Market Shrugs Off Record Jobs Revision Amid Dimon’s Warning; Apple Unveils iPhone 17 Series

On Tuesday, major stock indices, including the S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ), closed in positive territory, defying a significant downward revision in jobs growth and a cautionary outlook from JPMorgan CEO Jamie Dimon. The Bureau of Labor Statistics announced a record-breaking revision, cutting new jobs growth for the year ended March 2025 by 911,000, far exceeding expectations. This marks the largest percentage revision since 2009, adding to growing concerns about the strength of the labor market.

JPMorgan’s Jamie Dimon, speaking on CNBC, expressed his view that the economy is weakening, and suggested the Federal Reserve is likely to lower rates at its upcoming September 16-17 FOMC meeting. However, JPMorgan Global Head of Market Intelligence Andrew Tyler warned that a rate cut could become a ‘Sell the News’ event, as investors might pull back amidst macro data scrutiny, potentially stretched positioning, and waning retail investor participation. Treasury Secretary Scott Bessent also weighed in, agreeing with the sentiment that high interest rates are stifling economic growth.

Separately, Apple (AAPL) shares closed lower following the highly anticipated reveal of its new iPhone lineup. The tech giant debuted the iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, and introduced the first-ever iPhone Air. Starting at $999, the iPhone Air is Apple’s thinnest smartphone to date at 5.6 mm, featuring a 6.5-inch Super Retina XDR display, an A19 Pro chip, and a titanium frame.

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