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(NEW YORK) — Weak jobs data came out hours before President Donald Trump fired the head of labor statistics. A report on gross domestic product indicated a slowdown of growth over the first half of the year. A sweeping round of tariffs hit nearly 70 countries.

These events — all since last week — prompted some analysts to warn of a recession and others to raise concerns about the political independence of gold-standard U.S. economic data.

The stock market, however, hardly blinked.

The tech-heavy Nasdaq has ticked up 0.4% since the end of trading last Tuesday, a day before the GDP report marked the first in a series of major developments. Over that same period, the S&P 500 has dropped 0.6%, while the Dow Jones Industrial Average has fallen 1.4%.

Despite mixed results, the indexes remain well above where they stood three months ago. The Nasdaq has surged 20% since May, while the S&P 500 has jumped 13%. The Dow has climbed 7% over that period.

Analysts who spoke to ABC News attributed investor optimism to robust corporate profits, the prospect of interest rate cuts at the Federal Reserve and an abiding expectation that Trump will not return to the steep tariffs initially rolled out in April.

The resilient stock market has generated a momentum of its own, some analysts added.

“The mindset of the market is to embrace risk because that brings rewards rather than losses — keep shrugging it off,” Steve Sosnick, chief strategist at trading firm Interactive Brokers, told ABC News. “That can paper over a lot of concerns.”

The economy added an average of about 35,000 jobs over three months ending in July, which marks a major slowdown from roughly 128,000 jobs added monthly over the prior three months, U.S. Bureau of Labor Statistics data on Friday showed. Employers are hiring at their slowest pace since 2020.

Two days earlier, fresh GDP data indicated average annualized growth of 1.2% over the first half of 2025, well below 2.8% growth last year.

Hours after the release of the jobs report on Friday, Trump fired BLS Commissioner Erika McEntarfer, an appointee of former President Joe Biden who was confirmed by a bipartisan vote in the Senate in 2024.

In a social media post, Trump volleyed sharp criticism and baseless accusations at McEntarfer, claiming without evidence that the data had been “manipulated.” The jobs report featured revisions of previous months’ data, which is a routine practice.

“Trump touted his economic performance in a social media post: “The Economy is BOOMING under ‘TRUMP’ despite a Fed that also plays games, this time with Interest Rates.”

McEntarfer did not immediately reply to ABC News’ request for comment.

“It has been the honor of my life to serve as Commissioner of BLS alongside the many dedicated civil servants tasked with measuring a vast and dynamic economy,” McEntarfer said in a social media post after her dismissal. “It is vital and important work and I thank them for their service to this nation.”

The major stock indexes fell markedly last Friday, suggesting concern among traders about the weak jobs report. Within days, however, stocks had largely recovered the losses.

Alongside mixed signals from the economy, a series of major companies have released strong earnings, indicating a resilient corporate bottom line. The list of high-performers includes tech giants like Meta and Microsoft, which account for a disproportionately large share of the S&P 500.

“The markets like to focus on earnings,” Ed Yardeni, the president of market advisory firm Yardeni Research and former chief investment strategist at Deutsche Bank’s U.S. equities division, told ABC News. “They’ve been pretty impressive considering some of the economic data has looked soft of late.”

The outlook for the economy remains uncertain, leaving open the possibility of continued growth and soaring stocks, some analysts said. The economy has largely averted the type of widespread job losses that often accompany a recession. Consumer spending, which accounts for about two-thirds of economic activity, ticked higher over three months ending in June.

If the economy sours, the Federal Reserve will likely move forward with interest rate cuts, buoying the market, Sosnick said.

“There’s a belief that there’s nothing better for the market than a rate cut,” Sosick added.

Still, the combination of elevated tariffs and sluggish hiring could hurtle the U.S. toward an economic double-whammy known as “stagflation,” in which the economy slows while prices rise.

Potential stagflation poses difficulty for the Fed. If the Fed raises interest rates as a means of protecting against tariff-induced inflation under such a scenario, it risks stifling borrowing and slowing the economy further. On the other hand, if the Fed lowers rates to stimulate the economy in the face of a potential slowdown, it threatens to boost spending and worsen inflation.

“There’s definitely a possibility the market is getting it wrong on inflation,” Jay Ritter, a professor of finance at the University of Florida, told ABC News.

For now, markets remain opportunistic about current gains, rather than wary of possible headwinds that may emerge in the coming weeks or months, Sosnick said.

“This market is preferring to deal with the here and now than deal with the conceptual,” Sosnick added.

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(WASHINGTON) — President Donald Trump called on the CEO of Intel, Lip-Bu Tan, to resign “immediately.”

“The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!” the president wrote on his social media platform.

Trump did not explain why Tan should resign, nor did he provide evidence for his allegation of a conflict of interest. But the post comes after Republican Sen. Tom Cotton raised concerns about Tan’s alleged ties to China.

“I write to express concern about the security and integrity of Intel’s operations and its potential impact on U.S. national security. In March 2025, Intel appointed Lip-Bu Tan as its new CEO. Mr. Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms. At least eight of these companies reportedly have ties to the Chinese People’s Liberation Army,” Cotton wrote in a letter to Intel Corporation’s Board of Directors Chairman Frank Yeary earlier this week.

Tan has served as Intel CEO since March. Previously, Tan spent 12 years as CEO of Cadence Design Systems, a San Jose, Calif.-based software and tech firm, according to Intel’s website.

Tan, who was born in Malaysia and raised in Singapore, is a founding managing partner of venture capital firm Walden Catalyst.

Shares of Intel fell more than 3% in midday trading.

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(NEW YORK) — OpenAI on Thursday released GPT-5, unveiling a new version of the artificial intelligence model that fuels popular chatbot ChatGPT. The product will be made immediately available to users, including customers who use the company’s cost-free options, OpenAI said.

The announcement comes days after the company said ChatGPT is set to reach 700 million weekly active users, up from 500 million just five months ago.

OpenAI CEO Sam Altman described GPT-5 as a “legitimate PhD expert in any area,” saying previous versions of the AI model amounted to college or high school students by comparison.

GPT-5 enables users to write computer programs, prepare party invitations and better navigate the health care system, Altman said.

“It is useful, it’s smart, it’s fast, it’s intuitive,” Altman said. “It’s an incredible superpower on demand, unimaginable at any other time in history.”

The latest version of the company’s AI model is the most accurate and reliable option available on the market, added Mark Chen, chief research officer at OpenAI.

“Language models historically have been plagued by hallucinations [and] factual errors. We made factuality a priority,” Chen said.

OpenAI has sought to release fresh products and upgrades since the November 2022 release of ChatGPT, which reached 100 million app users within two months. That performance set a record for the fastest-growing app user base.

In March 2023, Open-AI released GPT-4, before unveiling an updated GPT-4o two months later. The latter version reduced lag time for responses and allowed users to interrupt the chatbot with follow-up queries.

ChatGPT boasts a user base four times greater than it did last year, Nick Turley, OpenAI’s head of ChatGPT, said in a post on X on Monday.

“Every day, people and teams are learning, creating, and solving harder problems,” Turley said.

This is a developing story. Please check back for updates.

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(WASHINGTON) — President Donald Trump’s sweeping new tariffs finally took effect on Thursday, slapping levies on dozens of countries and risking price increases for a host of everyday goods.

Tariffs between 10% and 41% were applied to nearly 70 countries beginning at 12:01 a.m. Thursday, significantly expanding the reach of Trump’s confrontational trade policy.

“IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!” President Donald Trump posted shortly before midnight on his social media platform.

The tariffs arrived roughly a week after Trump delayed so-called reciprocal tariffs, opting to modify some levies.

Canada, a top U.S. trade partner, faces a 35% tariff. While Brazil, a key source of coffee, receives a 40% tariff which, when added on top of the 10% baseline tariff in the new order, means a 50% rate on the country’s imports to the U.S.

The countries facing the highest rates in the executive order are Laos and Myanmar at 40% and Syria at 41%.

India is hit with a 25% tariff in the order but that is expected to climb to 50% on Aug. 27. Trump on Wednesday said he was imposing the additional 25% levy as punishment for India’s decision to continue purchasing Russian oil throughout the Russia-Ukraine war.

There is an extended rollout for goods shipped into the country by vessel. As long as they are shipped by Aug. 7 and enter the U.S. by Oct. 5, they will not be subject to the new tariff rates.

The White House has said the rates were determined largely based on the trade deficit the U.S. has with those trading partners.

The new tariff rates resemble levies that were placed on more than 90 countries on April 2, though there are some differences.

Trump rolled out those so-called reciprocal tariffs in April, then delayed them, vowing to strike roughly 90 trade deals in 90 days. In early July, Trump delayed the tariffs again, setting a deadline of Aug. 1. A day before that deadline, he delayed them once again.

The new levies appear to add 15% tariffs on goods from several countries not initially included in the president’s “Liberation Day” executive order on April 2 — including Bolivia, Ecuador, Ghana and Iceland.

After the ‘Liberation Day” tariffs were unveiled and then delayed, Trump sent letters to leaders of roughly two dozen countries outlining the tariff levels that would take effect if no deal were struck. The Trump administration raced to strike trade agreements over the days preceding the deadline in an effort to win concessions from targeted countries in exchange for reduced tariff rates.

So far, the White House says it has reached trade agreements with the United Kingdom, Vietnam and Indonesia, as well as a preliminary accord with China.

“The president and his trade team want to cut the best deals for the American people and the American worker,” White House press secretary Karoline Leavitt said last month when she announced the Aug. 1 deadline.

Tariffs put forward so far by Trump are expected to cost an average household an additional $2,400 this year, the Yale Budget Lab found last week.

Importers typically pass along a share of the tariff-related tax burden onto consumers in the form of price hikes.

Speaking to reporters last week, a Trump administration official hailed the new tariffs as part of a “new system of trade” that aims to prioritize “fair and balanced trade” over efficiency at all costs.

ABC News’ Michelle Stoddart, and Meghan Mistry contributed to this report.

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(ST. LOUIS) — About 3,200 union members at Boeing facilities in Michigan and Illinois went on strike at midnight on Monday after rejecting an contract offer from the company, the union said.

Local members of the International Association of Machinists and Aerospace Workers, who build and maintain fighter jets, including the F-15 and F/A-18 models, voted on Sunday to reject Boeing’s latest contract offer.

“IAM District 837 members build the aircraft and defense systems that keep our country safe,” IAM Midwest Territory General Vice President Sam Cicinelli said in a statement.

Cicinelli added, “They deserve nothing less than a contract that keeps their families secure and recognizes their unmatched expertise.”

The union members work at Boeing facilities in St. Loius and St. Charles, Missouri, along with Mascoutah, Illinois, according to the union.

They had voted on July 27 to reject an earlier 4-year contract proposal put forward by the company, the union said.

“We’re disappointed our employees rejected an offer that featured 40% average wage growth and resolved their primary issue on alternative work schedules,” Boeing said in a statement on Sunday.

Boeing added, “We are prepared for a strike and have fully implemented our contingency plan to ensure our non-striking workforce can continue supporting our customers.”

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(MIAMI) — ABC began broadcasting with a new local affiliate in Miami on Monday, just months after Disney Entertainment struck an agreement with Sunbeam Television Corporation.

Under the deal established in March, ABC Miami will broadcast ABC’s national sports, news and entertainment programming over-the-air on Channel 7.2 in the Miami-Fort Lauderdale television market, according to a statement. ABC can also be accessed on local Chanel 18.

“We are incredibly excited to join forces with Sunbeam Television in South Florida moving forward as they not only share Disney’s enduring commitment to serving local communities, but they also recognize the value of ABC’s esteemed brand and the significant investments we’re making to our world-class network content,” Susi D’Ambra Coplan, Disney Entertainment’s senior vice president of affiliate relations, said in a statement.

Paul Magnes, co-president of Sunbeam Television Corporation, echoed the sentiment.

“When the opportunity to affiliate with ABC became available, we knew that our combined resources would allow us to develop an extremely strong partnership,” Magnes said. “As a family-owned company, we have been embedded in this community for nearly 70 years, with a commitment to local news and supporting non-profit organizations across South Florida.”

The Walt Disney Company is the parent company of Disney Entertainment and ABC News.

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(NEW YORK) — Hiring slowed in July as President Donald Trump’s tariffs pinched the balance sheets of some major companies and reshaped the nation’s trade relationships. The reading fell short of economists’ expectations.

The U.S. added 73,000 jobs in July, according to data from the U.S. Bureau of Labor Statistics, or BLS. That figured marked a slowdown from 147,000 jobs added in the previous month. The unemployment rate ticked up to 4.2%, keeping it at near-historic lows.

The report also provided new estimates for two previous months, significantly dropping the government’s estimate of jobs added in May and June. The fresh data indicated a notable slowdown in hiring as Trump’s tariffs took hold over recent months.

The Trump administration described the downward revisions as an unwelcome sign for the U.S. economy.

“Obviously, they’re not what we want to see,” White House Council of Economic Advisors chair Stephen Miran said on Friday.

Miran blamed the weak performance in part on uncertainty tied to the fate of Trump’s domestic spending legislation as well as the ultimate outcome of tariff policy. Congress passed Trump’s spending measure earlier this month; more recently, Trump announced a fresh round of tariffs late Thursday.

“Both of those sources of uncertainty are resolved,” Miran said. “We expect things to get materially stronger from here, now that our policies are starting to sort into place.”

In May, the U.S. added 19,000 jobs, much lower than a previously estimated total of 139,000 jobs, the BLS said. While in June, the economy added just 14,000 jobs, revising downward a previous estimate of 147,000 jobs.

“Not only was this a much weaker than forecast payrolls number, the monster downward revisions to the past two months inflicts a major blow to the picture of labor market robustness,” Seema Shah, chief global strategist at Principal Asset Management, told ABC News in a statement.

The jobs report arrives days after a separate government report showed better-than-expected economic growth. U.S. GDP increased at a 3% annualized rate over three months ending in June, the report said.

The robust reading suggested the economy has continued to avert a significant tariff-induced cooldown. A one-off statistical quirk tied to a drop-off of imports appeared to partially account for the surge, however.

Some key measures of the economy have proven resilient in recent months, defying fears of resurgent inflation and a possible economic downturn. Inflation has increased for two consecutive months but it remains well below a peak attained in June 2022.

The hiring data arrives days after the Federal Reserve opted to hold interest rates steady at its July meeting.

Five meetings and seven months have elapsed since the Fed last adjusted interest rates. The federal funds rate stands between 4.25% and 4.5%, preserving much of a sharp increase imposed in response to a pandemic-era bout of inflation.

A meaningful slowdown in the labor market could prompt the Fed to grant greater consideration to a potential rate cut.

Trump has repeatedly urged the central bank to lower interest rates, saying the policy would boost economic performance and reduce interest payments on government debt.

Fed Chair Jerome Powell, by contrast, has voiced some concern about a rekindling of inflation due to elevated tariffs. Importers typically pass along a share of the higher tax burden in the form of price hikes.

Speaking at a press conference in Washington, D.C., on Wednesday, Powell said tariffs had begun to contribute to price increases for some goods but the ultimate impact of the policy remains uncertain.

“Higher tariffs have begun to show through more clearly into prices of some goods but their overall effects on inflation and the economy remain to be seen,” Powell said. “Their effects on inflation could prove to be short-lived, but it is possible the inflation effects could be more persistent.”

He added, “We’ll do what we need to do to keep inflation under control.”

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(NEW YORK) — Hiring slowed in July as President Donald Trump’s tariffs pinched the balance sheets of some major companies and reshaped the nation’s trade relationships. The reading fell short of economists’ expectations.

The U.S. added 73,000 jobs in July, according to data from the U.S. Bureau of Labor Statistics, or BLS. That figured marked a slowdown from 147,000 jobs added in the previous month. The unemployment rate ticked up to 4.2%, keeping it at near-historic lows.

The report also provided new estimates for two previous months, significantly dropping the government’s estimate of jobs added in May and June. In May, the U.S. added 19,000 jobs, much lower than a previously estimated total of 139,000 jobs, the BLS said. While in June, the economy added just 14,000 jobs, revising downward a previous estimate of 147,000 jobs.

The fresh jobs data indicated a notable slowdown in hiring as Trump’s tariffs took hold over recent months.

“Not only was this a much weaker than forecast payrolls number, the monster downward revisions to the past two months inflicts a major blow to the picture of labor market robustness,” Seema Shah, chief global strategist at Principal Asset Management, told ABC News in a statement.

The jobs report arrives days after a separate government report showed better-than-expected economic growth. U.S. GDP increased at a 3% annualized rate over three months ending in June, the report said.

The robust reading suggested the economy has continued to avert a significant tariff-induced cooldown. A one-off statistical quirk tied to a drop-off of imports appeared to partially account for the surge, however.

Some key measures of the economy have proven resilient in recent months, defying fears of resurgent inflation and a possible economic downturn. Inflation has increased for two consecutive months but it remains well below a peak attained in June 2022.

The hiring data arrives days after the Federal Reserve opted to hold interest rates steady at its July meeting.

Five meetings and seven months have elapsed since the Fed last adjusted interest rates. The federal funds rate stands between 4.25% and 4.5%, preserving much of a sharp increase imposed in response to a pandemic-era bout of inflation.

A meaningful slowdown in the labor market could prompt the Fed to grant greater consideration to a potential rate cut.

Trump has repeatedly urged the central bank to lower interest rates, saying the policy would boost economic performance and reduce interest payments on government debt.

Fed Chair Jerome Powell, by contrast, has voiced some concern about a rekindling of inflation due to elevated tariffs. Importers typically pass along a share of the higher tax burden in the form of price hikes.

Speaking at a press conference in Washington, D.C., on Wednesday, Powell said tariffs had begun to contribute to price increases for some goods but the ultimate impact of the policy remains uncertain.

“Higher tariffs have begun to show through more clearly into prices of some goods but their overall effects on inflation and the economy remain to be seen,” Powell said. “Their effects on inflation could prove to be short-lived, but it is possible the inflation effects could be more persistent.”

He added, “We’ll do what we need to do to keep inflation under control.”

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(NEW YORK) — U.S. stocks tumbled in early trading on Friday, just hours after President Donald Trump signed an executive order slapping new tariffs on dozens of countries. A weak jobs report worsened investor jitters, revealing a slowdown of hiring over recent months as Trump’s previous tariffs took hold.

The Dow Jones Industrial Average dropped 615 points, or 1.3%, while the S&P 500 dropped 1.6%. The tech-heavy Nasdaq declined 2.1%.

Trump’s executive order late Thursday laid out rates to be applied against nearly 70 countries, ranging from 10% to 41% in what a Trump administration official hailed as the beginning of a “new system of trade.” The new duties are now set to go into effect on Aug. 7.

The tariff rates resemble reciprocal tariffs that were placed on more than 90 countries on April 2, though there are some differences. Those reciprocal tariffs were delayed 90 days when they set off a major stock selloff and a spike in bond yields.

In early July, Trump delayed the tariffs again, setting a deadline of Aug. 1.

The tariffs announced late Thursday came hours before a jobs report on Friday morning showed a marked cooldown in hiring as Trump’s prior levies filtered through the economy in recent months.

The U.S. added 73,000 jobs in July, which came in well below an average of 130,000 jobs jobs added each month this year, according to data from the U.S. Bureau of Labor Statistics, or BLS.

The report also provided new estimates for two previous months, significantly dropping the government’s estimate of jobs added in May and June. In May, the U.S. added 19,000 jobs, much lower than a previously estimated total of 139,000 jobs, the BLS said. While in June, the economy added just 14,000 jobs, revising downward a previous estimate of 147,000 jobs.

“Today’s jobs report was underwhelming as it missed economists’ expectations, but it’s the stark revisions to the prior two months that really stands out,” Bret Kenwell, U.S. investment analyst at eToro, told ABC News in a statement.

The selloff on Friday appeared to interrupt resilient performance of the stock market going back months. After some market volatility in the spring, investors have largely shrugged off Trump’s tariffs.

The Dow has climbed 2% this year, while the S&P 500 has jumped 6%. The Nasdaq has increased 8%.

Alongside a hotter-than-expected inflation reading on Thursday, the jobs data “may have thrown some cold water on the rally,” Kenwell said.

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(WASHINGTON) — President Donald Trump on Thursday sharply criticized India over its trade policy, escalating a series of attacks as the White House readies to ratchet up tariffs on the country.

The Trump administration plans to slap 25% tariffs on Indian products and impose additional penalties starting on Friday, the president said on social media. The incendiary rhetoric toward India comes as Trump also prepares to impose new levies on dozens of other countries.

The White House has faulted India for high tariffs that Trump views as an effort to shut out U.S. producers. In recent days, Trump has also condemned India over its decision to continue purchasing Russian oil throughout the Russia-Ukraine war.

India’s tariffs are “far too high, among the highest in the World,” Trump said on social media.

In a statement on Wednesday, the Indian government said it had “taken note” of Trump’s comment and would “study its implications.”

Here’s what to know about the U.S.-India trade feud and why it matters:

Where does Trump’s trade feud with India stand?

Trump is set to hike tariffs on India to 25% on Friday, putting them one percentage point below the level of levies threatened in a Rose Garden ceremony on April 2.

A 25% tariff would set levies with India at a higher rate than the 15% tariffs placed on the European Union and Japan as part of recent trade agreements. The threatened tariff on India would come in slightly below 30% tariffs slapped on China in May.

The proposed levies may complicate ongoing trade negotiations between the U.S. and India, which have sought to reach an agreement over multiple rounds of discussions spanning months.

India, the 12th-largest U.S. trade partner, has become a destination for some manufacturers that shifted production away from China in recent years. In May, Apple CEO Tim Cook said the company had moved production of iPhones sold in the U.S. to India as a means of avoiding high tariffs.

Overall trade in goods between India and the U.S. last year amounted to about $129 billion, the Office of the U.S. Trade Representative, or OTR, found. Top imports from India include apparel, chemicals, machinery and agricultural products.

Why is Trump targeting India?

In recent months, Trump has repeatedly criticized India for elevated tariffs on a range of products, including agricultural and dairy goods.

“We have, over the years, done relatively little business with them because their Tariffs are far too high,” Trump said in a social media post on Wednesday.

India has sought to protect its domestic industries with elevated tariffs on some goods, including levies exceeding 100%.

The U.S. ran a trade deficit in goods of about $45 billion in 2024, which marked a 5.4% increase over the previous year, according to the OTR. By comparison, the U.S. notched a far larger trade deficit with China of $295 billion last year.

More recently, Trump has taken issue with India’s decision to continue buying Russian oil over the course of the Russia-Ukraine war.

India is “Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE,” Trump said on social media on Wednesday.

How has India responded to Trump’s threats?

In a statement this week, the Indian government struck a measured but firm tone in response to Trump.

“India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months,” the Indian government said on Wednesday. “We remain committed to that objective.”

“The Government will take all steps necessary to secure our national interest,” the statement added.

The two sides are expected to meet for another round of trade discussions in late August.

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