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Trump Fires Labor Statistics Chief After Disappointing Jobs Report Sparks Controversy

  President Donald Trump has dismissed Erika L. McEntarfer, the commissioner of the U.S. Bureau of Labor Statistics (BLS), following the release of a July jobs report that revealed significantly weaker employment growth than anticipated. The report showed the U.S. economy added just 73,000 jobs , far below the projected 105,000 , and included downward revisions of 258,000 jobs for May and June. Trump announced the firing via Truth Social, accusing McEntarfer—who was appointed by former President Joe Biden—of producing inaccurate and politically biased data. “We need accurate Jobs Numbers,” Trump wrote. “She will be replaced with someone much more competent and qualified”. McEntarfer, a career labor economist with over two decades of federal service, had received bipartisan Senate confirmation in early 2024. Critics, including former BLS officials, have pushed back against Trump’s claims, emphasizing the rigorous, nonpartisan nature of the agency’s data collection and review pro...
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Wall Street Futures Tumble Amid Trump’s Tariff Blitz and Amazon’s Earnings Miss

Market Overview

Wall Street futures took a sharp hit Friday morning as investors reacted to a double dose of economic anxiety: sweeping new tariffs imposed by President Donald Trump and disappointing earnings from Amazon.

  • Dow futures fell nearly 1%
  • S&P 500 futures dropped 0.91%
  • Nasdaq 100 futures slid 1.1%

Tariff Shockwaves

Trump’s executive order introduced tariffs ranging from 10% to 41% on imports from over 90 countries. Notable hikes include:

  • Canada: 35%
  • India: 25%
  • Taiwan: 20%
  • Thailand: 19%
  • South Korea: 15%

The White House dubbed August 1st “Liberation Day,” signaling a hardline stance with little room for negotiation. China faces an August 12 deadline to finalize a separate trade agreement.

Tech Turmoil

Amazon shares plunged 7.6% in premarket trading after its cloud division, AWS, posted underwhelming growth compared to rivals like Microsoft and Alphabet. In contrast, Apple’s earnings beat expectations, buoyed by strong iPhone sales, though CEO Tim Cook warned tariffs could cost the company $1.1 billion this quarter.

Jobs Report Looms

Investors are also bracing for the July jobs report, expected to show a modest increase of ~110,000 jobs and a rise in unemployment to 4.2%. A strong report could dampen hopes for a September rate cut by the Federal Reserve.

Other Movers

  • Coinbase fell 11.1% after reporting weaker crypto trading activity
  • Chevron and Exxon Mobil beat earnings expectations despite falling oil prices

Investor Sentiment

The CBOE Volatility Index, Wall Street’s “fear gauge,” spiked to a two-week high of 18.40, reflecting heightened uncertainty.


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