Good Afternoon. On this day in 1974, Philippe Petit walked a wire between the Twin Towers.

Wall Street tried its own balancing act today: America lost jobs, bond prices rose on easier-policy hopes, and companies proved investors still won’t reward every growth story equally.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

🔢 Big number: 23,000 jobs — That’s how many nonfarm payrolls America lost in July. It’s the first negative month in a while, and downward revisions made the slowdown harder to dismiss. Rate relief may help borrowers, but households can’t spend a lower yield if their paychecks disappear.

America’s labor market finally crossed from slow hiring into a monthly decline. That doesn’t mean every employer is cutting, but it changes the economic conversation: companies are protecting margins, workers are staying put, and policymakers can’t treat a low-hire environment as comfortably stable anymore.

The news: Nonfarm payrolls fell by 23,000 in July, while unemployment held at 4.1%. Local government education lost 50,000 jobs and retail shed 19,000, partly offset by a 22,000 gain in healthcare. May and June were revised down by a combined 103,000, so this isn’t just one disappointing month appearing out of nowhere.

What’s next: The Federal Reserve won’t set policy from a single report, especially with average hourly earnings still up 3.2% from a year ago. But weaker hiring, a 61.4% participation rate, and heavier revisions strengthen the argument for easier policy if inflation cooperates. Households should watch hours and wage growth, because those can soften before a layoff arrives.

Source: U.S. Bureau of Labor Statistics

Airbnb found that travelers haven’t closed their wallets, even while other parts of the economy are cooling. More bookings, stronger spending, and lower support costs gave the company room to raise expectations, which is why its shares were up close to 17.3% rather than merely celebrating another busy summer.

The news: Revenue rose 17% to $3.6 billion, gross booking value increased 16% to $27.2 billion, and nights and seats booked grew 10% to 148.3 million. Adjusted operating earnings reached $1.3 billion, with a 35% margin. The company’s artificial-intelligence support agent now resolves nearly 45% of issues without a human, helping cut support cost per booking by 16%.

Bottom line: Airbnb’s higher full-year revenue outlook says travel demand is holding up, but the next test isn’t simply adding nights. Management wants hotels, services, and experiences to become larger businesses without weakening the platform’s economics. Watch whether those additions create repeat use and whether an expected adjusted margin of at least 35.5% survives the expansion spending.

Source: Airbnb

Doximity gave investors a mixed quarter that still pointed in the right direction. Profit and cash flow fell from last year, but stronger physician use and an improving outlook suggested the healthcare platform’s newer workflow tools aren’t just generating curiosity; they’re becoming part of how clinicians work.

The news: The results weren’t uniformly stronger: revenue increased 7% to $156.6 million, while net income fell to $24.3 million and free cash flow dropped 34% to $39.6 million. Workflow active prescribers grew 30% from a year ago, and artificial-intelligence search queries rose 25% from the prior quarter. Management now expects second-quarter revenue of $170–$171 million and full-year revenue of $671–$681 million.

Big picture: Doximity’s engagement gains matter only if they become durable revenue without permanently heavier costs. The platform has access to a specialized professional audience, but customers won’t keep paying for tools that don’t save time or improve outreach. Watch cash conversion and the next quarter’s guidance; they’ll show whether higher activity is producing a stronger business or only a busier product.

Source: Doximity

The Trade Desk learned that a loyal customer base can’t fully offset slower growth and weaker profitability. Advertisers still want alternatives to the largest closed platforms, but investors expected faster execution from a company built around the open internet. Shares were down close to 21.8% as that gap became difficult to explain away.

The news: Revenue rose 3% to $715 million, a sharp slowdown from last year’s pace, while net income fell to $64 million from $90 million. Adjusted operating earnings declined to $241 million, and the adjusted margin narrowed to 34% from 39%. Customer retention remained above 95%, yet management’s third-quarter outlook called for at least $650 million of revenue and roughly $160 million of adjusted operating earnings.

What’s next: Partnerships and new platform tools won’t matter if campaigns don’t translate into faster spending. Management acknowledged that the quarter didn’t meet its standard, placing the burden on execution rather than market storytelling. Watch advertiser adoption and margins together; a rebound that depends on higher costs wouldn’t repair the reason investors marked down the business today.

Source: The Trade Desk

Wendy’s is confronting a customer problem that price cuts alone can’t solve. Restaurant traffic has weakened, franchisees need healthier economics, and the brand’s value proposition isn’t landing consistently. Management is now preserving cash and narrowing its focus instead of pretending a familiar logo guarantees a quick recovery.

The news: Revenue rose 1.7% to $570.6 million, but global systemwide sales fell 6.5% and U.S. same-restaurant sales declined 7.0%. Net income dropped 40.8% to $32.6 million, while adjusted operating earnings fell 15.4% to $124.1 million. The company withdrew its full-year outlook and reduced the dividend, so it isn’t treating the traffic slump as a small promotion problem.

Bottom line: Wendy’s turnaround has to improve menu value, marketing, restaurant operations, digital frequency, and franchisee returns at the same time. That’s a demanding list when households are already selective about meals away from home. Watch transaction counts and restaurant margins; they’ll show whether customers are responding before a broader sales recovery reaches the income statement.

Source: The Wendy’s Company

easyJet is preparing to leave the public market after Apollo agreed to acquire the European airline for roughly $7.7 billion. The carrier’s airport positions and low-cost scale remain valuable, but war-driven fuel pressure showed why long-term capital can look especially attractive when an airline’s biggest expense won’t stay still.

The news: Apollo’s offer values easyJet at £7.15 per share, with shareholders able to choose cash or retain a smaller equity interest. The agreement followed interest from another investment firm after higher jet-fuel costs pressured the sector. Europe’s second-largest budget airline brings a large customer base and scarce airport access, though the new owners can’t assume scale makes operating volatility disappear.

Big picture: Private ownership may support fleet investment and a longer planning horizon, but it won’t eliminate fuel swings, financing costs, or regulatory scrutiny. Apollo still has to preserve the low fares that fill planes while funding aircraft and operational resilience. Watch approval conditions and the carrier’s capital plan; they’ll determine whether the transaction expands capacity or mainly changes the name on the ownership documents.

Source: Axios

China’s factories are still finding customers abroad, even as the route to America gets harder. Strong demand for high-tech electronics and vehicles supported July exports, while typhoons disrupted ports and tariffs weighed on U.S.-bound shipments. The mix says global trade isn’t collapsing, but it’s being redirected around political and weather risks.

The news: Exports rose nearly 24% from a year ago in July, down from June’s 27% pace, while imports increased 27.5%. The monthly trade surplus narrowed to $112.5 billion from $125.6 billion. Shipments to the United States slowed sharply, so the headline strength doesn’t mean every market or product is sharing the same demand.

What’s next: Export growth can support factories, but it can’t substitute indefinitely for healthier domestic consumption. China also faces more trade barriers as governments respond to surging manufactured imports. Businesses should watch where shipments are going and how inventories move; a diversified sales map is helpful only if final customers, rather than warehouses, are absorbing the goods.

Source: Associated Press

Saudi Arabia, Pakistan, and Turkey have created a mutual-defense pact as the Iran war keeps pressure on energy infrastructure and regional security. The agreement brings Saudi funding, Pakistan’s nuclear capability, and Turkey’s large military and defense industry together, but a signed promise won’t automatically reveal how the partners respond to the next attack.

The news: The three countries said an armed attack against one would be treated as an attack against all. Saudi Arabia has been diversifying its security partnerships after strikes on oil and other critical infrastructure, while Turkey adds NATO experience and a growing defense sector. The pact is designed to strengthen collective deterrence, though the members haven’t yet shown how command, procurement, or crisis decisions will work.

Bottom line: A broader security umbrella could influence defense orders, insurance costs, and confidence around energy facilities, but credibility will depend on implementation. Governments and businesses shouldn’t assume risk disappears because the language is strong. Watch joint planning and procurement; they’ll reveal whether this becomes an operating alliance or remains a political signal during a dangerous period.

Source: Associated Press

Q: Why’d the jobs report bring an eraser?

A: It couldn’t stop revising its numbers.

How much customer demand changes when prices, income, or other conditions shift.

In a sentence: Wendy’s traffic decline and Airbnb’s booking growth show demand isn’t moving evenly, so managers can’t assume every customer will respond to value or travel spending in the same way.

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