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In The Know: Week of April 12, 2024
"Small business outlook pessimistic, while inflation refuses to go away quietly”
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If anyone has material possessions and sees a brother or sister in need but has no pity on them, how can the love of God be in that person? - 1 John 3:17
The Christian virtue that the Apostle John describes here is compassion, a tender care for a person who is suffering, which leads to action in response.
This compassion is specifically of a financial nature. Furthermore, the context of this verse is clearly referring to the needs of brothers and sisters in Christ as opposed to needy people in general. Therefore, we see clearly that if a professing believer has no compassion for the needs of his fellow believers, he does not possess the faith he professes. Let us, therefore, seek to meet the needs of our brothers and sisters in Christ, remembering how greatly our Elder Brother, Jesus Christ, loved us when we were in dire spiritual need.
If you want to study the scriptures and learn more about the truth of the gospel, join our weekly Bible Study every Friday morning at 6:30 Eastern time, 5:30 Central time. Click here to learn how to join.
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FOR THE WEEK: Weekly Losses on all Indices as Banks, Megacaps Fall
The DJIA dropped 920.80 points, or 2.4%, to close at 37,983.24.
The Nasdaq fell 73.43 points, or 0.5%, ending at 16,175.09.
The S&P lost 80.93 points, or 1.6%, closing at 5,123.41.
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The Dow Jones Industrial Average lost 475.84 points, or 1.24%, to close at 37,983.24; the Nasdaq Composite dropped 267.10 points, or 1.62%, ending at 16,175.09; the S&P fell 75.65 points, or 1.46%, closing at 5,123.41.
Wall Street's main stock indexes fell on Friday as some big banks dipped after reporting dour quarterly results and most megacap growth stocks and chipmakers receded.
Health care stocks retreated Friday afternoon, with the NYSE Health Care Index falling 1.5% and the Health Care Select Sector SPDR Fund (XLV) dropping 1.6%.
Tech stocks were in the red late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.8% and the SPDR S&P Semiconductor ETF (XSD) tumbling 3.8%.
Financial stocks were falling in late Friday afternoon trading, with the NYSE Financial Index dropping 1.7% and the Financial Select Sector SPDR Fund (XLF) down 1.4%.
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Consumer stocks were in the red Friday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) dropping 1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 1.7%.
Energy stocks fell late Friday afternoon with the NYSE Energy Sector Index dropping 1.6% and the Energy Select Sector SPDR Fund (XLE) retreating 2%.
The Philadelphia Oil Service Sector Index slumped 3%, and the Dow Jones US Utilities index shed 1%.
West Texas Intermediate crude oil rose 0.5% to $85.42 a barrel, while the global benchmark Brent crude contract advanced 0.5% to $90.18 a barrel. Henry Hub natural gas futures gained 0.4% to $1.771 per 1 million BTU.
Gold prices rose above $2,400 per ounce to an all-time high on Friday. Gold futures settled higher at $2,360. Spot silver fell 1% to $28.21 per ounce, after touching its highest level since early 2021. Platinum rose 0.6% to $985.65 and palladium firmed 0.9% to $1,055.62. All four metals were poised for weekly gains.
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U.S. energy shares are soaring as investors benefit from rising oil prices and a stronger-than-expected economy, while seeking to protect their portfolios from a feared resurgence of inflation.
Geopolitical Risks Weigh on Exchange-Traded Funds. US equity indexes and government bond yields fell in midday trading on Friday amid speculation that Iran will launch a strike against Israel and as mega-cap bank earnings underwhelmed.
The latest April report on U.S. consumer confidence paints a bleak picture, showcasing a sharp decline in overall morale and a disturbing surge in inflation expectations among American consumers, according to data released Friday by the University of Michigan.
Inflation ran hot for a third straight month in March, raising questions about when the Federal Reserve will feel confident that price pressures are subdued and it can begin cutting interest rates.
Fed Boston President Susan Collins is eyeing a couple of interest rate cuts this year amid expectations it could still take some time to get inflation back to targeted levels.
Prospects for a first Federal Reserve interest-rate cut before the end of summer -- or even at all this year -- took a body blow on Wednesday with another U.S. inflation report that cast into stark relief the stickiness of price pressures across the U.S. economy.
One of the most prominent critics of DEI, academic Chris Rufo, spoke to an alleged insider from embattled plane manufacturer Boeing about how political ideology has handicapped one of America’s greatest industries.
The federal government has spent more on national debt interest payments than defense spending so far in FY 2024.
Initial jobless claims fell by 11,000 to 211,000 for the week ending April 6, a decrease of 11,000 from the previous week's revised level (revised up by 1,000 from 221,000 to 222,000.).
Gas prices have more than doubled since President Biden took office and are rising again. AAA’s nat'l average price for a gallon of gas was $3.63 as of Thursday. (current price here)
Mortgage rates jumped to their highest reading since November as the timeline for highly anticipated interest rate cuts stretches deeper into 2024.
The overall cost of energy in March is up 36.9% from where it was in Jan. 2021. The BLS CPI report shows price increases in every single category of energy from three years ago.
U.S. import prices increased for a third straight month in March amid rises in the costs of energy products and food, but underlying imported inflation pressures were tame.
A second Trump White House would seek to sharply reduce the power of U.S. financial regulators, according to a review of public documents and interviews with people allied with the former president.
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JUST THE NEWS, GROUNDED IN TRUTH. | |
FISM NEWS is a conservative news source that approaches each story from a biblical worldview. Watch FISM News weekdays at 5pm ET 4pm CT on fism.tv/watch. | | |
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The People’s Predicament: Johnson’s Dilemma Could Be That of Any Modern Speaker
The lower chamber of Congress is often fondly referred to as the “People’s House”, a title that carries both positive and negative connotations.
In the best of times, the House of Representatives is where the voice of the common man, in all its geographic diversity, has the best chance of being heard. In times like these, when the nation has fractured into a small handful of affinity groups, the People’s House comes to reflect the logjam that has become of We the People.
Speaker of the House Mike Johnson (R-La.) is currently staring down the reality of this state of being as he is struggling to balance the moderate and conservative branches of his party while also trying to put forth legislation that will clear a Democrat-led Senate.
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Trump Abortion Position Draws Mixed Reactions from Pro-Life Leaders, GOP Lawmakers
Former President Donald Trump’s highly-anticipated announcement of his position on abortion drew both praise and censure from prominent faith and pro-life leaders.
The presumptive 2024 Republican presidential nominee said in a video message released on Monday that individual states should determine abortion laws, as opposed to the federal government.
The statement dashed hopes among many pro-family leaders who expected the former president to back federal abortion restrictions. Trump previously signaled support for a 15-week national abortion ban.
Read More
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GOP Plans to Halt Senate Business If Schumer Blocks Mayorkas Impeachment Trial
Sources tell Fox News that about a dozen Republicans are planning to stop business in the Senate if Democrats block an impeachment trial against DHS Secretary Alejandro Mayorkas.
The House is planning to send impeachment articles to the Senate next week after a brief delay. Majority Leader Chuck Schumer (D-N.Y.) is expected to dismiss the charges – a move that’s already being attacked by Republicans like Texas Sen. Ted Cruz.
Schumer has yet to make his plans known other than saying he wants to address the issue as soon as possible.
Watch Here
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Hamas Claims It Can’t Rally Hostages for New Deal
The latest hostage deal proposed for the Israeli-Hamas war has been met with pushback from Hamas, for a concerning reason.
Hamas leaders told negotiators yesterday that they do not have 40 Israeli hostages who meet Israel’s criteria for release in a potential ceasefire deal. Qatari and Egyptian negotiators said that Israel sought the release of female, sick, and elderly hostages in exchange for hundreds of Palestinian prisoners in Israel.
But this admission from Hamas raises new concerns about how many of the remaining 133 hostages abducted on Oct. 7 are still alive.
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The FISM (Financial Issues Stewardship Ministries) is the home of the program Financial Issues which focuses on financial headlines, investing, politics and encourages people to be thoughtful stewards of the money God has entrusted to them. Financial Issues is a live call-in radio and TV program heard and watched internationally. | |
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