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In The Know: Week of February 16, 2024
In the Know: CPI, Retail Sales, Inflation & the Markets
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For where your treasure is, there your heart will be also. – Matthew 6:21
To “treasure” something means to value it, cherish it, and love it more than anything else. The Lord Jesus is clear: What we treasure most will hold the control over our very hearts.
We are tempted to treasure many things in this world, and many are non-sinful: comfort, wealth, good standing among others, loving and meaningful relationships. But when we make these things our treasure, we make them our god. The Christian worships one God, the God and Father of our Lord Jesus Christ, and therefore, we must treasure Him and Him alone. So seek this true treasure, the treasure that never fades or breaks: a saving relationship with the God who saves.
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: U.S. stocks fell on Friday; the Nasdaq having the largest decline
The DJIA lost 43.7 points, or 0.1%, to close at 38,627.99.
The Nasdaq fell 215.01 points, or 1.3%, ending at 15,775.65.
The S&P dropped 21.04 points, or 0.4%, closing at 5,005.57.
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The Dow Jones Industrial Average dropped 145.13 points, or 0.37%, to close at 38,627.99; the Nasdaq Composite fell 130.52 points, or 0.82%, ending at 15,775.65; the S&P 500 lost 24.16 points, or 0.48%, closing at 5,005.57.
Wall Street's main indexes fell on Friday after a hotter-than-expected producer prices report pushed back market speculations of imminent interest rate cuts by the U.S. Federal Reserve.
Health care stocks were higher Friday afternoon, with the NYSE Health Care Index rising 0.9% and the Health Care Select Sector SPDR Fund up 0.4%.
Tech stocks were in the red Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.9% and the SPDR S&P Semiconductor ETF (XSD) down 1.6%. The Philadelphia Semiconductor index was up 0.6%.
Financial stocks fell in late Friday afternoon trading with the NYSE Financial Index little changed, erasing earlier gains, and the Financial Select Sector SPDR Fund (XLF) shedding 0.3%.
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Consumer stocks were mixed Friday, with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.2% and the Consumer Discretionary Select Sector SPDR Fund (XLY) retreating 0.5%.
Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each adding 0.3%.
The Philadelphia Oil Service Sector Index was up 0.4% while the Dow Jones US Utilities index edged up 0.1%.
West Texas Intermediate crude oil rose to $79.24 a barrel while Brent crude advanced to $83.37 a barrel. Henry Hub natural gas futures were higher at $1.62 per 1 million BTU.
Gold closed higher on Friday, as the dollar gave up the gains when reports showed US inflation running hotter than expected, lowering hopes for a quick cut to US interest rates from the Fed. Gold for April delivery closed $9.20 to settle at $2,024.10 per ounce. Silver futures were up at 23.53. Platinum up at 913.9 and Palladium down slightly at 949.50.
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U.S. producer prices increased more than expected in January amid strong gains in the costs of services such as hospital outpatient care and portfolio management, stoking financial market fears inflation was picking up after months of cooling.
Traders in the U.S. equity options market are betting Nvidia's upcoming earnings report could spur a massive move in the shares of the world's most dominant artificial intelligence chipmaker.
Federal Reserve policymakers got fresh validation on Friday for their wait-and-see approach to interest rate cuts this year, after a government report showed wholesale prices rose far more than expected last month.
Pro-life activists who prayed and sang hymns during a peaceful protest at a Tennessee abortion clinic in 2021 could spend 11 years behind bars thanks to the Department of Justice’s use of a federal law created to target Ku Klux Klan members after the Civil War.
U.S. consumer prices rose more than expected in January amid a surge in the cost of rental housing, but the pick-up in inflation did not change expectations the Federal Reserve will start cutting interest rates in the first half of this year.
Confidence among consumers ticked higher this month, marking its third consecutive monthly increase and reaching its highest level since July 2021.
U.S. Treasury Secretary Janet Yellen said on Tuesday that consumer price index data for January showed progress in the fight against inflation despite a surge in the cost of shelter that pushed up the index more than was forecast by economists.
The U.S. Federal Reserve on Thursday released scenarios for its annual bank health checks which will assess how well 32 large lenders would fare under a severe economic shock, including a U.S. jobless rate of 10% and a collapse of real estate prices.
US mortgage rates rose last week to a two-month high, reversing some of the momentum in the nation’s housing recovery.
Inflation may be gradually cooling but the average American is still shelling out a lot more money for everyday necessities.
Nvidia ( NVDA ) eclipsed Google-parent Alphabet as the third most valuable U.S. company on Wednesday, just after overtaking Amazon and as investors looked to the dominant AI chipmaker's upcoming quarterly report.
The value of all the bitcoin in circulation, or market capitalization, on Wednesday rose above $1 trillion for the first time since late 2021, according to CoinMarketCap data.
U.S. retail sales fell by the most in nearly a year in January, but economists cautioned against reading too much into the decline, noting that winter storms as well as technical factors had distorted the data.
U.S. import prices increased by the most in nearly two years in January amid rising costs for petroleum and other goods, a trend that if sustained, would be bad news in the fight against inflation.
U.S. business inventories rebounded in December, driven by rising stocks at retailers and wholesalers.
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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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Tales from the Cryptic: What to Make of Sudden, Vague National Security Warning
Earlier this week, Rep. Mike Turner (R-Ohio), chair of the House Permanent Select Committee on Intelligence, briefly captivated and alarmed the American populace with a vague reference to a national security matter and a call for President Joe Biden to declassify information about the same.
The episode began Wednesday when Turner, using the committee’s X account, warned that information had been “made available to all members of Congress information concerning a serious national security threat."
Read More
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Homeland Security has No Idea What Happens to Migrants Post-Custody
This week, shortly after the impeachment of DHS Secretary Alejandro Mayorkas, a chain of uncovered emails revealed that the Department of Homeland Security has not been tracking illegal immigrants after their release from federal custody.
In an off-the-record email conversation with a Washington Post reporter, a DHS official admitted he did not know how many migrants went to Northern states through the busing program because they were no longer in custody, according to Just the News.
The official went on to say that it seemed like the migrants were using the program to hitch a free ride to wherever it was convenient for them.
Read More
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Lawmakers, Experts Warn WHO Pandemic Treaty Pushed by Biden Threatens US Sovereignty
World Health Organization Director-General Tedros Ghebreyesus has set a May deadline for the U.S. and other wealthy nations to sign a pandemic agreement in preparation for “Disease X.” Ghebreyesus used the term at the World Economic Forum (WEF) meeting in Davos last month as a “placeholder” for an unknown future pandemic that he said will be 20 times deadlier than COVID-19.
“The WHO, along with our federal health agencies, failed miserably in its response to COVID-19,” Johnson (Washington Stand editor) wrote in a press release. “Its failure should not be rewarded with a new international treaty that would increase its power at the expense of American sovereignty,” which, he said, “is not negotiable.”.
Read More
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ICE Considers Releasing Thousands of Migrants Amidst Budget Problems
More illegal immigrants are about to enter the country. Citing budget problems, Immigration and Customs Enforcement is reportedly considering plans to release thousands of detained migrants.
ICE is currently experiencing a budget deficit of $700 million, the largest in recent memory. Security officials tell the Washington Post that to compensate they plan on cutting detention beds from 38,000 to 22,000.
It’s a problem made worse by the Biden administration’s hesitancy to deport arrested illegal immigrants. Biden has deported 45,000 less deportations a year than the Trump administration.
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