Morning Brief Jobs miss, Fed cut bets surge, Musk’s $1T payday
A weaker-than-expected August jobs report cements expectations for a September Fed rate cut, with just 22,000 jobs added versus forecasts for 75,000. Bond yields tumble, the dollar sinks, and gold rallies to record highs as traders weigh the labor market slowdown. Broadcom (AVGO) jumps after topping estimates and revealing a $10B custom chip deal with a new client, while President Trump warns of “substantial” chip tariffs but exempts Apple (AAPL) for expanding US production. Tesla (TSLA) unveils a proposed $1 trillion pay package for CEO Elon Musk tied to ambitious milestones including robotaxis, AI, and boosting market cap to $8.5T. Meanwhile, Lululemon (LULU) slashes guidance, Figma (FIGM) plunges on weak revenue outlook, and Samsara (IOT) soars after raising its full-year forecast.
Takeaways:
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August jobs report falls short, boosting odds of a September Fed cut
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Broadcom surges on record results and $10B chip customer win
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Trump warns of new semiconductor tariffs, Apple spared
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Tesla proposes unprecedented $1T Elon Musk pay package
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Lululemon slumps, Figma sinks, Samsara rallies on earnings
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