Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The jobs report beat expectations. The US economy added 209,000 jobs in July while the unemployment rate returned to a 16-year low of 4.3%, the Labor Department said in a report Friday. The dollar is flying.
President Trump took to Twitter to celebrate the numbers. “Excellent Jobs Numbers just released – and I have only just begun,” Trump said.
The thing is, the job gains seen since Trump’s inauguration are similar to the trend that began years ago. The jobs report numbers that came in over the first seven months of Trump’s presidency don’t paint a picture of any so-called “Trump bump.”
As Michael Feroli, chief economist at JPMorgan, put it, the July report was another example of “boring stability,” not dynamic growth.
In hedge fund news, ‘cryptocurrency mania’ burned a hedge fund run by Carlson Capital that was betting against chipmakers. Billionaire activist Bill Ackman is trying to shakeup ADP, his latest target.
In markets news, GoPro is taking off after earnings were released. Trump and Yellen could derail the stock market’s hottest trade. And Walmart is on track to break its 11-day winning streak.
In tech news, Business Insider’s Alex Heath has the scoop about how Google was interested in buying Snap for at least $30 billion last year.