Stocks trimmed practically all their gains after a jobs surveyed revealed the biggest number of job openings in the 15-year-old series. According to the JOLTS report for July, released Wednesday, job openings surged to 5.75 million from 5.32 in June. Job openings are up 22% year-over-year. Quits are up 6% year-over-year and are likely to expand as workers become more confident that they can find new jobs. The good news on employment may embolden the Fed to take the gigantic, ginormous, improbable step of raising interest rates one whole quarter of a percentage point at its meeting next week. So now we know what Wall Street finds really scary: 25 basis points. The Dow closed down 1.45%. The S&P 500 lost 1.4%, and the Nasdaq fell 1.15%. Oil slipped too, falling below $45/barrel.
Here is what else you need to know:
Hey, Siri, wassup? Apparently, a lot. Apple revealed its new giant iPad Pro, as well as updates to the Apple Watch and the new iPhone 6s and iPhone 6s Plus. Rolling out with the super-cool $799 iPad Pro is the $99 Apple Pencil. We promise, it’s way better than a No. 2. ABC News
Died: BlackRock co-president Charles Hallac. Hallac, a 27 year BlackRock veteran, has died after a four year battle with cancer. Hallac was responsible for developing the Aladdin investment operating system for the asset manager. Reuters
United Airlines hangar collapsed at Newark Liberty International Airport. Several workers were injured. The collapse was triggered by workers prepping the building for demolition. Talking Points Memo
Mortgage applications drop 6.2% as refinancings dry up. For the week ending September 4 the Mortgage Bankers Association said higher rates prompted a 10% drop in refis. New home purchase applications rose 1% week-over-week and are 41% year-over-year. CNBC
Hillary Clinton apologizes for using private server as Secretary of State. The Democratic candidate for president said in a televised interview: “That was a mistake. I’m sorry.” Clinton has dodged apologizing and her standing in the polls has suffered. She now lags behind rival Bernie Sanders in New Hampshire. ABC
European Commission President announces plan for 120,000 migrants. Jean-Claude Juncker is proposing a mandatory quota system that would force member countries to take in asylum seekers. BBC
World Bank chief economist warns Fed to delay rate rise. Chief economist Kaushik Basu has warned the US Federal Reserve that it risks triggering “panic and turmoil” in emerging markets if it opts to raise rates at its September meeting and should hold fire until the global economy is on a surer footing. Financial Times (paywall)
China leader firms up plans for US state visit. President Xi Jinping will head to the US for a lengthy and elaborate state visit later this month. Hopes of any breakthrough are low for the president’s trip, which begins in Seattle and ends at the United Nations in New York. SCMP (Paywall)
Queen becomes UK’s longest reigning monarch. Queen Elizabeth II is to become Britain’s longest-reigning monarch today when she passes the record set by her great-great-grandmother Queen Victoria: 63 years and seven months. BBC
Don’t miss this. A photo essay on the first day of school through the decades. New York Times (paywall)
You won’t believe this…
If the Ashley Madison hack didn’t scare you, this will. Android app “Adult Player” is malware disguised as a porn-watching app. Try to watch porn, and the app will access your camera, take a selfie, lock you out of your phone, and demand a ransom. CNN
Divorce selfies are the new viral sensation. Couples are expressing happiness at the end of their marriages with divorce selfies. Smiling couples are snapping photos upon separation to lighten the mood for friends and express how amicable the dissolution of their marriage was. And we thought “councious uncoupling” was weird. Washington Post
Drunk Japanese gets into scrap with a robot. Police were called after a customer at a mobile phone store took out his frustrations on an android employee. 60-year-old Kiichi Ishikawa, from the city of Yokosuka. south-west of Tokyo, was allegedly drunk when he entered the SoftBank shop on Sunday morning. SCMP (paywall)
Photo: Paul