Good Afternoon. Today’s a big one: markets are reeling, tariffs are flying, and even the Fed’s getting dragged into the drama. If you thought summer Fridays were for coasting, the economy clearly missed the memo.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

1. Stocks tumble on latest tariffs, soft jobs data

The News: U.S. stocks plunged Friday as President Trump imposed new tariffs on dozens of trading partners, just hours before the deadline, fueling global trade tensions. A weaker-than-expected July jobs report added to the pain, sending the S&P 500 down 1.78%, the Dow off 1.37%, and the Nasdaq tumbling 2.43%. Each on track for their worst day since April. Amazon shares plunged nearly 9% after cloud growth missed the mark, and Apple dropped 2% despite a strong forecast, as CEO Tim Cook warned tariffs would add $1.1 billion in costs.

Why It Matters: Wall Street got a double whammy: new tariffs mean higher costs for U.S. businesses and consumers, while a slowing labor market suggests economic growth could be running out of steam. Traders are now betting the Fed will cut interest rates in September, odds jumped from 38% to 81% in a day. Volatility spiked, defensive stocks outperformed, and even Big Tech couldn’t save the day. As tariff uncertainty and job market jitters collide, expect markets to stay on edge and policymakers under pressure to respond. We’ll see if those rate cut odds continue.
Source: reuters.com

2. Amazon beats earnings but shares plummet 7% after hours

The News: Amazon crushed Q2 earnings, reporting $167.7 billion in revenue (+13% YoY) and $1.68 EPS—handily beating Wall Street forecasts. Yet shares tumbled by nearly 9%, as investors zeroed in on tepid growth from Amazon Web Services (AWS), rising competition in the cloud, and sky-high AI investment costs. AWS sales hit $30.9 billion (up 17.5%), but that lagged behind Microsoft and Google’s surging cloud numbers. Margins for AWS also slipped, and Amazon’s cautious Q3 outlook didn’t help.

Why It Matters: Despite Amazon’s robust retail and ad business, Wall Street is laser-focused on the cloud and right now, AWS isn’t dazzling like Microsoft Azure or Google Cloud. Meanwhile, the company is plowing billions into AI infrastructure to stay competitive, squeezing profits and spooking shareholders. The takeaway: E-commerce strength is great, but in the new tech arms race, it’s all about the cloud and investors want to see Amazon win the next round. Look for a renewed focus on AWS and don’t count Amazon out yet. Just see where the link relentless.com goes to. Hint: Bezos bought that domain to set an example for the company.
Source: wsj.com

3. Trump Calls for Firing BLS Commissioner After Weak Jobs Report

The News: President Trump announced on social media Friday that he’s directed his administration to fire Erika McEntarfer, commissioner of the Bureau of Labor Statistics, after a disappointing July jobs report. The U.S. added just 73,000 jobs last month, with the unemployment rate rising to 4.2% and major downward revisions erasing 258,000 previously reported jobs from May and June. Trump accused the BLS of reporting “faked” numbers before the election and also took aim at Fed Chair Jerome Powell, calling for his removal as well.

Why It Matters: The dramatic shakeup comes amid growing concerns about the true health of the U.S. labor market. After months of upbeat official rhetoric, economists say the latest jobs data points to a far weaker labor market than previously suggested. The president’s public criticism of top economic officials adds more volatility to an already nervous market, and raises fresh questions about the future of U.S. economic policy and data transparency. Aren’t you glad you don’t work at the Bureau of Labor Statistics?
Source: finance.yahoo.com

4. SpaceX launches 4 astronauts to ISS after weather delays

The News: SpaceX launched four astronauts to the International Space Station on Friday morning, overcoming weather delays and Boeing Starliner setbacks that forced last-minute crew changes. Crew-11 blasted off at 11:43 a.m. EDT from Kennedy Space Center, with NASA’s Zena Cardman and Mike Fincke, Japan’s Kimiya Yui, and Russia’s Oleg Platonov aboard Dragon Endeavour. The team will spend six months on the ISS conducting experiments as the station approaches its 25th anniversary of continuous human presence.

Why It Matters: The successful launch highlights SpaceX’s reliability as NASA’s go-to ride to orbit while Boeing’s Starliner faces continued technical delays, pushing its next crewed mission into 2026. The mission also marks a milestone moment for international space collaboration, as the ISS gears up to celebrate a quarter-century of non-stop human operations and over 4,000 scientific experiments conducted by astronauts from 23 countries.
Source: fox35orlando.com

5. Coinbase plans 'everything exchange'

The News: Coinbase has unveiled plans to reinvent itself as an “everything exchange,” expanding beyond crypto to offer tokenized U.S. stocks, derivatives, prediction markets, and early-stage token sales, all tradable 24/7 on-chain. The first phase will launch for U.S. customers in the coming months, with a global rollout pending regulatory approvals. Users will soon be able to buy fractional shares of public companies, trade derivatives, and participate in prediction markets, all powered by blockchain for low-cost, instant settlement.

Why It Matters: Coinbase is betting big on tokenization as Wall Street and Washington warm up to crypto innovation. With the SEC dropping its lawsuit and regulators opening the door to digital asset frameworks, the company is racing to outflank Robinhood and Gemini by putting stocks and crypto in one trading app. If Coinbase captures just 3% of equity trading, CEO Brian Armstrong says it could double the size of its business. This move could blur the lines between stock markets and crypto, making 24/7 tokenized finance a reality for both Main Street and Wall Street. To the moon!
Source: nasdaq.com

1. Nintendo doubles quarterly revenue

The News: Japanese gaming giant Nintendo more than doubled its quarterly revenue, hitting 572.3 billion yen ($3.8 billion) for Q1—up 132% year-over-year and topping analyst expectations—thanks to blockbuster demand for the new Switch 2 console. The device, launched June 5, sold 5.82 million units in less than a month, with 3.5 million units flying off shelves in the first four days alone. Nintendo shares are up 40% this year on Switch 2 excitement.

Why It Matters: Nintendo kept its forecast of 15 million Switch 2 units sold this year, but analysts call that number conservative given the red-hot debut. While higher U.S. tariffs may dent short-term profits, Nintendo says the impact will be minor this fiscal year and expects to recover losses long-term as its gaming audience grows. For now, Mario and friends are powering one of the strongest console launches in years, and Nintendo’s rally looks set to continue. Get ready for the Switch 2 to be Christmas’ must have present.
Source: cnbc.com

2. Trump Slaps 35% Tariff on Canadian Goods

The News: President Trump has ramped up trade tensions by hiking tariffs on select Canadian exports to 35%, citing a lack of cooperation from Ottawa in cracking down on fentanyl trafficking and referencing broader diplomatic rifts. Canadian Prime Minister Mark Carney called the move “disappointing,” while stressing that nearly 90% of Canadian goods, thanks to USMCA protections, will dodge the new tax. Most fresh produce, energy, and industrial goods remain exempt, but products like dairy, wood, and leather could see higher costs.

Why It Matters: The latest escalation comes amid sweeping tariff hikes on dozens of countries, stoking concerns about higher prices for U.S. businesses and consumers. While most Canadian trade is shielded, select industries could see major disruptions, prompting Canada to accelerate efforts to diversify beyond U.S. markets. With North American supply chains deeply intertwined, even targeted tariffs risk ripple effects just as financial markets are already reeling from global trade volatility. Let’s hope the NHL doesn’t break up over this.
Source: bbc.com

3. Germany sends two more Patriot systems to Ukraine

The News: Germany has announced it will deliver two more U.S.-made Patriot air defense systems to Ukraine in the coming days, bolstering Kyiv’s defenses as Russia escalates its aerial assaults. The move follows a deadly wave of missile and drone attacks on Kyiv, killing at least 31 people and injuring 159. Under a deal with the U.S., Germany will receive expedited replacements for the donated systems, ensuring its own stockpiles remain strong. This latest pledge comes as part of a joint U.S.-German commitment to send five additional Patriot batteries to Ukraine.

Why It Matters: As Russian airstrikes intensify, Ukraine’s need for advanced air defenses has never been greater. Germany’s latest Patriot delivery signals unwavering Western support and helps fill critical gaps in Ukraine’s shield. The arrangement also highlights deepening transatlantic coordination, Ukraine gets urgent protection, while Germany replenishes its arsenal with priority access to next-generation U.S. systems. With Russian attacks showing no sign of slowing, these air defenses could prove decisive on the battlefield and at the negotiating table for a war that has been raging for over 3 years now.
Source: washingtontimes.com

Q: What did zero say to eight?

A: Nice belt!

✅ Enjoy The Weekend: That’s it.

The uncontrolled expansion of a project's scope without adjustments to time, cost, or resources, often due to unapproved changes or unclear requirements.

“Frequent client requests for new features led to significant scope creep and a delayed delivery.”