What Happened?

A number of stocks fell in the afternoon session after a significant downward revision of U.S. job creation data raised concerns about the health of the economy. 

The Labor Department reported that employers added 911,000 fewer jobs from April 2024 through March 2025 than initially estimated. This revision brings the average monthly job gains during that period down significantly, suggesting a cooler labor market. The downgrades were widespread across various service sectors. The largest revisions were seen in leisure and hospitality, which added 176,000 fewer jobs than first reported, followed by professional and business services and retail. Such data is closely watched by investors and economists as it can influence the Federal Reserve's decisions on interest rates. 

JPMorgan Chase CEO Jamie Dimon warned that the U.S. economy is "weakening," though he stopped short of predicting a recession. "Whether it's on the way to recession or just weakening, I don't know," he said. Dimon's remarks are closely watched, given his influence as head of one of the nation's largest banks.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Leisure Facilities company Xponential Fitness (NYSE: XPOF) fell 4.5%. Is now the time to buy Xponential Fitness? Access our full analysis report here, it’s free.
• Toys and Electronics company Bark (NYSE: BARK) fell 4.3%. Is now the time to buy Bark? Access our full analysis report here, it’s free.
• Leisure Facilities company Sphere Entertainment (NYSE: SPHR) fell 4.8%. Is now the time to buy Sphere Entertainment? Access our full analysis report here, it’s free.
• Broadcasting company Gray Television (NYSE: GTN) fell 5.1%. Is now the time to buy Gray Television? Access our full analysis report here, it’s free.
• Broadcasting company E.W. Scripps (NASDAQ: SSP) fell 4%. Is now the time to buy E.W. Scripps? Access our full analysis report here, it’s free.

Zooming In On Gray Television (GTN)

Gray Television’s shares are extremely volatile and have had 44 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 7 days ago when the stock dropped 3.7% on the news that the major indices continued to retreat amid profit-taking and renewed concerns about tariffs. 

Investors reacted to a federal court ruling that most of President Trump's global tariffs were illegal, raising uncertainty over trade policy and the fiscal impact of potential refunds. Rising Treasury yields added to the pressure, with the 10-year climbing above 4.2% and the 30-year nearing 5%, intensifying worries about stretched equity valuations. September's historically weak track record for stocks further dampened sentiment, leaving traders cautious ahead of the jobs report later in the week and the Federal Reserve's upcoming rate decision.

Gray Television is up 76.4% since the beginning of the year, and at $5.91 per share, it is trading close to its 52-week high of $6.24 from August 2025. Investors who bought $1,000 worth of Gray Television’s shares 5 years ago would now be looking at an investment worth $396.64.

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