IXIC: Nasdaq Composite Futures Pop as Bargain Hunters Seek to Recoup Steep Friday Losses

Trump may have fired the chief of job counting due to a few bad prints — but does that mean job numbers will go up now?

📈 Futures Rebound After Bruising Week

• Futures contracts tied to the Nasdaq Composite IXIC climbed 0.4% early Monday, while S&P 500 futures rose 0.3% and Dow futures added 150 points, as traders hunted for bargains after Friday’s nosedive.
• The S&P 500 sank 2.4% last week — its worst since May. The Dow was hit harder, down 2.9%, its steepest weekly loss since early April. The Nasdaq dropped 2.2% on Friday alone. All Mag 7 members were in the red with Amazon leading the pack, shedding 8.3% after a disappointing earnings report.
• The pre-market bounce Monday morning suggests that despite the chaos, investors still view tech and growth names as buy-the-dip opportunities— or at least due for a short-term upswing.

👷‍♂️ Trump Fires BLS Chief Over Weak Jobs Data

• So what happened last week that spooked markets? On Friday, President Trump ordered the firing of the Bureau of Labor Statistics chief, Erika McEntarfer, just hours after the July jobs report landed well below expectations.
• “We need accurate Jobs Numbers,” Trump posted, claiming the 73,000-job print was “rigged” to hurt Republicans “and ME” — though he provided no evidence.
• The July number missed estimates by a mile, and revisions for May and June erased 258,000 jobs in total. Apparently, that was too much for the White House to stomach.

🗓️ Markets Eye New Data with Skepticism

• After Friday’s dismal readout and Trump’s public tantrum, traders and investors are questioning what job numbers even mean heading into the fall.
• With Fed policy hanging in the balance, weaker job growth strengthens the case for a rate cut — potentially as soon as September. But mixed signals and political noise complicate the picture.
• Add it all up, and this week could see elevated volatility as traders dissect what’s real, what’s noise, and what the Fed is likely to do about it. Fortunately, the week ahead is quiet on the economic front with no huge market-moving events scheduled in.