June 21, 2024

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TUNE IN TO FISM.TV on weekdays, 9/8c to watch Financial Issues with our host Shana Burt and catch her live commentary, the latest financial news, market updates, investment tips, and more.

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In The Know: Week of June 21, 2024

Retail Sales and Inflation Continue Upward

ENCOURAGING SCRIPTURE

Bear one another's burdens, and so fulfill the law of Christ. - Galatians 6:2

 

The Christian experience is one of self-sacrificial love for one another. Where the world says “Look out for number one,” the Word of God says “Bear one another’s burdens.”

 

The imagery here is this: We are all burdened, first by sin, but also by the unique hardships we each carry as a result of sin. We are commanded to lay down our own needs and desires for the sake of our brothers and sisters in Christ and bear their burdens with them. This is the essence of self-sacrificial love. Let us joyfully do this for our fellow believers, knowing we have the great sin-bearer, King Jesus, as our example to follow!


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.

WEEKLY MARKET RECAP

FOR THE WEEK: The S&P 500 and Nasdaq closed marginally lower on Friday.


The DJIA added 561.17 points, or 1.5%, to close at 39,150.33.

The Nasdaq was basically flat, down 0.48, ending at 17,689.36.

The S&P dropped 33.02 points, or 0.6%, closing at 5,464.62.

The Dow Jones Industrial Average added 15.57 points, or 0.04%, to close at 39,150.33; the Nasdaq Composite lost 32.23 points, or 0.18%, ending at 17,689.36; the S&P fell 8.55 points, or 0.16 %, closing at 5,464.62.


The S&P 500 and Nasdaq closed marginally lower on Friday, weighed down by a decline in Nvidia shares for a second straight day, which dragged down the technology sector.


Health care stocks gained late Friday afternoon with the NYSE Health Care Index up 0.2% and the Health Care Select Sector SPDR Fund adding 0.3%.


Tech stocks were decreasing in late Friday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) dropping 0.1% and the SPDR S&P Semiconductor ETF (XSD) down 0.3%. The Phila Semiconductor index fell 1.2%.


Financial stocks fell in late Friday afternoon trading with the NYSE Financial Index off 0.4% and the Financial Select Sector SPDR Fund (XLF) decreasing 0.5%.

Consumer stocks rose late Friday afternoon with the Consumer Staples Select Sector SPDR Fund adding 0.1% and the Consumer Discretionary Select Sector SPDR Fund gaining 0.5%.


Energy stocks were declining late Friday afternoon with the NYSE Energy Sector Index down 0.4% and the Energy Select Sector SPDR Fund (XLE) decreasing 0.3%.


The Philadelphia Oil Service Sector Index was shedding 0.2%, and the Dow Jones US Utilities index eased 0.3%.


West Texas Intermediate crude oil declined 0.9% to $80.58 a barrel, while global benchmark Brent crude dropped 0.7% to $85.11 a barrel.


Gold prices dropped more than 1% on Friday, weighed down by a stronger dollar and higher bond yields after data showed strong U.S. business activity. U.S. gold futures slipped 1.2% to $2,335.30. Silver futures were up at $29.575 per ounce, Platinum was up slightly at $996.00; Palladium was up at $923.00.

NOTABLE MENTIONS

The CBO estimates that the federal budget deficit will reach $1.9 trillion this fiscal year as government spending rises. That is a 27% increase from February’s estimate.


The Conference Board Leading Economic Index fell by 0.5% in May to 101.2 following a 0.6% decline in April.


The huge rally in Nvidia Corp's shares has investors weighing whether to cash in, hold on for more gains or chase a stock that has tripled during the past year.


U.S. existing home sales fell for a third straight month in May as record-high prices and a resurgence in mortgage rates sidelined potential buyers from the market.


U.S. investors shed equity funds for a second successive week in the seven days to June 19, exercising caution as they evaluated the Federal Reserve's hawkish signals.


US retailers are closing nearly 3,200 stores this year, citing inflation and high prices - a 24% increase from 2023, according to a new analysis from CoreSight Research.


Millennials and Gen Zers are pouring their money into investments like crypto and digital assets and collectibles like antique cars and vintage wine, rather than traditional investments.


Republican FCC Commissioner Brendan Carr pointed out that Congress approved this administration’s request for $42.45 billion to “deploy high-speed Internet to millions of Americans” yet, three years later, not a single person has been connected with the funds.


NAHB CEO Jim Tobin says that inflation is “absolutely the driver” of today’s housing market woes.


Electric vehicle startup Fisker, which sought Chapter 11 protection earlier this week, said its U.S. units had also filed for bankruptcy in a court in Delaware on Wednesday.


The Congressional Budget Office (CBO) is once again sounding the alarm on the rising federal deficit with escalating interest costs set to outpace defense spending for the first time.


Economist Claudia Sahm cautioned that the Federal Reserve’s reluctance to cut interest rates could potentially push the economy into a recession.


Fewer Americans enrolled for first-time unemployment benefits last week, though data showed the number of people on benefits rolls overall was the highest since January.


Non-bank financial institutions pose an increasing risk to America's big banks, the Federal Reserve said on Thursday in a post on the Fed's Liberty Street Economics blog.


Mortgage rates have declined for the third consecutive week following signs of cooling inflation and lower interest rates from the Federal Reserve, according to Freddie Mac.


U.S. business activity crept up to a 26-month high in June amid a rebound in employment, but price pressures subsided considerably, offering hope that a recent slowdown in inflation was likely to be sustained.

We are thrilled to announce that Financial Issues is now airing on NRB TV, every weekday at 2 pm EST, right after the popular 700 Club! The expansion allows us to potentially reach 39 million new households via DirecTV and NRB's streaming platforms. This fantastic opportunity - to welcome more people into the FISM family and make a greater impact on the culture through biblically responsible investing - was made possible by your loyal support. Thank you for your unwavering dedication to the ministry. We can't wait to see how the Lord will use this new platform to further our mission of equipping individuals to be good stewards of their resources and honoring God through their investments.

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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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FEATURED STORIES

Garland Contempt Charge Profound But Predictable End To Years-long Saga


Merrick Garland, the man Barak Obama wanted for the Supreme Court and who President Joe Biden tabbed to head the Department of Justice, has never had many friends on the right. 


Last week, Republican exasperation with the attorney general came to a head when the conservative-led House found Garland in contempt of Congress over his refusal to share audio of special counsel Robert Hur’s interview with Biden. 


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Putin, Kim Jong Un Sign Strategic Partnership Pact


Russian President Vladimir Putin finished his visit with North Korea Kim Jong Un on Wednesday. The two were seen doing some friendly activities together – like driving a Russian-made limousine and playing with dogs. But the visit also ended with a signed agreement between the two countries – which has many Western countries worried.

 

The agreement itself is somewhat vague. We do know that the pact requires each nation to use all their available resources to provide immediate military assistance in the instance of war.


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Israeli Army Approves Lebanese Offensive Despite War Expansion Concerns


Tensions between Israel and Lebanon continue to escalate. Yesterday, the IDF approved an “offensive” against Lebanon after increased cross-border fire in recent weeks.

 

The announcement comes after Hezbollah released a video that allegedly showed surveillance drone footage of Israel near the Lebanon border.

 

Foreign Minister Israel Katz said that Israel is “…very close to the moment of decision to change the rules against Hezbollah and Lebanon..."


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600K Children Have Crossed Southern Border, Former Official Says


Hundreds of thousands of children have crossed the southern border, one former border official said this week.

 

Former Deputy Patrol Agent in Charge J.J. Carrell worked at the southern border for 24 years. He’s now working on a documentary exposing sex trafficking at the southern border.

 

Carrell says their fate is unknown once they’re out of the government’s hands, creating a system ripe for abuse and exploitation.


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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.


Confidentiality:This message is intended only for the use of the individual or entity to which it is addressed, and may contain information that is confidential in nature. Any distribution, copying or disclosure of this material by any individual or entity other than the intended recipient is strictly prohibited. If you have received this message in error, please notify Financial Issues Stewardship Ministries immediately and delete this message.


Disclaimer: The information and data provided in this communication is meant for informational purposes only. It is the option of an individual and should not be regarded as an offer to sell, a solicitation to buy, or a recommendation of any security, or as an offer to provide financial planning or investment advice. You should consult with your Financial Planner, Adviser and your Tax Account to make sure of the suitability for you of any investment you make. Understand that ALL investments contain risk of loss of principal and that should always be considered before investing. The user bears the sole responsibility of evaluating the merits and risks associated with the use of any information obtained from Financial Issues Stewardship Ministries, Daniel J. Celia, or Shana Burt of Exodus Financial Services and GA Repple. Although the information provided is obtained or compiled from sources believed to be reliable, Financial Issues Stewardship Ministries, Daniel J. Celia and Shana Burt of Exodus Financial Services and GA Repple do not guarantee the reliability, accuracy, timeliness or completeness of any information or data made available to the recipient of this message for any particular purpose.

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