Happy Monday! New labor data is rewriting the Fed’s playbook and sent the markets plunging in the process. Read on to see what’s behind the sudden change and how it will impact the market and your investments going forward.

Also, discover why Tom Lee believes the Fed is about to pivot, and uncover a shocking stat from Goldman Sachs that hasn’t been witnessed since 1968.

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In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Economists Flip To Trump's Side After Jobs Data – Jerome Powell Is Now In Trouble

The latest labor market data has flipped the script on the Federal Reserve’s outlook, sending ripples through both the economy and the markets.

July’s surprisingly weak job growth, coupled with significant downward revisions to previous months — the most in 57 years — has economists and investors changing their expectations on interest rates.

The chances of the Federal Reserve now cutting rates in September have soared, along with future cuts as well. July’s FOMC meeting also marked the first time in more than 30 years that two Fed governors (Michelle Bowman and Christopher Waller) dissented from a decision about rates.

The new data changes everything. Read on for more insights and what this means for the market and your portfolio going forward.

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Last Week: U.S. indexes sank Friday as fresh tariffs and soft labor market data weighed on sentiment. The Dow, S&P 500, and Nasdaq all had their worst day in months, putting all three major indexes in the negative for the week. The Dow had the biggest decline at 2.9%, followed by the S&P 500 at 2.4%, and the Nasdaq down 2.2%. The market selloff followed the announcement of new tariffs set to take effect next Friday, with rates ranging from the 10% global minimum to as high as 41%. In addition, investors were further rattled by a weaker-than-expected jobs report, with just 73,000 jobs added in July and major downward revisions for May and June figures (-258,000). Treasury yields declined and the dollar weakened as expectations soared that the Fed will cut rates in September.

On Our Radar: Analysts will be paying attention to a pair of key reports — factory orders today and the trade deficit tomorrow — to assess the trajectory of the U.S. economy. On the earnings front, Palantir (PLTR), MercadoLibre (MELI), Hims & Hers Health (HIMS) and Simon Property Group (SPG), will headline a slate of major earnings reports that will be released after hours today.

Shares of Coinbase (COIN) and Roku (ROKU) plunged more than 15% each, while First Solar (FSLR) and Kimberly-Clark (KMB) soared. But those weren’t the only big movers of the day. Read on for the full breakdown, and a look at the biggest gainers and laggards.

Discover how the market is moving with our interactive heatmap — filter by market cap and zoom in for deeper insights. Click any box to explore specific sectors or assets in detail.

Join us on November 10, 2025, in New York City for a transformative experience that blends cutting-edge financial technology insights with unparalleled networking opportunities. This event is designed to showcase the latest advancements in fintech, celebrate industry achievements and foster connections that drive the future of finance. Join us for a powerhouse event designed to connect visionary leaders, ignite groundbreaking deals and celebrate the brightest stars in the financial technology industry.

On This Day In 1989…

Bristol‑Myers and Squibb announced a $12 billion merger, forming Bristol‑Myers Squibb, which at the time became the second-largest pharmaceutical company in the world. The merger combined Squibb’s prescription drugs with Bristol‑Myers’ consumer products and research strength. This transformed the company into a global powerhouse with robust R&D, diversified revenue streams and blockbuster launches throughout the 1990s. Today, the company still remains a major player and has a market cap of nearly $100 billion.

QUOTE OF THE DAY

“Price is what you pay. Value is what you get.”

— Warren Buffett

Tom Lee Says Fed's About To Pivot As Goldman Sachs Warns Of Largest Jobs Revisions Since 1968

A surprising twist in the labor market data is raising eyebrows on Wall Street.

Fundstrat’s Tom Lee believes a seismic shift is coming — and may soon force the Federal Reserve into an unexpected move — after several job report revisions that Goldman Sachs says haven’t been this bad since the 1960s.

Read on for more insights and why experts are sounding the alarm about what to expect in upcoming reports.

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