| T&Q Morning Briefing | Jobs Revisions Rattle | PPI on Deck | Fed Cut Countdown Accelerates | | | | U.S. equities closed higher Tuesday, with the S&P 500 and Nasdaq each extending year-to-date gains as investors digested weaker labor revisions, Apple's latest product announcements, and deal headlines while awaiting the key inflation prints. Treasury yields edged up modestly, with the 10-year finishing at 4.08%, still close to year-lows that have supported bond returns. Gold briefly hit another all-time high before settling slightly off its peak, while oil held gains on Middle East tensions. | The Bureau of Labor Statistics' benchmark revision showed U.S. payrolls were overstated by 911,000 jobs through March, roughly 76,000 fewer per month than previously reported. The downgrade underscored a labor market slowdown that pre-dated tariff impacts and added to calls for Fed easing. Futures are pointing to another higher open this morning, with Oracle's strong results boosting tech sentiment. Attention now shifts to PPI data due today and CPI tomorrow, the final inflation checkpoints before the Fed meets next week. | | | Your Entire Portfolio is Dangerously Exposed… | If you own ZERO of the Next Magnificent Seven stocks. | Original Mag Seven turned $7,000 into $1.18 million. | But these seven AI stocks could do it in 6 years (not 20). | Now, the man who called Nvidia in 2005 is revealing details on all seven for FREE. | Find Out More Now Before It's Too Late. | | | Futures are pointing to a mixed open, with the S&P and Nasdaq continuing to push all-time highs, while the Dow is lagging a bit. Equity positioning remains tactical, with investors reluctant to chase record levels ahead of back-to-back inflation prints. The payroll revision sharpened conviction that the Fed will cut next week, but inflation remains the swing factor. A 25-basis-point move is fully priced, while odds of 50 are creeping higher if CPI surprises to the upside. Treasury traders see softer labor data as making duration ownership more compelling, even with headline inflation pressures lingering. Yields will be a must watch today as the market digests the PPI print and recalibrates around tomorrow's CPI. |  | Erik Brynjolfsson @erikbryn |  |
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The big revisions in the jobs numbers have two important implications:
1. The economy is in the midst of a bigger disruption than most people realized.
2. Productivity is growing faster than most people thought. Productivity = GDP/hours worked. A smaller denominator means |  Mohamed A. El-Erian @elerianm
The just-released BLS revisions are noteworthy and are likely to increase pressure on both the BLS and the Federal Reserve.
The number of jobs created in the year that ended in March 2025 has been revised down by 911,000, which is more than the consensus forecast. This revision |
| | | 5:42 PM • Sep 9, 2025 | | | | | | 350 Likes 94 Retweets | 31 Replies |
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| At the sector level, Oracle's strong earnings are adding momentum to tech, while Apple's product launch underscored the ongoing role of mega-cap catalysts in holding up the tape. Bond desks note that lower yields are providing a cushion across equity multiples, even as strategists warn about the thin breadth of recent rallies. Commodities are in focus as well: gold keeps making new highs on central-bank demand, and oil remains sensitive to Middle East headlines, though supply buffers are muting the upside. Overall, sentiment is constructive but tentative—investors are leaning long into Fed easing, but the inflation narrative will dictate whether risk appetite broadens or narrows from here. | Tradewinds & Global Shifts |
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| Israel's airstrike on Hamas leaders in Qatar injected fresh volatility into Middle East geopolitics, but crude's muted reaction underscored just how resilient supply expectations remain. Traders see inventories and tempered demand as capping upside, even against the backdrop of heightened regional risk. In Europe, Poland's downing of Russian drones inside NATO territory briefly closed Warsaw's airport and reinforced the fragile security backdrop for investors. Bond desks noted mild widening in Eastern European spreads, though global markets have largely discounted escalation unless it spills into energy supply. | Meanwhile, China's trade machine is defying U.S. tariff pressure, with export flows showing surprising resilience. Analysts suggest that supply chains are simply re-routing rather than contracting, limiting Washington's leverage. At the same time, U.S. calls for Europe to impose steep tariffs on India and China highlight how geopolitical and trade agendas are converging. For markets, the key takeaway is that investors are treating geopolitics as a headline risk but not a portfolio-shifting catalyst. Gold's climb speaks more to steady central bank accumulation than to any single flashpoint. | | | | | While Wall Street was distracted, one startup quietly built a platform with 50M+ users and landed the #1 spot on Deloitte's list of the Fastest-Growing Software Companies. | That company is Mode Mobile – and their stock is already up 2,900% for early investors. | By completely rethinking the $500B smartphone industry, their users have earned and saved over $325M from simply using their phones. It's a model that's generated $75M in revenue, and powered a jaw-dropping 32,481% growth in just 3 years. | Mode has retail deals with Walmart and Best Buy, a reserved Nasdaq ticker ($MODE), and is still offering pre-IPO shares to the public… for now. | But the last two rounds sold out fast, and space in this one is limited. | ⚠️ Secure your shares now – before the potential public debut. | Disclaimers | Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur. | The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period. | Current and historical share price(s) set by Mode Mobile. | In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. Mode Mobile has filed a Form C with the Securities and Exchange Commission in connection with its offering, a copy of which may be obtained here: https://www.sec.gov/Archives/edgar/data/1748441/000164117225025402/ex99.pdf | | D.C. in the Driver's Seat |
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| Domestic politics fed directly into market sentiment after a federal judge blocked President Trump from removing Fed Governor Lisa Cook, ensuring she will participate in next week's FOMC decision. The ruling preserves the Fed's current composition and reduces uncertainty around how the first rate cut will be delivered. Simultaneously, speculation over Christopher Waller as a potential 2026 Fed chair has been read as a sign of continuity in policy approach, even amid the broader political turbulence. | On the policy front, Trump's push to restrict direct-to-consumer pharmaceutical advertising added fresh pressure to consumer health names and signaled a broader regulatory tilt against the sector. Combined with ongoing tariff battles, the administration's maneuvers are creating an unusual overlap between politics and economics just days before a pivotal Fed meeting. Investors are navigating a domestic backdrop where monetary, fiscal, and regulatory levers are increasingly entangled, amplifying the stakes for both bond and equity positioning into year-end. | | | | | | | | Asia: Nikkei 0.87%, Shanghai 0.13% Europe: FTSE 0.26%, DAX 0.15%
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| | | | | | Markets are balancing weaker labor data with the inflation countdown. The payroll revision cemented the case for easing, but CPI and PPI remain the key swing factors. Political and geopolitical currents, from Trump's Fed battles to Israeli strikes and NATO tensions, are swirling, yet equity markets remain resilient. For now, the playbook remains intact: rate cuts are coming, tech leadership is driving gains, and balanced portfolios are being rewarded even as macro risks intensify. |
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