The August Non-Farm Payrolls report came in well below expectations with just 22K jobs added while downward revisions to prior months wiped out 21K of those, reflecting the ugly state of the US labor market. Stocks are trying to decide if they want to focus on the economic malaise or hopes of easy money from the Fed.

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There have been several labor market data points released over the last few hours all of which point to growing weakness in the job market, increasing the likelihood of the Federal Reserve cutting interest rates later this month.

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Google Parent Alphabet is soaring this morning after a major win in an anti-trust case that will allow the tech giant to retain ownership of it's Chrome browser and Android Operating System. Apple is along for the ride as the court ruled Google could continue to pay Apple for default search privileges. Elsewhere the price of front month gold futures has reached another all time high, above $3,600.

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Interest rates on long duration debt across the world are moving sharply higher this morning as worries about fiscal recklessness and inflation have investors shying away from lending to governments long term. These inflation worries, combined with questions about Fed independence are driving metals higher once again.

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Canada's GDP contracted in the second quarter due to a massive plunge in exports as US tariffs took their toll on the Canadian economy. Elsewhere news from Chinese tech firms Alibaba and Hauwei show the Chinese are doubling down on R&D in the artificial intelligence race with the US.

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Nvidia earnings report yesterday was slightly disappointing as the most important category, datacenter revenue, missed estimates despite impressive numbers elsewhere. The market appears to be taking this disappointment in stride as Nvidia shares are holding up and the indexes are green ahead of the open. A bubble-burster tis not.

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The whole world is holding it's breath ahead of the Nvidia's earnings report, which has become the single most important market event, eclipsing even inflation and jobs numbers. Big Tech Capex and runaway datacenter buildout are up against China uncertainty and lofty expectations and the everything bubble hangs in the balance. Elsewhere the European Union is scrambling to rush through legislation to cut tariffs on US goods in order to appease President Trump and convince him to lower tariffs on European autos.

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President Trump announced he was firing Federal Reserve Governor Lisa Cook over allegations that she committed mortgage fraud setting up a court fight that pitches fed independence against allegations of misconduct.

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The euphoria that came over markets on Friday after Jerome Powell's Jackson Hole speech appears to have subsided with assets reversing some of Friday's gains ahead of the open today. Elsewhere the price of Bitcoin is making new lows after another whale dumped billions worth of the crypto over the weekend.

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The market is holding it's breath this morning while awaiting Federal Reserve Chair Jerome Powell's speech at the annual Jackson Hole Symposium. Will Powell give the market the dovish telegraphed rate cuts that have already been priced in by stocks, or will he give the finger to President Trump (and the bond market) by coming out hawkish in light of some questionable inflation data.

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