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Revised: 1.2 Million Jobs Vanish from the Economy

A Financial Technology IPO grabs headlines while Supreme Court tariff drama looms. September 10, 2025
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A dramatic perspective of Istanbul at night, with a digital overlay of locked social media icons fading into darkness, symbolizing censorship and control, with a tense and restrictive tone. Rewriting the Recovery: A Closer Look at the Vanishing Jobs

Good Morning,

The U.S. just erased 1.2 million jobs from its books, casting fresh doubt on the strength of the labor market, and possibly the Fed’s next move.

Klarna’s $1.37 billion IPO is today’s shiny object, pricing above range and hinting at a fintech revival.

Meanwhile, Trump’s global tariffs are heading to the Supreme Court, where policy risk is back in the spotlight.

Oracle is flying high on AI bets, and real estate stocks are stirring on Fed cut chatter. Stick around for a trivia worth mulling over. Here are your Morning Bullets.

– Truly yours, Fred Frost


📈 Yesterday's Market Recap

Markets posted modest gains yesterday, with the Nasdaq hitting a new intraday record high. After-hours earnings shook things up, as Oracle surged on AI-driven cloud optimism, while Synopsys stumbled on a miss. A few key movers kept the tape lively.


  • Nasdaq Sets Intraday High: Tech-heavy index climbed on renewed growth stock fervor, signaling investor confidence. → Investors.com

  • Oracle (ORCL) Jumps 29%: Stock soared premarket after a bullish cloud infrastructure outlook tied to AI demand. → Stocktwits

  • Apple (AAPL) Slips Post-Reveal: Shares dipped after iPhone 17 unveiling lacked surprises, cooling hype. → CNBC


📈 Daily Performance Snapshot

Index/Asset Closing Value Change
S&P 500 6,512.61 +0.27%
Nasdaq 21,879.49 +0.37%
Dow Jones 45,711.34 +0.43%
Gold $3695.50 +0.36%
Crude Oil $63.17 +0.86%
Bitcoin $112,289 -0.38%
10-yr Treasury Yield 4.074% +0.69%

🔭 What to Watch Today

Today’s lineup could sway markets, from inflation data to legal battles with lasting trade implications. Keep your eyes peeled for these developments.

  • Inflation Report Release: Fresh CPI data could shape Fed rate cut expectations, impacting borrowing costs across sectors. → CNBC
  • Klarna (KLAR) NYSE Debut: Trading begins after a $1.37B IPO, a litmus test for fintech appetite. → Benzinga

  • 💡 Opportunity Watch

    Amid policy shifts and tech surges, a few plays stand out for savvy investors. Here’s where I’m seeing potential.

    • Real Estate Stocks (AEI, OPAD, PGRE): Momentum surges as Fed rate cut hopes lower borrowing costs, fueling property demand. → Benzinga
    • AI Cloud Growth (ORCL): Oracle’s 29% stock pop signals robust AI-driven cloud infrastructure demand worth tracking. → Yahoo!
    • Fintech Revival (KLAR, AFRM): Klarna’s IPO success and Affirm’s 45% YTD gain hint at sector rebound. → CNBC

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    🔥 The Big Bullet

    U.S. Economy Revised: Down by 1.2 Million Jobs

    What happened: The U.S. labor market isn’t as strong as previously believed. According to a new benchmark revision by the Bureau of Labor Statistics, the economy added 911,000 fewer jobs from April 2024 to March 2025 than originally reported. This update builds on prior adjustments and reveals a wider gap than expected. In total, the U.S. economy may have seen 1.2 million fewer jobs than estimated. The downward revision surprised many observers, especially since job growth had been a key indicator of economic resilience. Revised data now show weakness in sectors like retail, warehousing, and health care hiring. Market participants had largely priced in a stable labor market, but these revisions may cause a shift in expectations. Investors are now reassessing the true strength of the recovery.


    Why it matters: This sizable job revision changes the narrative around the U.S. economy. A slower labor market may indicate reduced consumer spending, softening business confidence, and rising pressure on households. For the Federal Reserve, the update complicates its interest rate outlook. Previously, strong jobs data had justified keeping rates higher for longer. But with key voices like JPMorgan CEO Jamie Dimon warning the economy is weakening, the Fed may feel compelled to adjust course. Markets are already expecting rate cuts in the remaining three meetings this year. For investors, this could boost bonds and rate-sensitive equities but may also reflect deeper growth concerns. The discrepancy in employment data also raises questions about the reliability of real-time economic indicators.

    What’s next: All eyes now turn to inflation reports due this week. The Bureau of Labor Statistics will release the Producer Price Index (PPI) on Wednesday, followed by the Consumer Price Index (CPI) Thursday. Both are expected to show ongoing price pressures. According to analysts, this will test whether the Fed can justify a rate cut without appearing too dovish amid rising costs. Market volatility may increase as investors weigh softening job growth against stubborn inflation. Additionally, corporate earnings calls will be scrutinized for hiring outlooks and demand signals. The next Fed meeting will be crucial, with investors looking for clear signals about policy direction. Revisions like this can also affect political narratives heading into an election year, especially on job creation claims.


    🧭 Policy & Market Ripples

    • Trump Tariffs Face Supreme Court Test: November case on 10-50% global tariffs could redefine executive trade powers amid state and business pushback. → Finance Monthly
    • Fed Rate Cut Hopes Lift Real Estate: Stocks Settle Higher on Hopes of Accelerated Fed Rate Cuts. → Nasdaq
    • US Jobs Data Revised Down 911K: BLS benchmark revision slashes job count, raising odds of Fed rate cuts soon. → Seeking Alpha

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    Yesterday, 91% of you chose the right answer to the trivia question: The profit earned when an investment is sold for more than it was purchased


    Empty pockets never held anyone back. Only empty heads and empty hearts can do that
    — Norman Vincent Peale
    Thanks for joining me today. Remember that saving, is more important than spending.

    Stay Strong,
    Fredrick Frost
    Editor, MorningBullets

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