Good afternoon! Skechers just dropped a new line of kids’ sneakers with a hidden AirTag compartment tucked into the heel, letting parents keep tabs on their child or at least their child’s footwear. While the shoes don’t include an AirTag or have Apple’s official blessing, they tap into a growing trend of using item-tracking tech for peace of mind parenting.

AirTags weren’t built to track people, and their Bluetooth-based tech isn’t always great at following fast-moving targets. Still, parents are embracing them and brands are taking notice. Critics warn that normalizing this kind of tracking could blur privacy lines, especially if similar designs start showing up in adult gear down the road.

MARKETS

• Stocks stumbled out of the gate Friday as investors digested weaker economic signals and a fresh round of tariff adjustments from President Trump. The Dow fell 542 points, its worst day since June, while the S&P 500 lost 1.6% for its sharpest drop since May.

• The Nasdaq took the biggest hit, falling 2.2% for its worst session in over three months. With tariff tensions resurfacing and growth concerns back in focus, markets are bracing for a rocky start to the month.

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STOCKS
Winners & Losers

What’s up 📈

• Reddit jumped 17.47% after beating earnings expectations and issuing strong Q3 guidance. Daily unique visitors rose 21% last quarter. ($RDDT)

• Rocket Companies rose 11.98% after reporting strong loan origination volume and better-than-expected Q2 results. ($RKT)

• Bright Horizons gained 10.61% after beating earnings and revenue expectations and raising full-year guidance. ($BFAM)

• Monolithic Power Systems climbed 10.46% on a strong earnings beat and Q3 sales guidance well above expectations. ($MPWR)

• Align Technology rebounded 5.82% after a brutal selloff, as investors responded positively to its restructuring plan. ($ALGN)

• Figma added 5.63% as momentum from its IPO debut carried over into another strong trading day. ($FIGMA)

What’s down 📉

• Fluor plunged 27.04% after missing estimates and slashing its 2025 outlook. ($FLR)

• Eastman Chemical dropped 19.03% following a Q2 earnings miss and lower forward guidance. ($EMN)

• Coinbase fell 16.70% after missing revenue expectations and reporting weak trading volume. ($COIN)

• Columbia Sportswear sank 12.85% after issuing a downbeat Q3 forecast. ($COLM)

• TopGolf Callaway slid 12.22% after CEO Artie Starrs announced his resignation. ($MODG)

• MicroStrategy dropped 8.77% despite an earnings beat, as gains were largely due to an accounting change involving bitcoin. ($MSTR)

• Moderna slid 6.61% after trimming its full-year revenue guidance. ($MRNA)

• Marvell Technology fell 7.37%, following a broader tech sector sell-off. ($MRVL)

• W.W. Grainger lost 10.30% after missing earnings expectations and cutting full-year guidance. ($GWW)

• Ingersoll Rand slipped 11.40% after Q2 results came in roughly in line, but with no upside surprise. ($IR)

• UnitedHealth declined more than 4.72% after announcing a CFO transition. ($UNH)

• Amazon slumped more than 8.27% after issuing a weaker-than-expected forward outlook. ($AMZN)

FEDERAL RESERVE
Trump Fires Bureau of Labor Statistics Head After Job Numbers Disappoint

The July jobs report landed with a thud only 73,000 payroll gains versus the 104,000 expected. Then came the kicker: May and June job numbers were quietly revised down by a staggering 258,000.

President Trump announced on Truth Social that he ordered the removal of Bureau of Labor Statistics (BLS) Commissioner Erika McEntarfer, accusing her of cooking the books to favor Democrats. No evidence was offered. McEntarfer, a Biden appointee confirmed with bipartisan support in 2024, was swiftly replaced by Deputy Commissioner William Wiatrowski.

A Data Crisis, Not Just a Political One

This isn’t just about one bad report. Confidence in federal economic stats has been slipping for months. The BLS cut back inflation data collection due to budget issues, and its survey response rate for July dropped to 57.6%, well below the usual 70%+. That leaves analysts with one big question: Are we flying blind?

Economists say the revisions likely stem from seasonal quirks and lower-quality data not political sabotage. But Trump’s move adds fuel to growing concerns that macro data is becoming a political football, especially with inflation still sticky and markets on edge.

Fed in a Tight Spot: The labor shock complicates things for the Fed. With unemployment ticking up to 4.2% and the weakest three-month job growth since 2020, traders are now pricing in a 93% chance of a September rate cut up from just 38% before the report dropped.

In other words, the labor market isn’t just slowing. It’s breaking the narrative. And the fallout isn’t just economic, it’s institutional.

NEWS
Market Movements

• ⚖️ Tesla Hit With Autopilot Verdict: Tesla ($TSLA) was found partially liable for a 2019 autopilot-related crash, with a jury awarding $329 million in damages. The verdict, combined with weak European sales data, pushed the stock down nearly 2%. It marks a serious blow as Tesla leans heavily into its self-driving future.

• 🔆 First Solar Surges on Big Beat: First Solar ($FSLR) popped 7% after crushing Q2 estimates and raising its full-year guidance. Revenue hit $1.09 billion, well above forecasts, and the company now expects up to 19.3GW in sales volume. CEO Mark Widmar says utility-scale solar remains compelling despite policy headwinds.

• 🪙 Riot Platforms Tanks on Revenue Miss: Riot Platforms ($RIOT) plunged 18% after missing revenue expectations for Q2 despite higher bitcoin production. Mining costs nearly doubled year over year, driven by April’s halving event and rising network difficulty. EPS beat estimates, but investors zeroed in on profit pressure.

• 🧠 Apple Ups AI Capex, Still Lags Peers: Apple ($AAPL) increased its quarterly capex by 60% to $3.5 billion, signaling a pivot toward heavier AI investment. CEO Tim Cook said AI is “one of the most profound technologies,” but offered little detail on product strategy. While spending is rising, Apple still trails Big Tech rivals in AI firepower.

• 📉 Interactive Brokers Strategist Warns of Euphoria: Steve Sosnick from Interactive Brokers said dip-buying is accelerating to unsustainable levels, shortening the “half-life” of corrections. He compared the AI capex boom to the dot-com bubble—only this time with profitable companies. Still, he warned that narrow leadership from the “Fantastic Four” could end in a painful shakeout.

• 🎮 Nintendo Raises Prices Due to Tariffs: Nintendo ($NTDOY) announced price hikes for the original Switch and accessories in the U.S., citing “market conditions.” The company joins Microsoft and Sony in passing tariff-related costs to consumers. The new Switch 2 will remain unchanged for now, though future increases aren’t ruled out.

• 🚗 Tesla Sales Keep Falling in Europe: Tesla ($TSLA) reported its seventh straight month of sales declines in key European markets like France and Sweden. CEO Elon Musk blamed regulatory delays for its supervised FSD rollout in the region. Sales rose in Spain and Norway but weren’t enough to offset the broader slump.

• ✈️ Joby Aviation Teams Up With L3Harris: Joby Aviation ($JOBY) gained over 3% after announcing a military aircraft partnership with defense tech firm L3Harris ($LHX). The aircraft will be a gas-turbine hybrid capable of both piloted and autonomous flight. Flight testing is set to begin this fall as Joby expands beyond air taxis.

• 🏗️ Big Tech Spends $88B on AI Capex: Amazon ($AMZN), Google ($GOOGL), Microsoft ($MSFT), and Meta ($META) collectively spent a record $88 billion on capex last quarter. Most of that went toward AI infrastructure like chips and data centers. The figure is equivalent to Starbucks’ entire market cap—just for one quarter.

• 🛋️ Ikea Teams Up With Best Buy Amid Sales Drop: Ikea and Best Buy are partnering to open in-store showrooms in select U.S. locations as both retailers battle slumping sales. Ikea’s revenue fell for only the second time in 20 years, despite recent price cuts. The new concept targets kitchen and laundry room makeovers.

TRADE
Apple and Amazon Beat Earnings but Stocks Drop on AI and Tariff Fears

Just 48 hours after Trump unveiled his tariff poster board of doom, Beijing fired back with a chart of its own. China is slapping a 34% tariff on all U.S. goods starting April 10, matching Trump’s fresh levies on Chinese exports. But they didn’t stop there: Beijing is also cutting off exports of rare earths (essential for tech and defense), launching investigations into American-made X-ray equipment, and banning imports from several U.S. poultry and defense firms.

No chill this time

In a sharp pivot from the wait-and-see strategy of the last trade war, China acted before Trump’s tariffs even took effect. Analysts say the move was calibrated: tough enough to sting, but not wild enough to derail everything. Trump, of course, took to social media to say China “PANICKED” and made the “wrong” move. Meanwhile, markets weren’t exactly calm the Dow futures dropped 900 points and Alibaba shares tumbled nearly 10%.

Fallout spreading fast: Global markets went into risk-off mode. European bank stocks nosedived more than 9%, U.S. stocks slid deeper into correction territory, and commodities like soybeans and oil took hits too. UBS lowered its S&P 500 target by 600 points and warned the U.S. might be steering into a recession unless Trump blinks soon. China, for its part, filed a formal complaint with the WTO and hinted that more retaliation could come if things escalate further.

Rare earths, rare chill

Beijing’s rare earths move might be the biggest wildcard. These minerals power everything from iPhones to electric vehicles to military tech and China dominates their global supply. Cutting off access to elements like samarium, gadolinium, and terbium could trigger headaches for U.S. manufacturers. Bottom line: the gloves are off, and unless both sides reach for a deal soon, the economic damage might get a lot worse before it gets better.

Calendar
On The Horizon

Next Week

Next week’s economic lineup takes a step back, starting with June factory orders on Monday and the ISM services report and trade balance Tuesday. Things ramp up again Thursday with nonfarm productivity, labor costs, consumer credit, wholesale sales, and the usual jobless claims. It’s a lighter slate, but still enough to keep an eye on.

Earnings:

• Monday: Palantir, MercadoLibre, Hims & Hers Health, Vertex, Williams Cos, Wayfair, and Tyson Foods

• Tuesday: AMD, Caterpillar, Amgen, Eaton, Arista Networks, Pfizer, BP, Apollo, Marriott, Zoetis, Diageo, Coupang, Yum! Brands, Infineon, Super Micro Computer, DuPont de Nemours, Rivian Automotive, and Snap

• Wednesday: Novo Nordisk, McDonald's, Walt Disney, Uber, Shopify, AppLovin, DoorDash, Siemens Energy, Airbnb, Emerson Electric, Fortinet, CRH, Honda Motor, Glencore, Occidental Petroleum, Rockwell Automation, Bayer, NRG Energy, DraftKings, Duolingo, and Lyft

• Thursday: Eli Lilly, Toyota, Siemens, Allianz, Sony, Gilead Sciences, ConocoPhillips, SoftBank, DBS, Constellation Energy, Rheinmetall, Vistra, Flutter Entertainment, Atlassian, Cheniere, Datadog, Block, Kenvue, Take-Two Interactive Software, Warner Bros. Discovery, Pinterest, Expedia, Rocket Lab, Twilio, NuScale Power, Maplebear, Monster Beverage, Wynn Resorts, and Peloton

• Friday: Wendy's, Under Armour, and FuboTV

NEWS
The Daily Rundown

• 📰 Dotdash Meredith Rebrands as People Inc.: Dotdash Meredith, the publisher behind dozens of magazines, is changing its name to People Inc. The move highlights its best-known brand, People, which continues to dominate in readership and cultural reach. The rebrand comes as the company doubles down on celebrity and lifestyle content. It’s a classic case of leaning into what still sells on shelves—and clicks online.

• 📱 Google Loses Monopoly Appeal to Epic Games: A federal court upheld a ruling that Google’s Play Store operated as an illegal monopoly, siding with Fortnite creator Epic Games. Epic called the outcome a “total victory,” even reviving the infamous dancing banana meme. Google disagreed and signaled plans to appeal to higher courts. The decision could have major implications for app store policies across the tech world.

• 🏈 Shannon Sharpe Fired by ESPN After Lawsuit Settlement: ESPN has parted ways with Hall of Fame tight end Shannon Sharpe after he settled a sexual assault lawsuit. The network confirmed his departure but did not elaborate on the decision. Sharpe, a longtime commentator and podcast host, has been a visible media personality in recent years. The firing marks a sharp turn in his broadcasting career.

• 🌧 Storms Trigger Flash Flooding on East Coast: Severe storms hit the East Coast yesterday, bringing flash floods that disrupted air travel and clogged major roadways. Thousands of flights were delayed or canceled, particularly in the Northeast. Photos showed submerged cars, overwhelmed drainage systems, and chaotic commutes. The summer weather whiplash continues to wreak havoc on infrastructure.

• 📚 Kamala Harris Won’t Run for Governor, Will Write Book: Former Vice President Kamala Harris has ruled out a run for California governor. Instead, she’s working on a memoir reflecting on her presidential campaign and time in the Biden administration. The book will offer behind-the-scenes insights as she charts her next chapter. For now, California’s 2026 race will move forward without its highest-profile potential candidate.

• 🛰 Google DeepMind Launches AlphaEarth for Planet Tracking: Google DeepMind unveiled AlphaEarth Foundations, a new platform that merges its AI capabilities with satellite data. The system offers researchers a highly detailed view of Earth’s surface, enabling real-time tracking of environmental changes. From deforestation to urban sprawl, AlphaEarth aims to revolutionize how we monitor the planet. It’s part of DeepMind’s broader mission to apply AI to climate and sustainability challenges.

• 🥔 Modern Potatoes Have Ancient Tomato Roots: A new study found that today’s potatoes stem from an unlikely ancient romance between a tomato ancestor and a wild plant species. This botanical crossover occurred around 9 million years ago near the Andes Mountains. The genetic quirk gave rise to the starchy staple we now eat worldwide. It’s another reminder that evolution sometimes works through wild, accidental mashups.

• 📉 Congress Inches Closer to Banning Stock Trading: A Senate committee advanced a bill to ban lawmakers, spouses, and future presidents/VPs from trading individual stocks. The bill, led by Josh Hawley, targets insider advantages and drew bipartisan support—even from Nancy Pelosi. Trump initially backed it, then criticized its reach after it included the presidency. Despite GOP pushback, public polls show over 86% of Americans support the ban.

• 🎬 Amazon Backs AI-Powered Showrunner App: Amazon invested in Showrunner, an app that lets users create full 22-minute animated shows using AI. The app—dubbed the “Netflix of AI”—launched publicly this week and plans to charge users for episode generation. Fable, the startup behind it, claims one major studio is already on board and it’s in talks with Disney. The app previously made headlines for generating unauthorized South Park episodes.

• 📺 South Park Premiere Draws Record Ratings: The season 27 premiere of South Park pulled in 5.9 million viewers, the show’s biggest linear premiere since 1999. A scene featuring Trump in bed with Satan helped spark headlines—and views. The show’s creators just signed a $1.5B streaming deal with Paramount after contentious negotiations. The debut was a win for both the show and the company it relentlessly mocked.

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