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J. Edward Moreno

Trump fires BLS commissioner over disappointing jobs report

President Trump said Friday that he directed his team to fire Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, after the agency released jobs numbers that were below Wall Street’s expectations and painted a subpar picture of the US economy.

The BLS reported nonfarm payrolls coming in at 73,000 in July, less than the expected 104,000, and issued major downward revisions to the prior two months. The data, along with tariffs and some disappointing earnings in megacap stocks, sent major indexes sliding.

A spokesperson for the BLS confirmed McEntarfer was terminated on Friday and said Deputy Commissioner William Wiatrowski will serve as acting commissioner.

Trump accused McEntarfer of fudging the numbers to undermine him and bolster Democrats, but did not provide any evidence. The president has recently lauded positive jobs reports released during McEntarfer’s tenure. The weak jobs numbers for July come as the administration has sought to fend off criticisms of how its shifting trade policies have impacted the economy.

“I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY,” Trump wrote on his social media platform, Truth Social. “She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can’t be manipulated for political purposes.”

Update (August 1, 4:25 p.m. ET): Updated with confirmation from BLS of McEntarfer’s termination.

Update (August 1, 4:25 p.m. ET): Updated with confirmation from BLS of McEntarfer’s termination.

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Amazon just matched its longest losing streak in 20 years

Amazon shares marked their ninth straight day of losses — the company’s longest losing streak since 2006.

The milestone follows a fourth-quarter earnings miss, downbeat guidance, and a plan to spend a whopping $200 billion on capital expenditure this year.

Amazon is hoping that by spending big on AI infrastructure now, it will reap rewards from the technology later. Investors aren’t so sure.

Interestingly enough, the current situation sounds quite similar to the one Amazon was in two decades ago. Back then, Amazon endured a similar stretch as it was upping spending on tech and an online toy store — moves that would eat into its profits.

At the time, an asset manager told Bloomberg, “They want to capture as many eyeballs as they can on the Internet and be the go-to place on the Internet, but that’s costing them earnings, at least right now.”

Sound familiar? In case you’re wondering, Amazon stock has risen 14,849% since that quote.

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Rivian is on pace for its best-ever trading day as analysts dig into Q4 results

EV maker Rivian is on track to log its best trading day on record Friday, as investors pour in following its fourth-quarter earnings report and 2026 guidance and analysts issue bullish appraisals of the shares.

Rivian shares are up more than 30% on Friday afternoon, easily surpassing its previous best trading day, which came in January 2025.

“We continue to remain confident in the long-term vision that RIVN is amid a massive transformation,” Wedbush Securities’ Dan Ives wrote in a fresh note on Friday. The firm maintained its $25 price target and “outperform” outlook and said that the launch of Rivian’s upcoming lower-cost SUV, the R2, is “crucial.”

Rivian received upgrades from Deutsche Bank (to “buy” from “hold”) and UBS (to “neutral” from “sell”) following its results.

On its Thursday earnings call, Rivian said it expects its delivery volume of its existing vehicle lineup to land “roughly in line with... 2025 total volumes.” Given the automaker’s full-year delivery guidance, that statement implies 2026 R2 deliveries to land between 20,000 and 25,000 units.

Self-driving features also appear to be boosting investor optimism. On Thursday’s earnings call, CEO RJ Scaringe said the company would enable “point-to-point” driving in its vehicles later this year. In a podcast interview released Thursday, Scaringe predicted that by 2030, it will be “inconceivable to buy a car and not expect it to drive itself.” Rivian is targeting “a little sooner than that,” he added.

Rivian shares are also likely benefiting from something of a snapback: before the release of its Q4 results, Rivian shares had been hammered recently, down 38% since their recent high in December.

Rivian climbs after posting better-than-expected Q4 results; sees R2 SUV hitting the market in Q2

Rivian climbs after posting better-than-expected Q4 results; sees R2 SUV hitting the market in Q2

“We continue to remain confident in the long-term vision that RIVN is amid a massive transformation,” Wedbush Securities’ Dan Ives wrote in a fresh note on Friday. The firm maintained its $25 price target and “outperform” outlook and said that the launch of Rivian’s upcoming lower-cost SUV, the R2, is “crucial.”

Rivian received upgrades from Deutsche Bank (to “buy” from “hold”) and UBS (to “neutral” from “sell”) following its results.

On its Thursday earnings call, Rivian said it expects its delivery volume of its existing vehicle lineup to land “roughly in line with... 2025 total volumes.” Given the automaker’s full-year delivery guidance, that statement implies 2026 R2 deliveries to land between 20,000 and 25,000 units.

Self-driving features also appear to be boosting investor optimism. On Thursday’s earnings call, CEO RJ Scaringe said the company would enable “point-to-point” driving in its vehicles later this year. In a podcast interview released Thursday, Scaringe predicted that by 2030, it will be “inconceivable to buy a car and not expect it to drive itself.” Rivian is targeting “a little sooner than that,” he added.

Rivian shares are also likely benefiting from something of a snapback: before the release of its Q4 results, Rivian shares had been hammered recently, down 38% since their recent high in December.

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