MARKET WRAPS
STOCKS: Stocks rose after weak jobs data eased rate-hike fears.
TREASURYS: Treasury yields fell after the report of the unexpected drop in July payrolls.
FOREX: The U.S. dollar fell as traders retreated from rate-hike bets.
COMMODITIES: Oil futures rose, but finished the week with significant losses amid hopes for a deal to reopen the Strait of Hormuz.
HEADLINES
U.S. Lost 23,000 Jobs in July, While Unemployment Ticked Lower
The U.S. labor market shed jobs in July, an unexpected contraction
likely to renew questions about the economy's fundamental strength at a
time when it is also facing elevated inflation.
The Labor Department's July jobs report showed that the economy lost
23,000 jobs last month, a big shortfall versus the gain of 83,000 that
economists surveyed by The Wall Street Journal had expected. Revisions to
May and June payrolls numbers showed that the economy added 103,000 fewer
jobs in those two months.
More Americans stepped back from the labor market entirely, according
to the Labor Department's separate monthly survey of households. As a
result, the unemployment rate eased to 4.1%, from 4.2% in June, even
though fewer people were working.
FAA Orders Inspections of Hundreds of Boeing 737 MAX Jets Over Possible
Cracks
The Federal Aviation Administration has ordered the inspections of
Boeing 737 MAX jets for cracks in the body of the aircraft, among the
latest quality issues to affect the plane maker.
Cracks were found on some 737 models in a structural reinforcement
around one of the plane's doors, the agency said.
The FAA directive published Thursday applies to 471 jets in the U.S.,
covering certain Boeing 737 MAX 8, 737 MAX 9 and 737-8200 models. So far,
no cracks have been reported on the newer model planes, Boeing said. But
airlines are expected to follow a schedule for inspections and make
immediate repairs if any cracks are found.
Trump Revives Attempt to Fire Fed Governor Lisa Cook
WASHINGTON-President Trump is reviving his attempt to fire Federal
Reserve governor Lisa Cook, pressing her to respond to allegations of
mortgage fraud that Cook has called baseless.
A top aide to Trump sent a letter this week to Cook saying the
president was "considering removing you from your position" based on the
allegations and asking her to provide a written response by the end of
August.
The Supreme Court in June blocked Trump from firing Cook without
meaningful legal scrutiny. The White House's letter appears to be an
attempt to fire her in a way that will meet the legal standard the court
outlined.
Wendy's Withdraws Outlook, Slashes Dividend as Turnaround Struggles to
Take Hold
Wendy's withdrew its outlook and slashed its quarterly dividend, as
the company's turnaround struggles to pick up steam.
"We are not performing at our potential," Chief Executive Bob Wright
said on a call with analysts Friday. "Our quality differentiation has
eroded, our value proposition has weakened, and we have not consistently
delivered the experience customers expect from Wendy's."
Wright returned to the fast-food chain earlier this year, becoming its
third top executive in as many years. In the role, he will helm a
turnaround that aims to improve the company's reputation and attract new
customers, after operational missteps in recent years have weighed on
traffic and pressured earnings.
Dream Finders to Buy Beazer for $915 Million
Dream Finders Homes inked a deal to buy Beazer Homes for about $915
million, following several months of talks.
The homebuilder said Friday that it agreed to acquire Beazer in an
all-cash transaction, and would pay $33.50 for each share of the
company's common stock.
The deal values Beazer at about $2.2 billion, including debt, Dream
Finders said. The deal has an equity value of about $915 million, based
on Beazer's 27.3 million outstanding shares, according to FactSet.
The Hottest App in Retail Is Now Worth $20 Billion
Fast-growing shopping app Whatnot is now valued at $20 billion, nearly
double the $11.5 billion valuation it hit in October, after a new round
of funding from investors eager to bet on its live-shopping format.
The company raised $545 million in the new fundraising round,
according to a company statement. Whatnot has now raised roughly $1.5
billion since its founding in 2019.
The Los Angeles-based company runs a marketplace where sellers host
live video auctions, hawking sports cards, clothes, slime and plants to
viewers who bid in real time. Whatnot takes a cut of each sale.
Co-founders Grant LaFontaine and Logan Head started the business in 2019
and soon began selling Funko Pop figures on their own stream.
Take-Two Logs Higher Sales but Loss Widens
Take-Two Interactive Software recorded higher sales in its fiscal
first quarter but losses widened due to discontinued development of a
title in its pipeline.
The video-game company on Friday posted a loss of $34.1 million, or 18
cents a share, compared with a loss of $11.9 million, or 7 cents a share,
a year earlier. Analysts expected a loss of 20 cents a share, according
to FactSet.
The wider loss was partly the result of a $43.4 million impairment
charge related to Take-Two's decision not to proceed with further
development of an unannounced title in its pipeline from a third-party
developer, the company said.
Ford Plans a Four-Door Version of Mustang
Ford Motor has told car dealers it intends to produce a four-door,
gas-powered version of the Mustang for the first time, adding a variant
to the "pony car" that has sold in the millions since 1964, according to
people familiar with the matter.
The four-door Mustang was shown at a dealer event this week, the
people said. It could go on sale before the close of this decade and
resembles the current two-door Mustang, one of the people said. Two of
the people said the car would have hybrid power; one of the people said
it would be a hybrid V-8.
"We do not comment or speculate about future products," a Ford
spokesman said.
Under Armour Lowers Revenue Outlook on Soft Demand
Under Armour cut its revenue outlook for the year, hurt by a
persistently challenging consumer environment that has dampened demand
for its products.
The sportswear brand said Friday that traffic trends weakened as the
latest quarter progressed, especially in North America and the
Asia-Pacific region, prompting the company to step up its promotional
efforts.
"Given what we're seeing today, we've taken a more cautious view of
revenue for the balance of the year," Chief Executive Kevin Plank said on
a call with analysts.
TALKING POINT Private-Equity Firms Eager for Exits Pounce on Hot IPO Market
Private-equity firms are struggling to find buyers for their portfolio companies, but a hot market for IPOs is giving them another way out.
More sponsors are considering taking their portfolio companies public, an exit route that is often a fallback option. Firms generally dislike the messy, prolonged mechanics of exiting the investment, along with the risk of falling share prices.
Now that path is looking a lot more attractive, especially with firms under pressure to deliver payouts to institutional and wealthy investors, also known as limited partners.
While the June offering of Elon Musk's SpaceX grabbed the biggest headlines, the broader IPO market is heating back up after a mostly quiet stretch, driven by demand in industries such as artificial intelligence, aerospace and defense. A range of private equity-owned companies have gone public lately too, including Jersey Mike's, apparel brand Reformation and data-center company Csquare.
"Now that the public markets are finally open, private-equity firms are more than happy. If their company's ready to go, they'll do it," said Sash Rentala, head of financial sponsors at investment bank Solomon Partners.
There have been 21 U.S.-listed IPOs of private equity-backed companies this year through Aug. 5, the most since 2021, according to Dealogic. That compares with 20 in all of 2025 and 16 the year before. Blackstone President Jonathan Gray declared 2026 the "year of the IPO" on the firm's earnings call earlier this year.
An IPO doesn't mean the firm cashes out on opening day. Underwriters mandate lockup periods, meaning it takes a minimum of six months, and often years, for the sponsor to fully sell down their shares. Still, it is a way to deliver returns to investors.
--Mark Maurer, The Wall Street Journal
Expected Major Events for Monday 04:30/JPN: Jul Corporate Insolvencies
05:00/JPN: Jul Economy Watchers Survey
14:00/US: Jul Employment Trends Index
23:01/UK: Jul BRC-KPMG Retail Sales Monitor
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Expected Earnings for Monday 4D Molecular Therapeutics Inc (FDMT) is expected to report $-1.03 for 2Q.
Accendra Health Inc (ACH) is expected to report $-0.30 for 2Q.
Airsculpt Technologies Inc (AIRS) is expected to report $0.01 for 2Q.
Americas Gold & Silver Corp (USA.T,USAS) is expected to report for 2Q.
Apogee Therapeutics Inc (APGE) is expected to report $-1.07 for 2Q.
ArriVent BioPharma Inc (AVBP) is expected to report $-0.99 for 2Q.
Axsome Therapeutics Inc $(AXSM)$ is expected to report $-0.89 for 2Q.
Barrick Mining Corp (ABX.T,B) is expected to report for 2Q.
Biohaven Ltd $(BHVN)$ is expected to report $-0.76 for 2Q.
Boundless Bio Inc (BOLD) is expected to report for 2Q.
CEVA Inc $(CEVA)$ is expected to report $-0.12 for 2Q.
California Resources Corp $(CRC)$ is expected to report $1.37 for 2Q.
Ceco Environmental Corp $(CECO)$ is expected to report $0.24 for 2Q.
Conduent Inc (CNDT) is expected to report $-0.23 for 2Q.
Dynacor Group Inc (DNG.T) is expected to report for 2Q.
GCM Grosvenor Inc $(GCMG)$ is expected to report $0.17 for 2Q.
Heron Therapeutics Inc $(HRTX)$ is expected to report $-0.01 for 2Q.
International Seaways Inc (INSW) is expected to report $5.54 for 2Q.
K92 Mining Inc (KNT.T) is expected to report for 2Q.
LB Foster Co $(FSTR)$ is expected to report $0.41 for 2Q.
Lincoln Educational Services Corp $(LINC)$ is expected to report $0.00 for 2Q.
Medical Properties Trust Inc (MPT) is expected to report $0.00 for 2Q.
Motorcar Parts of America Inc (MPAA) is expected to report $0.21 for 1Q.
N-able Inc $(NABL)$ is expected to report $0.02 for 2Q.
OPAL Fuels Inc (OPAL) is expected to report $-0.03 for 2Q.
Outdoor Holding Co $(POWW)$ is expected to report $-0.01 for 1Q.
PowerFleet Inc $(AIOT)$ is expected to report $-0.02 for 1Q.
Protara Therapeutics Inc $(TARA)$ is expected to report $-0.33 for 2Q.
Quanterix Corp (QTRX) is expected to report $-0.47 for 2Q.
Sonida Senior Living Corp (SNDA) is expected to report $-0.48 for 2Q.
Surgery Partners Inc (SGRY) is expected to report $-0.08 for 2Q.
TPG Mortgage Investment Trust Inc $(MITT)$ is expected to report $0.29 for 2Q.
Target Hospitality Corp (TH) is expected to report $-0.10 for 2Q.
Telos Corp $(TLS)$ is expected to report $-0.02 for 2Q.
Theriva Biologics Inc (TOVX) is expected to report for 2Q.
Tonix Pharmaceuticals Holding Corp $(TNXP)$ is expected to report for 2Q.
Veru Inc $(VERU)$ is expected to report for 3Q.
Village Farms International Inc (VFF,VFF-T) is expected to report for 2Q.
enCore Energy Corp (EU.V) is expected to report for 2Q.
inTEST Corp $(INTT)$ is expected to report $0.04 for 2Q.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
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