NYSE Content Advisory: Pre-Market Update and Lynn Martin announced as a jury president for Money20/20's global fintech awards
Kristen Scholer delivers the pre-market update on April 2nd
SmartStop Self Storage (NYSE:SMA), the operator of self-storage facilities in the United States and Canada, is debuting today on the New York Stock Exchange.
While IPOs and President Donald Trump's tariffs remain in the spotlight, economic data this week is also ramping up with the ADP private payrolls figure showing economists anticipated 120,000 jobs were added last month up from 77,000 jobs in February.
This morning, Money20/20 named NYSE President Lynn Martin as the diamond category jury president for The Money Awards, its inaugural global awards to recognize the companies shaping the future of financial services.
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Fox News
24 minutes ago
- Fox News
World leader who took swipe at Trump over tariffs appears to cozy up to China
Brazilian President Luiz Inácio Lula da Silva declared his country open to foreign companies at the inauguration of Chinese automaker GWM's factory in São Paulo. The remarks come as Brazil faces steep U.S. tariffs, which Lula has repeatedly denounced. By making the statement at a Chinese factory opening, Lula signaled a possible pivot further away from Washington and toward Beijing. "Count on the Brazilian government. Whoever wants to leave, leave. Whoever wants to come, we welcome you with open arms," Lula said at the ceremony, according to Reuters. The news agency also reported he criticized President Donald Trump's tariffs as "unnecessary turbulence." Both Brazil and China face tariffs, though at different levels. China's tariffs, once as high as 145%, now stand at 30% but could rise if Beijing and Washington fail to reach a deal. Brazil, meanwhile, is facing a 50% tariff on its goods. Lula and Chinese President Xi Jinping, both BRICS leaders, spoke earlier in the week ahead of the factory's opening. The call followed Lula's comments to Reuters that he planned to raise the issue of responding to U.S. tariffs with fellow BRICS leaders. On Wednesday, the Brazilian government unveiled an aid package for companies hurt by U.S. tariffs. According to Reuters, the package focused on credit lines for exporters and government purchases of products struggling to find new markets. The U.S. tariffs on Brazil are expected to impact the coffee, beef, seafood, textiles, footwear and fruit industries, Reuters reported. Earlier this month, Lula told Reuters he was willing to talk to Trump but would not "humiliate" himself by trying to engage while the U.S. president "doesn't want to talk." However, Trump has said that Lula is free to "talk to me anytime he wants." Tensions between the two leaders extend beyond tariffs into politics. The Trump administration has lambasted Brazil's treatment of former President Jair Bolsonaro, who is under house arrest. Trump commented on the situation in an executive order in which he denounced Brazil's "politically motivated persecution, intimidation, harassment, censorship, and prosecution" of Bolsonaro. Lula told Reuters that Brazil's Supreme Court "does not care what Trump says, and it should not." He also reportedly said that Bolsonaro was a "traitor to the homeland" who should face another trial for provoking Trump's intervention.
Business Insider
33 minutes ago
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‘This Is a No-Go Zone,' Says Top Investor About Figma Stock
Figma (NYSE:FIG) stock made a splash when it went public late last month, with shares tripling on their first day of trading. But the early euphoria has faded – the stock now trades about 31% below its day-one close. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Even so, the IPO was a significant milestone for the design platform, which counts roughly 13 million active users and has delivered steady revenue growth over the past two years, including a 41% jump in Q2 2025. Yet, impressive growth alone isn't enough to sway everyone. Top investor Michael Wiggins De Oliveira, who is among the top 3% of TipRanks' stock pros, warns that jumping on the bandwagon now could be a costly mistake. 'I don't see a clear enough inflection for Figma to maintain its pricing power or growth profile over the next few quarters to justify its current multiple,' Wiggins De Oliveira explains. While the investor acknowledges the 'impressive userbase' and rapid revenue growth, he points to concerns that weaken the risk-reward profile. Chief among them is the growing narrative that AI could erode Figma's competitive moat. With technological disruption moving at breakneck speed, Wiggins De Oliveira questions whether the company can sustain its pace of year-over-year growth. Competitors could introduce advances that replicate core features of Figma's platform, undermining its uniqueness. 'The company is up against a challenging narrative that AI could disrupt much of its underlying offering,' the investor adds, projecting that revenue growth could slow to 30%–35% annually. Beyond growth concerns, Wiggins De Oliveira also casts doubt on the quality of Figma's cash flow profile. While the company posted a notable swing to nearly $100 million in free cash flow in Q1 2025, the investor cautions that the figure may have been flattered by one-off factors tied to its IPO filing. Stripping those out, he estimates sustainable annual free cash flow closer to $250 million at best – a figure that, when set against its market cap, leaves FIG trading at an expensive ~160x forward free cash flow. 'Outperformance comes from patience and picking your spots – and for me, FIG just doesn't make the cut,' concludes Wiggins De Oliveira, who rates FIG a Sell. (To watch Michael Wiggins De Oliveira's track record, click here) For now, FIG is too new to have analyst ratings, but with its IPO, early volatility, and high-profile debate, Wall Street attention is likely to grow in the months ahead. (See FIG stock analysis) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights.
Yahoo
an hour ago
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Shock jobs report stirs recession fears: 5 takeaways
The disappointing July jobs report threw a bucket of cold water on an economic outlook that appeared to be holding up surprisingly well despite President Donald Trump's high import tariffs, immigration crackdown and widespread federal layoffs. Not only did employers add a disappointing 73,000 jobs – well below the 105,000 expected – but payroll gains for May and June were revised downward by a whopping 258,000. That left May's additions at 19,000 and June's at 14,000, the weakest performance since the nation was climbing out of the COVID-19 recession in December 2020. By late afternoon Aug. 1, Trump announced he ordered the firing of Erika McEntarfer, the U.S. commissioner of Labor Statistics. The president in a social media post accused McEntarfer of manipulating figures for "political purposes," though he did not provide any evidence. In early afternoon trading, the Dow Jones Industrial Average was down about 607 points and the benchmark S&P 500 index was off 1.5% Over the past three months, the economy has averaged just 35,000 employment gains. Here are a few takeaways: This was no blip The poor showing likely wasn't an outlier that will be followed by a resumption of healthy job gains in the months ahead, economists said. Consumers have reined in their spending somewhat, amid worries about Trump's tariffs pushing up prices, and are pulling back on travel and recreational activities. As more of the import charges hit store shelves, Americans will likely restrain their outlays further, Pantheon Macroeconomics wrote in a note to clients. That should translate into weaker job gains, especially in sectors such as manufacturing, retail, trucking and warehousing, the research firm said. And on July 31, Trump escalated his global trade fight with a sweeping new round of import levies. Meanwhile, executives' confidence in the business outlook has been shaken in recent months by the tariffs – which are squeezing profit margins – and that's expected to spell a more pronounced decline in business investment, Pantheon said. 'Sadly, employment appears set for a further summer slowdown as firms, facing renewed cost volatility from escalating trade tensions, remain focused on managing labor costs through reduced hiring, performance-based layoffs, restrained wage growth, and lower entry-level wages,' Gregory Daco, chief economist of EY-Parthenon, wrote to clients. Also, after the Supreme Court recently lifted a stay on mass federal layoffs, 'the decline in federal employment likely will gather more momentum over the coming months,' Pantheon said. The Labor Department has tracked 84,000 federal job losses this year, but the number of buyouts and job cuts announced was much larger. Hiring across the economy hit a 12-month low in June, Labor Department figures show. Will there be a recession in 2025? The dreaded word has slipped back into the conversation after fading the past couple of months as Trump delayed many tariffs and reached deals with several countries. 'To me, today's jobs report is what entering a recession looks like,' Josh Bivens, chief economist of the left-leaning Economic Policy Institute, said in a statement. 'Could we pull up? Sure. But if we look back and end up dating an official recession that starts 3-6 months from now, this is what it would look like today – rapid softening/deterioration in the labor market.' A recession now appears 'very, very likely' unless Trump lowers the tariffs by Labor Day, said Mark Zandi, chief economist of Moody's Analytics. Could a skidding economy and stock market lead Trump to reverse course? A darkening economic outlook and tumbling stock market could well prompt Trump to try to soften the import fees, Zandi said. 'He's going to try to pull it back,' he said. But if he doesn't act before Labor Day, 'It will be too late,' Zandi said, adding the duties will start to ripple too dramatically into retail prices and consumer and business sentiment for the effects to be undone. A September fed rate cut likely At a July 30 news conference following the Fed's decision to hold rates steady for a fifth straight meeting, Fed Chair Jerome Powell described the labor market as solid and balanced. He also said officials would focus primarily on the unemployment rate as they decide whether to lower rates in September. The jobless rate edged up to 4.2% in July. It's still historically low because Trump's immigration constraints, particularly deportations, shrank the labor force – the pool of people working or looking for jobs – even as demand for employees has waned. In other words, the supply of job seekers has contracted at the same time hiring has declined, keeping the unemployment rate roughly stable. But Morgan Stanley suggested the feeble job gains of the past three months would spur the Fed to act in September despite stable unemployment. 'The slower payroll pace keeps downside risks elevated and a September cut on the table,' Morgan Stanley said in a research note. Fed fund futures markets are now putting the chances of a September rate decrease at 85%, up from 45% after Powell's July 30 remarks. AI is starting to crimp job gains Professional and business services shed 14,000 jobs in July and payroll gains in the sprawling white-collar sector have been stagnant for more than two years. July's showing included job losses in computer and technical roles. Staffing executives say companies are replacing many entry-level information technology workers with artificial intelligence. 'It is happening,' Goldman Sachs chief economist Jan Hatzius said on CNBC after the release of the July jobs report. 'This is not the main thing driving the labor market... But we're seeing early signs.' (This story was updated to add new information) This article originally appeared on USA TODAY: July jobs report takeaways: Weakening labor market, recession fears Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
