Welcome to a very special edition of taking stock on Mike Santoli. Join us as we try something a little bit different tonight very different Mike. Hi, I'm Josh Brown. And if we can have a TV show, you can do.

So we're just straight replacement level TV host is what you did a lot of TV. You did more TV today than Kelly Ripa. I was watching you were great.

I hope you saved something for tonight, not as well, but more of it. All right. For the next hour, Josh and I are going to tackle all the topics investors are talking about will discuss and debate maybe even argue a bit.

So let's get right to it. We're going to start with this segment. We're calling on the clock where we break down big stories of the day, the week, the month, all of them in rapid fire fashion.

First up, the July jobs report, of course, out this morning job growth lower than expected 187,000 net new jobs from July the unemployment rate falls to three and a half percent.

Yeah, probably revised numbers for the prior months. How does it boil down in terms of the economic outlook and the debate as soon as I saw it.

My first thought was this is maybe the most reinforcing jobs report you could have asked for if Goldilocks was what you if you wanted to make the soft landing case.

This is it perfectly. You couldn't have scripted it better. You slightly underperform the expectations on headline jobs. You get two downward revisions for the two prior months and you get an uptick in the down tick rather in the unemployment rate.

So you're basically looking at a situation where if you were spending the last three months converting from recession to soft landing, thank you for this.

This is exactly what I needed to feel better about that and I can go another month or so feeling the same way.

Now yields did back off in these multi-month highs. Perhaps on this number perhaps it was just kind of an unwind of this very kind of wild trade hire and yields we had this week.

Stocks, you know, hit a little bit of turbulence. I wouldn't really attribute it to the jobs, but mostly happened around one o'clock. So I didn't ask you at the top. I mean the S&P is 2.8% off its highs. You're going to be okay. You're a rattled.

This is the start of what can only be a monster bear market. I would have said if they would have blown out that jobs number to the upside, you could have seen that wild yield action get worse. And that would have been a worst case scenario than what we had today.

It frankly seemed like a low conviction kind of boredom stock sell off. Okay, Apple is out. It is what it is. Let me take something off the table before the weekend.

I spoke to a few people from different parts of the ecosystem. Nobody seemed to think that today was more meaningful than what we saw on the screen.

Yeah, obviously seasonal air pocket makes a lot of sense. Sentiment was getting a little frothy. And also you had a lot of bears kind of throwing in the towel in the last couple of weeks.

Who sometimes means, you know, it's time for a rest for the market. But you also JP Morgan Bank of America going into the soft landing camp. And I think the market was kind of already there price waiting for it.

Did we need JP Morgan to man that wall of worry? Have we taken down all of the walls of worry? Are there any left ex-husband or any substantial walls of worry left?

I don't I think there's definitely some worry left because you did see some people looking at this jobs number saying there's nothing inconsistent with us sliding from here down to zero job growth into next year.

But there's no real evidence that that's where we're headed. Let's let's talk Amazon. So this was a bright spot today. Stock didn't really give up much even as the NASDAQ sold off. Amazon reported earnings last night 12% growth at AWS.

Other cloud stocks rallied in sympathy. This is what Amazon had to do. I mean, they really had no choice. This is just to give people a sense of where this thing is coming from.

Amazon is the furthest away of the large cap tech names from the all time highs. It's 31% below those eyes. Only Tesla is worse, 38% off the highs.

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