending conditions. The analyst also highlighted that the company's generative AI suite, NOW Assist, delivered better-than-expected net new annual contract value, driven by higher deal volumes and increased deal sizes. "We continue to view NOW as the best positioned SaaS [software as a service] vendor to monetize GenAI, and we expect momentum to keep building in 2H," said Wood. Overall, the analyst is very encouraged by the robust key performance indicators, with ServiceNow's new AI and data products and strength in the enterprise business offsetting headwinds resulting from tightening federal spending. Wood ranks No. 352 among more than 9,900 analysts tracked by TipRanks. His ratings have been successful 59% of the time, delivering an average return of 13.3%. See ServiceNow Ownership Structure on TipRanks. Finally, let's look at cloud-native and AI-powered data security company Varonis Systems (VRNS). On July 29, the company reported solid results for the second quarter of 2025, driven by continued momentum in its business. Impressed by the performance, Baird analyst Shrenik Kothari raised his price target for VRNS stock to $63 from $58 and reaffirmed a buy rating. In comparison, TipRanks' AI analyst has a "neutral" rating on VRNS stock with a price target of $54. Kothari highlighted that Varonis delivered a "clean beat/raise" across key metrics like annual recurring revenue (ARR), subscription revenue and free cash flow. The 5-star analyst added that Q2 conversion ARR was better-than-expected and aligned with strong checks and his preview. Additionally, the analyst noted that the company again raised its full-year ARR guidance, which reflects improving upsell and net-new business opportunities. "GenAI, Copilot integrations, and MDDR [Managed Data Detection and Response] tailwinds are driving growing customer appetite for the full platform," said Kothari. The analyst pointed out that SaaS ARR represented about 69% of overall Q2 ARR, up from 61% in the first quarter, with the company on track to complete its SaaS transition by the end of 2025. He added that Varonis now expects to exit 2025 with an 82% SaaS ARR mix compared to its previous estimate of 80%, backed by solid, broad-based demand from both new and existing customers. Kothari ranks No. 85 among more than 9,900 analysts tracked by TipRanks. His ratings have been successful 73% of the time, delivering an average return of 26.7%. See Varonis Systems Statistics on TipRanks.
