Good Afternoon. If the world feels a little noisy today, you’re not wrong. An 800-year-old organ just roared back to life in Jerusalem. But while history is hitting the high notes, markets’ ears are straining to catch the Fed’s next signal. From thinner iPhones to big downward revisions, here’s what you need to know. Lets get into it.

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1. U.S. Job Growth Overstated by 911,000, BLS Revises

The News: The U.S. economy added 911,000 fewer jobs than initially reported for the 12 months ending March 2025, according to the Bureau of Labor Statistics. That cuts the average monthly gain from 147,000 to just over 70,000, the weakest pace since the pandemic. Leisure and hospitality alone had 176,000 fewer jobs than first estimated, with retail, manufacturing, and professional services also hit. The revision marks the largest preliminary downward adjustment since records began in 2000, and the biggest percentage loss since 2009. A final revision will be released in February.

Why It Matters: The downgrade suggests the labor market was much weaker going into this year than policymakers believed. For the Fed, it validates September’s expected rate cut but also underscores how hard it is to gauge real-time conditions. Investors should expect heightened volatility as trust in headline jobs data erodes, especially with political pressure mounting on the BLS. For executives, the takeaway is that consumer demand and hiring capacity may have been overstated; cautious workforce planning is prudent. For households, slower job growth points to softer wage gains and increased vulnerability to downturns. Several reports recently show upwards of 65% of employees feel “stuck” in their current role. Now the BLS data seems to be proving what people have been feeling all along.
Source: wsj.com

2. Apple Unveils Super Thin iPhone Air, Expands iPhone 17 Lineup

The News: Apple introduced its iPhone 17 lineup Tuesday, headlined by the all-new iPhone Air, its thinnest phone ever at just 5.6mm. Priced at $999, the Air features a titanium frame, Apple’s new A19 Pro chip with AI acceleration, and a 48MP Fusion camera. It also debuts dual-camera video recording and an N1 chip for wireless efficiency. The $799 iPhone 17 gets a larger 6.3-inch screen and faster A19 chip, while the $1,099 Pro models add 8x telephoto zoom, vapor-chamber cooling, and Apple’s longest-lasting battery yet. iPhones generated $201B of Apple’s $391B revenue in 2024.

Why It Matters: The Air is Apple’s first major redesign since the iPhone X in 2017 and a clear stepping stone toward a foldable model expected in 2026. At 5.6mm, the iPhone Air is about a 1/3rd slimmer than the current Iphone Pro, making it Apple’s slimmest device yet. For consumers, the lineup stretches from mainstream upgrades to premium Pro features, but Apple is betting the sleek Air will become the new flagship. For investors, iPhone refresh cycles remain Apple’s biggest growth lever, accounting for over half of total revenue. Strong demand could help offset slowing services growth, while weak adoption could pressure margins. Turns out Apple’s thinnest phone carries some very heavy expectations.
Source: finance.yahoo.com

3. S&P 500 Hits Record as Fed Cut Bets Build

The News: The S&P 500 rose Tuesday to 6,512, a new all-time high, while both the Nasdaq and the Dow gained. Investors leaned into rate-cut bets after the Labor Department revealed the U.S. added 911,000 fewer jobs than first reported over the past year. Futures now price a 100% chance of a 25 bps cut at next week’s Fed meeting, with nearly 10% odds of a 50 bps move. UnitedHealth surged 9% on Medicare plan strength, boosting healthcare stocks, while Apple slipped 1.4% after its iPhone 17 launch underwhelmed investors.

Why It Matters: Markets are balancing weak labor data with optimism for Fed support. For investors, the setup looks bullish short term, AI deals like Microsoft’s $17.4B Nebius tie-up show growth still attracts capital, but stretched valuations remain a risk if earnings soften. Executives should brace for financing costs to ease if the Fed cuts, though tariff-driven inflation may limit margin relief. Consumers, meanwhile, face the paradox of slower job growth but stronger portfolios as equities edge near records. In other words: Wall Street’s rally depends on Main Street’s slowdown.
Source: reuters.com

4. Lumber Futures Plunge 25% as Housing Weakens

The News: Lumber futures have crashed 25% since Aug. 1, closing at $524 per thousand board feet, near a four-month low. The selloff follows a sharp drop in U.S. building permits to 1.36M in July, the weakest since mid-2020, as elevated mortgage rates choke housing demand. Interfor is cutting output by 145M board feet (12%) through year-end, while Home Depot, UFP Industries, and Builders FirstSource all reported earnings misses tied to weak construction activity.

Why It Matters: Lumber is a classic early-cycle signal, and its collapse points to a cooling housing sector with broader economic implications. For investors, the decline raises red flags for homebuilders, construction suppliers, and retailers dependent on remodeling demand. Executives in housing-adjacent industries should prepare for softer volumes unless mortgage rates drop meaningfully. For policymakers, tariff hikes may prove counterproductive, hurting builders and consumers more than aiding producers. Longer term, if supply cuts overshoot and demand rebounds in 2026, today’s slump could set the stage for another price spike. And if you’ve been putting off getting a new deck, the material cost just went down.
Source: morningstar.com

5. Gemini to Go Public Friday with Nasdaq Backing

The News: Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, is set to list Friday on Nasdaq under ticker GEMI, targeting a $2.2B valuation. Nasdaq itself will invest $50M via private placement, part of a deal giving its clients access to Gemini’s custody and staking services while Gemini gains access to Nasdaq’s Calypso platform for trading collateral. The IPO aims to raise up to $317M through 16.7M shares priced at $17–$19. Gemini holds $21B in assets under custody and has processed $285B in lifetime trading volume, but it reported a $282.5M loss on $68.6M revenue in H1 2025.

Why It Matters: Gemini’s debut will make it the third publicly traded crypto exchange after Coinbase and Bullish, cementing digital assets’ place in mainstream capital markets. Bullish IPO’d in August - Down 22% from IPO. For investors, the Nasdaq partnership boosts credibility but doesn’t erase financial red flags, losses are widening even as assets grow. For institutions, the tie-up promises streamlined access to crypto custody and collateral management, a sign of growing integration between traditional and digital finance. For the Winklevoss twins, it’s a shot at redemption after years of playing catch-up to Coinbase and a far cry from the early days of Facebook.
Source: coinpaper.com

1. Walmart to Open First Branded Stores in Africa

The News: Walmart announced Tuesday it will open its first Walmart-branded stores in South Africa by the end of 2025, marking its retail debut under its own name on the continent. The move follows Walmart’s full 2022 acquisition of Massmart, which operates Makro, Game, and Builders Warehouse. Several store sites are under development, with opening dates to be revealed in October. The new outlets will stock groceries, household goods, apparel, and tech products, alongside locally sourced items. Walmart will compete head-to-head with Shoprite, Pick n Pay, Woolworths, and Spar, as well as Amazon and Takealot in e-commerce.

Why It Matters: Africa’s rising population growing middle class and expanding retail demand present long-term opportunity. With the entire continent’s population projected to nearly double from ~1.4B today to ~2.5B by 2050 (IMF data). Such a figure would mean that more than 25 percent of the world's population will be African. For Walmart, the branded entry represents a $6.4B bet that global scale plus “everyday low prices” can capture market share from entrenched local players. For South African suppliers, the strategy opens new distribution channels, potentially boosting small and mid-sized businesses. For consumers, the promise is lower prices and greater variety but the shake-up could compress margins across the sector. With Shoprite holding ~30% domestic market share, Walmart faces an uphill climb as it looks to seize this opportunity.
Source: africa.businessinsider.com

2. STOXX 600 Ends Flat as France Turmoil Offsets $50B Mining Merger

The News: Europe’s STOXX 600 closed nearly unchanged Tuesday at 552.56 (+0.09%), as optimism from dealmaking and rising oil prices was tempered by political instability in France. Anglo American surged 8.7% after striking a $50B merger with Canada’s Teck Resources to form Anglo Teck Plc, while Glencore rose 5.1%. In Italy, Monte dei Paschi gained 6.3% after securing 62% of Mediobanca. But in France, political chaos rattled bond markets after Prime Minister François Bayrou lost a confidence vote, forcing President Macron to seek his fifth PM in under two years. French-German 10-year spreads widened 7 bps as investors eyed a possible Fitch downgrade.

Why It Matters: Europe’s equity resilience masks deep fault lines. For investors, the Anglo-Teck merger underscores M&A’s role in driving returns even as macro uncertainty lingers. But France’s fiscal instability, its deficit is the largest in the eurozone, raises the risk of higher borrowing costs and potential ratings pressure, which could spill into broader sovereign spreads. Meanwhile, energy and resources remain relative bright spots as higher oil prices and consolidation support sector momentum. Europe’s markets balanced billion-dollar mergers against billion-euro deficits and ended the day going nowhere.
Source: reuters.com

3. World’s Oldest Christian Organ Plays Again After 800 Years

The News: The world’s oldest known Christian pipe organ sounded once more on Tuesday in Jerusalem’s Old City, nearly 800 years after Crusaders buried it to protect it from invading armies. Featuring original 11th-century bronze pipes, the restored instrument was unveiled at Saint Saviour’s Monastery, where musician David Catalunya performed a medieval chant. Half of the pipes are original, while the rest were crafted using ancient techniques. The organ will now be permanently housed at the Terra Sancta Museum, set to fully open in 2028 just kilometers from Bethlehem, its original home.

Why It Matters: Beyond its cultural and religious resonance, the organ’s revival could become a tourism draw in a region already central to Christian pilgrimage. For Israel and Palestine, this represents not just a rediscovery of medieval sound but also a new attraction that blends archaeology, faith, and music history. For the global church community, replicas are planned for European and international venues, extending the reach of this thousand-year-old heritage. And for the local economy, the organ’s presence at Terra Sancta adds fresh weight to the Holy Land’s cultural tourism industry, an experience that, unlike most, truly can’t be streamed.
Source: apnews.com

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