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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 July 19, 2024
Trump's Popularity Soars While Markets Predict September Rate Cut
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For every beast of the forest is mine, the cattle on a thousand hills. - Psalm 50:10
As we consider how to steward our resources well, we cannot escape from the simple truth that God owns everything.
As our founder Dan Celia used to say at the end of every program, “It’s all His.” And indeed it is; every square inch of this universe, every molecule, is under the sovereign rule and authority of King Jesus. It would do us well to realize this, and to realize that even we do not belong to ourselves. We also are His. Since we are His, let us live in that way, by loving Him and serving Him and glorifying Him in everything we say and do.
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: Wall Street's Main Indexes Slipped Friday following Global Tech Outage
The DJIA added 286.63 points, or 0.7%, to close at 40,287.53.
The Nasdaq fell 671.51 points, or 3.6%, ending at 17,726.94.
The S&P dropped 110.35 points, or 2%, closing at 5,505.00.
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The Dow Jones Industrial Average fell 377.49 points, or 0.93%, to close at 40,287.53; the Nasdaq Composite lost 144.28 points, or 0.81%, ending at 17,726.94; the S&P dropped 39.59 points, or 0.71%, closing at 5,505.00.
U.S. stocks extended their slump on Friday as lingering chaos related to a global technical outage caused by a software glitch added uncertainty to an already-anxious market.
Health care stocks rose late Friday afternoon with the NYSE Health Care Index adding 0.3% and the Health Care Select Sector SPDR Fund (XLV) up 0.5%.
Tech stocks were in the red Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.6% and the SPDR S&P Semiconductor ETF (XSD) dropping 3%. The Philadelphia Semiconductor index fell 3%.
Financial stocks were decreasing in Friday afternoon trading, with the NYSE Financial Index shedding 0.4% and the Financial Select Sector SPDR Fund (XLF) dropping 1%.
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Consumer stocks slipped Friday, with the Consumer Staples Select Sector SPDR Fund (XLP) shedding 0.3% and the Consumer Discretionary Select Sector SPDR Fund (XLY) falling 0.7%.
Energy stocks were retreating late Friday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) falling 1%.
The Philadelphia Oil Service Sector Index was posting a 1.3% drop, and the Dow Jones US Utilities Index was fractionally higher.
West Texas Intermediate crude oil was declining 3.2% to $80.18 a barrel, and the global benchmark Brent crude contract was falling 2.7% to $82.81 a barrel. Henry Hub natural gas futures rose 0.2% to $2.13 per 1 million BTU.
Gold prices dipped more than 2% on Friday. U.S. gold futures settled 2.3% lower to $2,399.10. Spot silver fell about 3.2% to $29.11 per ounce, and platinum eased 0.3% to $964.75, while palladium lost 2.7% to $905.09. All three metals were headed for weekly declines.
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Elements of Friday's global IT outage, which grounded planes and hit services from banking to healthcare have occurred before and will happen again.
Under the new IRS SECURE Act 2.0, Americans can now withdraw up to $1,000 from their 401(k)s without any penalties if the money is needed to cover a financial emergency.
Soaring home prices and mortgage rates have pushed the median monthly housing payment for homebuyers in swing states to an all-time high of $2,161, a 92% increase since the 2020 election.
Building permits in the US rose 3.4% to a seasonally adjusted annual rate of 1.446 million in June 2024, beating market expectations of 1.40 million, according to a preliminary estimate.
Fed's Barkin said on Wednesday that he wanted to “proceed deliberately” on interest-rate moves, citing uncertainty about how much the current policy is slowing the economy.
John Deere on Tuesday said it's changing how the maker of farm machinery participates in social and cultural awareness events while reviewing other policies.
The so-called Trump trade is booming amid growing expectations that the former president will win back the White House in November.
There have been 346 corporate bankruptcy filings so far in 2024. 75 corporations filed for bankruptcy in June alone.
US industrial production increased more than expected last month as manufacturing output decelerated less than the market predicted, Federal Reserve data showed Wednesday.
Ford Motor on Thurs outlined plans to use a Canadian plant it had earmarked for a future electric vehicle to instead build larger, gasoline-powered versions of its flagship F-Series pickup truck.
Weekly applications for unemployment insurance in the US increased more than market expectations, while continuing claims reached their highest level since late November 2021.
The International Monetary Fund said the Fed should not cut interest rates until "late 2024" and the government needs to raise taxes to slow the growing federal debt.
The U.S. economy grew at a slight pace heading into the third quarter, with a number of regions noting flat or declining activity, the Fed said in its Beige Book survey of regional business contacts.
Bud Light is now the third-ranked U.S. beer after Modelo Especial and Michelob Ultra, according to data obtained by the Wall Street Journal.
A recent Bank of America survey found that 46% of Americans between the ages of 18 and 27 rely on financial help from their parents.
The Biden administration announced on Thursday that it will cancel $1.2 billion in student debt for 35,000 workers.
The Federal Reserve Bank of San Francisco estimates that 3.8 million undocumented immigrants will enter the U.S. in fiscal year 2024 - above the CBO estimate of 3.3 million.
Manufacturing activity in the Mid-Atlantic region jumped more than expected this month as orders and shipments rebounded, while expectations reached the highest level since July 2021.
The average interest rate on the popular U.S. 30-year fixed-rate mortgage fell to its lowest level since mid-March this week, a welcome development for a housing market struggling to find its footing and one that may continue if the Federal Reserve cuts rates in the months ahead.
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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. | |
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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Investor, Consumer Backlash Swings Big Corporations Toward Middle on DEI
You wouldn’t think there was a direct link between Microsoft, agriculture companies and beer, but in a capitalist society, the bottom line is a great unifier for anyone who wants to stay solvent.
Last year, Bud Light became the cautionary tale for companies that stray too far into LGBTQ politics. More recently, John Deere and Tractor Supply have received mega-million-dollar lessons on where a powerful segment of the public lands on issues of sexuality and identity.
Now, per a report from Business Insider, even well-known progressive company Microsoft is deemphasizing DEI.
Read More
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Economy Shows Small Growth Going into Third Quarter
The Fed is now saying the U.S. economy is slowing along with inflation.
The Federal Reserve’s latest Beige Book reports slight economic growth over the past three months. Significantly, five of the 12 districts reported flat or declining economic activity. That’s three more districts than in the previous report.
It’s a slowdown that businesses expect to continue through the end of the year. Unemployment also ticked higher and is now at 4.1%. At the same time, turnover in the labor market declined.
Watch Here
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Chuck Schumer Reportedly Tells Biden to Drop Out
The walls appear to be closing in for President Joe Biden as more top Democrats ask him to step aside.
According to a story first broken by Republican operatives on the Ruthless podcast, Senate Majority Leader Chuck Schumer (D-N.Y.) spoke with Biden over the weekend, making the case for him to leave the 2024 presidential race.
The news was seemingly confirmed by ABC’s Jonathan Karl, who said Schumer’s staff wouldn’t deny the meeting took place.
Watch Here
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Secret Service Director Testifying Before House Next Week
Secret Service Director Kimberly Cheatle has agreed to testify before Congress next week, after receiving a subpoena from the House Oversight Committee.
Republicans have grown increasingly critical of the Secret Service as more information has emerged about the assassination attempt on former President Donald Trump, with House Speaker Mike Johnson (R-La.) calling on Cheatle to resign.
The tension led to a heated moment at the RNC last night when a group of Republican senators was filmed following Cheatle around and asking her questions.
Watch Here
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WATCH PREVIOUS EPISODES
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LISTEN TO THE OLD FINANCIAL ISSUES programs hosted by our beloved founder, Dan Celia, as he passionately told it like it was, from a biblical perspective. His wisdom and insight are still applicable today. | |
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BIBLICALLY RESPONSIBLE INVESTING
FOR OVER 25 YEARS
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THE FIRST OF ITS KIND, Timothy Plan is a family of mutual funds that utilize Biblically Responsible Investing filters to ensure that no money is invested in companies that are supportive of ideals that are contrary to our Biblical moral imperative. Pro-family, Pro-life,
Pro-Community: Timothy Plan aligns your financial stewardship with the Godly principles you strive to exhibit every day.
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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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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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