Upticks: Job Market Jitters and Corporate Shakeups—Are You Prepared?
By Luke Sullivan on September 11, 2025
Explore the latest financial headlines with Jake and Cory as they unpack job market jitters, Google’s antitrust ruling, Kraft Heinz’s brand breakup, rising Treasury yields, Nestlé’s CEO scandal, and surging gold prices. Learn how these developments could impact your portfolio and retirement strategy.
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Read an overview of the conversation below
Job Market Jitters Mount
Job openings fell to 7.18 million in July, one of the lowest levels since the pandemic, missing economists’ expectations of 7.4 million. This decline has sparked concerns about a cooling labor market, with upcoming jobless claims and the monthly jobs report expected to provide further clarity.
Jake Falcon emphasized that a weaker job market could signal slower economic growth, potentially impacting corporate earnings and consumer spending. “When companies lay off people and lower their payroll, most of the time, that money goes right down into the earnings,” Jake noted, highlighting how layoffs can paradoxically boost stock prices. Cory Bittner added that recent revisions showed over 900,000 jobs from 2024 were overstated, raising questions about the reliability of government data. “Headlines are one thing, reality is another,” Cory said, urging investors to build more resilient financial plans that may hold up through changing environments.
The duo discussed how unemployment under 5% still reflects a strong economy, but Jake cautioned against overreacting to minor data shifts. “I actually pay more attention to the trend line,” he said. Cory agreed, noting that while the data may be flawed, it still influences investor sentiment. They concluded that planning is key, especially for those directly affected by layoffs.
Harring, Alex. “Job opening data falls to levels rarely seen since pandemic.” CNBC, 3 September 2025, https://www.cnbc.com/2025/09/03/job-opening-data-falls-to-levels-rarely-seen-since-pandemic.html. Accessed September 3, 2025.
Google Gets Grace
Alphabet shares rose after a federal judge rejected the harshest penalties in its antitrust case. While Google was found to hold an illegal monopoly in search, the court opted for narrower remedies, such as limiting exclusive contracts and requiring data-sharing with rivals.
Jake and Cory debated the implications of Google’s dominance. “Do you use any other search engine other than Google?” Jake asked, pointing out that consumer behavior reinforces the monopoly. Cory noted that Google’s default status on devices is a result of strategic payments, not necessarily superior product quality. “Bing’s not a better product,” he said, acknowledging the complexity of antitrust enforcement.
Cory explained that the ruling avoided forcing Google to divest Chrome, which helped stabilize its share price. He also raised concerns about passive investing, noting that “40% of the S&P 500 is concentrated in 10 companies,” including Google. Jake added that blindly investing in index funds can expose investors to risks they may not fully understand. “It pays to know what you own and why you own it,” he said.
Elias, Jennifer. “Google stock jumps 8% after search giant avoids worst-case penalties in antitrust case.” CNBC, 2 September 2025. https://www.cnbc.com/2025/09/02/google-antitrust-search-ruling.html. Accessed September 2, 2025.
Kraft Heinz Brand Breakup
Kraft Heinz will split into two companies, reversing its 2015 mega-merger. One entity will focus on sauces and shelf-stable meals, while the other will manage North American staples like Oscar Mayer and Lunchables. The move aims to simplify operations and unlock brand value.
Jake likened the breakup to cable companies unbundling and re-bundling services. “This matters because it can unlock shareholder value and improve operational efficiency,” he said. Cory called it the “Uno reverse card” compared to Google’s consolidation, noting that Kraft Heinz is adapting to market realities.
Cory mentioned Warren Buffett’s disappointment in the split, given Berkshire Hathaway’s backing of the original merger. “If you find yourself in a hole, you want to stop digging,” he said, supporting the decision to restructure. Jake emphasized that investors need to evaluate which side of the split offers better margins and growth potential.
Lucas, Amelia. “Kraft Heinz to split into two companies.” CNBC, 2 September 2025, https://www.cnbc.com/2025/09/02/kraft-heinz-split.html. Accessed September 2, 2025.
Court Ruling Roils Rates
Treasury yields surged after a federal court struck down most Trump-era tariffs, raising the possibility of government repayments. The 10-year yield rose to 4.275%, and the 30-year hit 4.961%, pressuring equities and sending the Dow down over 500 points.
Jake and Cory discussed the fiscal implications of the ruling. Jake criticized the lack of diplomacy in implementing the tariffs, saying, “Why didn’t he just do it the right way to begin with?” Cory argued that tariff revenue is essential to offset lower corporate tax rates from the One Big Beautiful Bill Act. “Without tariff revenue, it can create a worsening fiscal situation,” he said.
Jake explained that rising yields increase borrowing costs, which can slow economic activity and pressure the stock market. However, he noted that bond investors benefit from higher yields. “You can lock in some of these yields and your money could make 4–6% interest,” he said, advocating for actively managed bond portfolios.
Melloy, John and Bhaimaya, Sawdah. “Treasury yields jump on prospect of U.S. having to refund tariff money; 30-year yield tops 4.97%.” CNBC, 2 September 2025, https://www.cnbc.com/2025/09/02/us-treasury-yields-investors-look-to-key-jobs-report.html.
Nestlé Knocked Down
Nestlé dismissed CEO Laurent Freixe after an investigation into an undisclosed romantic relationship with a subordinate. Philipp Navratil was appointed as the new CEO, raising concerns about the company’s strategic direction.
Jake and Cory discussed the leadership shakeup. “If you’re CEO of Nestlé, you need to be a leader all the way through,” Jake said, stressing the importance of integrity. Cory added, “Leadership starts at the top,” and criticized the lack of judgment shown by the outgoing CEO.
Jake pointed out that leadership changes can create uncertainty for investors. “If you’re in an index fund and it’s in Nestlé, you’re in it,” he said, highlighting the limitations of passive investing. Cory agreed, noting that direct ownership allows for more control and responsiveness to company developments.
Reuters. “Nestle plunged into turmoil as CEO fired over undisclosed relationship.” CNBC, 1 September 2025, https://www.cnbc.com/2025/09/01/nestle-dismisses-ceo-laurent-freixe-after-code-of-conduct-breach.html. Accessed September 3, 2025.
Fed Fuels Metal Momentum
Gold surged to a four-month high and silver hit its highest level since 2011, driven by expectations of a Fed rate cut and a weaker dollar. Traders are pricing in an 87% chance of a 25-bps cut this month.
Cory explained that precious metals act as a hedge against inflation and currency risk. “Gold exposure ultimately belongs in a diversified portfolio,” he said. Jake was more skeptical, calling gold “one of the worst performing asset classes of all time,” and preferring exposure through gold miners.
Cory surprised Jake with a stat: “Over the last 25 years, gold’s return has been twice that of the S&P 500.” They agreed that diversification and active portfolio management are key. “You might consider selling the high one and buying the low one,” Jake said, emphasizing the importance of rebalancing.
Reuters. “Gold rises on US rate cut bets; silver hits 14-year high.” CNBC, 1 September 2025, https://www.cnbc.com/2025/09/01/gold-rises-on-us-rate-cut-bets-silver-hits-14-year-high.html. Accessed September 2, 2025.
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