The top 10 US stocks now have a combined market cap of 23 trn USD, bigger than China (16), the EU (13) or Japan (7)
If these 10 were a country, they’d be the world’s largest stock market (ex US). Source: Bergos AG, Econovis, Till Christian Budelmann
Scott Bessent now says the Biden-era jobs tally will be revised down by ~800,000 next week
Goldman Sachs is calling for a 550k–950k cut in the BLS benchmark revision. If it lands, the labor market narrative gets rewritten and it could swing the Fed between a 25bps trim and a 50bps shock in September. Source: StockMarket.News
‼️ JUST IN: Another WEAK jobs report
The US economy added only 22,000 jobs in August ➡️ That’s much weaker than expected. 1) The unemployment rate rose to 4.3% --> Highest since October 2021. 2) June job growth was revised down to -13,000 (!). July was revised up slightly to 79k (from 73k). 🌈 Wages grew 3.7% in the past year (above 2.7% inflation). Source: Heather Long @byHeatherLong on X
Treasury buybacks are accelerating
As highlighted by The Kobeissi Letter on X: " The US Treasury has bought back a record $138 billion in bonds YTD. This significantly surpasses the $79 billion repurchased during the entire 2024. This buyback program aims to boost liquidity and manage cash, as deficit spending continues to surge. In July, the Treasury said it would buy back 10- to 30-year Treasuries TWICE as often. As a result, Bloomberg’s measure of Treasury liquidity has materially improved over the last year. The world’s largest bond market can no longer function without intervention". Source: The Kobeissi letter, Bloomberg
Debt in the U.S. is spiraling faster than ever
On July 2nd, the national debt was $36.2 trillion. By September 4th, it hit $37.4 trillion. That’s $1.2 trillion in just two months over $21 billion added every day. At the same time, government spending is running at levels we used to only see during wars or crises like 2008 and Covid. The difference? Today’s economy is still called “strong.” Source: stockmarket.news on X
Tesla Robotaxi has already surpassed Uber on the App Store, ranking #1 in the Travel category
99%+ of these users can’t even use the app yet. Source: Ali Mirzaei @AliMirzaei0 on X
American Eagle $AEO shares just had their best day in history (+37.9%)
What a chart! And thank you Sydney Sweeney...📈📈 Source: Barchart
A bunch of tech CEOs had dinner with President Trump
Including: Meta CEO Mark Zuckerberg, Microsoft CEO Satya Nadella, Google CEO Sundar Pichai, Apple CEO Tim Cook, AMD CEO Lisa Us and OpenAI CEO Sam Altman. Note that Tesla CEO Elon Musk is not around the table. Nvidia CEO Jensen Huang is missing as well. Key takeaways: 1) Trump said he would be placing semiconductors tariffs “very shortly,” and that they will be “fairly substantial.” 2) Trump also signaled that companies that invest in the U.S., like Apple, would be safe from the brunt of the tariffs. 3) President Donald Trump congratulated Google CEO Sundar Pichai on his company’s Tuesday antitrust penalties ruling, which came in lighter-than-expected and caused Alphabet shares to jump. Pichai said he is “glad it’s over” and thanked Trump for dialogue and resolution. Source: Evan on X
