WEST SACRAMENTO, Calif. (AP) — David Forst won't return as general manager of the Athletics, with the team announcing Friday that the two sides have “mutually agreed to part ways.”
Assistant general manager Dan Feinstein will work as interim GM for the remainder of the season as the team begins searching for a permanent replacement.
“David has been an integral part of the A’s and our success for nearly three decades,” team owner and managing partner John Fisher said in a statement. “His leadership, dedication, and commitment to this team have helped shape our baseball operations department and position us for the future. We are grateful for everything David has done for our organization.”
Forst received a new contract last September for this season, coming as the club continued a transition in California’s capital region while waiting for a planned relocation to Las Vegas in 2028. The move comes with the Athletics sitting near the bottom of the AL West at 45-70.
Forst had been GM since 2015 and with the organization since 2000.
“It was truly an honor to spend the last 27 years with the A’s, especially the last 11 as the GM,” Forst said in a statement. "This organization is full of incredibly talented, devoted, and good people, and I am lucky to have worked alongside them for so long.”
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FILE - Oakland Athletics general manager David Forst speaks during Major League Baseball's general managers meetings Nov. 7, 2023, in Scottsdale, Ariz. (AP Photo/Matt York, File)
NEW YORK (AP) — Stocks rose on Wall Street Friday and Treasury yields fell after the government reported that employers unexpectedly cut 23,000 jobs last month.
Every major index notched a second straight week of gains, which included several fresh records. It marks a strong start to August following several weak months.
The S&P 500 rose 47.68 points, or 0.6%, to 7,757.64. That topped the all-time high it set on Tuesday. The benchmark index has been on a record run throughout the year.
The Dow Jones Industrial Average rose 151.83 points, or 0.3%, to 54,036.93. That put it just short of the record it set on Wednesday. The Nasdaq composite rose 342.26 points, or 1.3%, to 26,690.62.
Technology stocks, with their big market values, did much of the heavy lifting for the broader market. They are often the heaviest weights determining the market’s direction. Nvidia jumped 2.3% and Broadcom rose 1.7%.
The bond market reacted more strongly to the weaker signal on the jobs market, which can be seen as allowing the Federal Reserve more time before raising interest rates to fight inflation.
The yield on the 10-year Treasury fell to 4.64% from 4.67% just prior to the jobs update. It was as low as 4.60% before recovering a bit.
The yield on the two-year Treasury, which more closely tracks expectations for Fed action on interest rates, fell to 4.20% from 4.22% prior to the report's release. It was as low as 4.15% before edging back up.
“Although the stock market is likely to welcome the dovish implications of the report, investors should be wary of the future growth potential of an economy where fewer people are working,” said Peter Graf, chief investment officer at Amova Asset Management Americas, in a research note.
Overall, the report paints a dimmer picture of the jobs market, which has been one of the brighter areas of the economy amid rising inflation and worries about household spending. It included a revision to the figures for June and May that involved slashing a combined 103,000 jobs from payrolls for those months.
The Fed has been holding interest rates steady amid worries about hotter inflation, fueled by a rise in oil prices because of the U.S. war with Iran. Wall Street expects at least one rate increase by the end of the year, with forecasts shifting for the next meeting. Expectations for a rate cut in September are down to 42%, from 55% on Thursday and from 67% a week ago, according to CME FedWatch.
A weakening jobs market could make matters more complicated for the Fed, which has to balance supporting job growth with fighting inflation. Raising interest rates can help tame inflation by slowing economic growth. A weaker jobs market, though, could become even shakier under higher interest rates as businesses find it more difficult to expand under increased borrowing rates.
Businesses, and Wall Street, prefer lower interest rates because it can help boost investments. That might bolster a weakened jobs market, but it could worsen already stubborn inflation.
Wall Street will get several important inflation updates next week. The most closely watched will be the consumer price index, or CPI, which measures costs for consumers. Wall Street expects it to show that inflation in July rose at a 3.4% rate, which would be a slight easing from the 3.5% rise in June. Inflation has held stubbornly above 3% for most of the year.
“Today’s weak payrolls print may ease the pressure on the Fed to raise rates at its September meeting, but next week’s inflation data will still likely be the deciding factor,” said Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management, in a research note.
The jobs report caps a week dominated mostly by corporate earnings and concerns about the ongoing U.S. war with Iran.
Corporate earnings for the second quarter are on track for the strongest growth since 2021. Nearly 90% of companies in the S&P 500 have reported their results and analysts expect profit growth of 50% overall. That has helped allay some concerns on Wall Street about whether big gains for stocks in 2026 are justified. Strong profits help support those gains in stock values.
It was a light day for earnings as companies near the close of the latest round of reports.
Airbnb jumped 17.4% following the vacation-rental company's report late Thursday that showed stronger profit and revenue for its most recent quarter than analysts expected.
Oil prices gained ground. The price of Brent crude, the international standard, rose 1.3% to $83.55 a barrel.
Rising oil prices have been behind hotter inflation. Prices were as high as $113 per barrel at one point during the now five-month U.S. war with Iran. That raised prices for gasoline and shipping for a wide range of products. The U.S. and Iran have both said they are working on deals that could reopen the Strait of Hormuz, where a fifth of the world's oil and natural gas once passed through.
Associated Press Business Writer Elaine Kurtenbach contributed to this report.
Specialist Michael Pistillo works on the floor of the New York Stock Exchange, Wednesday, Aug.. 5, 2026, in New York. (AP Photo/Yuki Iwamura)
People walk past the Nasdaq MarketSite, Thursday, Aug. 6, 2026, in New York. (AP Photo/Yuki Iwamura)
People walk past the Nasdaq MarketSite, Thursday, Aug. 6, 2026, in New York. (AP Photo/Yuki Iwamura)
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 7, 2026. (AP Photo/Ahn Young-joon)
People walk past an electronic board showing Japan's Nikkei index at a securities firm Thursday, Aug. 6, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
Currency traders watch monitors at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 7, 2026. (AP Photo/Ahn Young-joon)
