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President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
“I was just informed that our Country’s “Jobs Numbers” are being produced by a Biden Appointee, Dr. Erika McEntarfer, the Commissioner of Labor Statistics, who faked the Jobs Numbers before the Election to try and boost Kamala’s chances of Victory. This is the same Bureau of Labor Statistics that overstated the Jobs Growth in March 2024 by approximately 818,000 and, then again, right before the 2024 Presidential Election, in August and September, by 112,000. These were Records — No one can be that wrong? We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can’t be manipulated for political purposes. McEntarfer said there were only 73,000 Jobs added (a shock!) but, more importantly, that a major mistake was made by them, 258,000 Jobs downward, in the prior two months. Similar things happened in the first part of the year, always to the negative. The Economy is BOOMING under “TRUMP” despite a Fed that also plays games, this time with Interest Rates, where they lowered them twice, and substantially, just before the Presidential Election, I assume in the hopes of getting “Kamala” elected – How did that work out? Jerome “Too Late” Powell should also be put “out to pasture.” Thank you for your attention to this matter!”
How Will Trump’s Statement Affect the Stock Market?
This latest post has the potential to affect the stock market. That’s because Donald Trump’s statement could lead to increased volatility in the stock market as investors react to concerns about the accuracy of economic data and potential political interference. The SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust might experience fluctuations due to broader market uncertainty, while the Invesco QQQ Trust could be affected by shifts in investor sentiment towards tech stocks. Financial sector ETFs like the Financial Select Sector SPDR Fund and Vanguard Financials ETF may see impacts from potential changes in interest rate expectations and regulatory concerns.
Here are some of the stocks that might be affected:
SPDR S&P 500 ETF Trust ((SPY)),
Invesco QQQ Trust ((QQQ)),
Financial Select Sector SPDR Fund ((XLF)),
SPDR Dow Jones Industrial Average ETF Trust ((DIA)),
Vanguard Financials ETF ((VFH)).