Hello Capitalists,

Here’s everything you need to be following today:

• 2024 job revisions uncover huge Biden & Powell failure

• Trump’s push for interest rate cuts vindicated

• Vance trashes Bureau of Labor Statistics “Useless”

• There is now a Christian ETF for evangelical investors

• Microsoft’s latest AI deal causes a huge surge

• Meta sued over Whatsapp data scandal

• UAW is furious at Hyundai after ICE raid

Today’s markets:

• DOW: 45612.75 (⬆️0.21%) - ✅

• S&P: 6502.77 (⬆️0.12%) - ✅

• NASDAQ: 21831.63 (⬆️0.15%) - ✅

• CBOE VIX Volatility Index: $15.16 (⬆️0.33%) - ⚠️⬆️

Biden and Powell covered up nearly a million job losses: report

Just-released revised annual job numbers have exposed the scale of economic downturn during Joe Biden’s administration, overseen by as well by Fed Chair Jerome Powell.

The revised numbers slashed 911,000 jobs from initial estimates from March 2024 ro 2024 before March 2025, signaling alarming economic weakness.

• Largest Revision Since 2009: The downward revision, including updated business data, marks the biggest adjustment since the Great Recession, reflecting a weaker labor market than previously thought.

• Sector-Specific Job Losses: Leisure and hospitality, professional services, and retail faced the largest cuts, with reductions of 176,000, 158,000, and 126,200 jobs, respectively, while government jobs fell by 31,000.

• Political Heat on BLS: The revisions intensify scrutiny on the Bureau of Labor Statistics, already criticized by the White House, following Trump’s firing of Commissioner Erika McEntarfer after July’s weak report.

• Fed Faces Rate Pressure: The updated data will add serious weight to President Trump’s calls for Federal Reserve rate cuts, with traders now expecting at minimum a quarter-point reduction in September to address the softening labor market.

• President Trump just prior to the release of the numbers quoted Greg Faranello on Fox Business in a Truth Social post taking a swipe at the handling of monetary policy by the Federal Reserve chair Jerome Powell:

  Trump wrote:

  “If the Fed had followed what we published, they would have raised rates in early 2021. The entire Organization is broken. It needs to be fixed. They need to use modern sources of information.We strongly disagree with Ken Griffin. We think Incompetence is more important than to defend theoretical independence. He (“Too Late!”) has done a terrible job since he adapted a two target? It’s too low, it’s too rigid, they followed Data that’s years delayed. They don’t believe that money supply matters, it’s like the Pope not believing in Jesus. We think that’s a much bigger problem than this notion that they are dependent, or they’re not independent.” Jay Hatfield Infrastructure Capital Advisors, CEO & CIO, on Maria B. “Chair Powell was late to raise rates, they need to come down here, there’s no question about it. He’s dragging his feet. The Feds going to come down here 50, 75, Maybe 100.” Greg Faranello, American Securities on Maria B.

• Swift Response: Vice President J.D. Vance, Treasury Secretary Scott Bessent, Conservative pundit Scott Jennings and the financial outlet Zerohedge posted scathing commentary about the Bureau of Labor Statistics and the handling of the economy under Biden as well as Powell’s interest rate policy.

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Christian Values comes to Wall Street with faith-aligned investment options

Bountiful Financial and S&P Dow Jones Indices launched the S&P 500 Christian Values Screened Index on September 8, 2025, empowering evangelical investors to align portfolios with their beliefs by screening out companies tied to abortion, gambling, and tobacco.

• S&P Collaboration Yields Index: Bountiful Financial partnered with S&P Dow Jones Indices after a year of collaboration to create a tailored index for evangelical Christian investors.

• Screens Exclude Controversial Industries: The index filters out S&P 500 companies involved in activities like stem cell research, adult entertainment, and violent video games.

• ETFs Planned for Launch: Bountiful Financial and S&P plan to introduce ETFs based on the Christian values index later in 2025.

• Expands Faith-Based Offerings: Bountiful Financial builds on prior Roman Catholic and Latter-Day Saints index funds, broadening faith-aligned investment options.

After huge Microsoft AI deal, Neibus shares surge 40%

AI manufacturer Nebius Group's stock surged 40% Tuesday after securing a $17.4 billion deal to supply Microsoft with AI infrastructure, highlighting booming demand for GPU-powered cloud computing.

• Massive Contract Value: The five-year agreement with Microsoft, potentially worth $19.4 billion, includes $2 billion in optional services, boosting Nebius’ revenue visibility through 2031.

• Strategic U.S. Expansion: Nebius, formerly Yandex NV, will deliver Nvidia GPU resources from its new Vineland, New Jersey data center, starting later this year.

• Market Confidence Soars: The deal validates Nebius’ AI infrastructure strategy, with shares doubling in 2025, reflecting strong investor optimism in its growth potential.

• Competitive Landscape Shifts: The pact lifts rival CoreWeave’s stock by 8%, signaling robust industry demand for AI computing resources amid a global tech race.

Whistleblower claims Meta engineers had unrestricted access to user data

A former Meta employee sued the tech giant Monday, alleging WhatsApp’s cybersecurity failures, including unrestricted data access by 1,500 engineers, endangered user privacy, prompting a fierce rebuttal from Meta.

• Unrestricted Data Access: Approximately 1,500 WhatsApp engineers could access sensitive user data, like contact info and IP addresses, without oversight, violating a 2020 FTC privacy settlement.

• Retaliation Against Whistleblower: Attaullah Baig, WhatsApp’s former security head, faced negative performance reviews and termination after reporting security issues to Meta’s leadership, including CEO Mark Zuckerberg.

• Inadequate Security Measures: WhatsApp lacked a 24-hour security operations center and systems to track data access, posing regulatory compliance risks, according to Baig’s lawsuit filed in California.

• Meta Disputes Claims: Meta denied the allegations, calling them distorted and emphasizing their commitment to user privacy, while downplaying Baig’s role and alleging poor performance led to his firing.

UAW Union is furious with Hyundai after ICE Bust

The United Auto Workers union blasted Hyundai’s “disgraceful” safety record after a federal immigration raid detained 475 workers, mostly subcontractors, at a Georgia battery plant, spotlighting hazardous conditions and labor exploitation.

• Three Worker Deaths: UAW reports three workplace fatalities at Hyundai facilities in two years, criticizing the company’s lax safety standards and inadequate worker protections.

• Subcontractor Labor Issues: Most detained workers were from subcontractors, not Hyundai directly, raising concerns about oversight and reliance on exploited immigrant labor.

• Union Demands Action: UAW calls for federal investigations by OSHA and NLRB to enforce stricter safety measures and protect workers’ rights at Hyundai plants.

• Immigration Raid Fallout: The raid, detaining 300 South Korean workers, has strained U.S.-South Korea relations, with Seoul negotiating their release and return.