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In The Know: Week of November 1, 2024
Mortgage Rates Creep Back Up, No Change in the Rate of Firings
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Choose wise, understanding, and knowledgeable men from among your tribes, and I will make them heads over you.' - Deuteronomy 1:13
At this time in Israel’s history, the population had become too big for one man to lead. Therefore, Moses was to appoint officials to help him lead God’s people.
Though the specifics of it look very different today, the concept remains. In order for a people group to function well, they must have wise, understanding and knowledgeable leadership. Of course, we understand the truth behind this, that those who will uphold and guard the values of the Scriptures are the ones we must choose. No candidate was perfect in ancient Israel, and neither is any perfect today. But, as an act of obedience to God, we must vote for those who will best lead us according to the values of Scripture.
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: Nasdaq, S&P Rebound as Market Shrugs Off Jobs Data
The DJIA fell 62.60 points, or 0.15%, to close at 42,051.80.
The Nasdaq lost 278 .69 points, or 1.5%, ending at 18,239.92.
The S&P dropped 79.24 points, or 1.4%, closing at 5,728.88.
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The Dow Jones Industrial Average rose 288.34 points, or 0.69%, to close at 42,051.80; the Nasdaq Composite gained 144.77 points, or 0.80%, ending at 18,239.92; the S&P added 23.43 points, or 0.41%, closing at 5,728.88.
Wall Street's major indexes climbed on Friday, rebounding from the previous day's sell-off as Amazon's strong earnings countered a significant drop in U.S. job growth in October.
Health care stocks advanced late Friday afternoon with the NYSE Health Care Index rising 0.9% and the Health Care Select Sector SPDR Fund up 0.7%.
Tech stocks were higher late Friday afternoon, with the Technology Select Sector SPDR Fund rising 0.8% and the SPDR S&P Semiconductor ETF climbing 2.1%. The Philadelphia Semiconductor index advanced 1.3%.
Financial stocks advanced in late Friday afternoon trading, with the NYSE Financial Index up 0.4% and the Financial Select Sector SPDR Fund (XLF) rising 0.6%.
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Consumer stocks rose late Friday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) paring earlier gains, and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 1.8%.
Energy stocks were lower Friday after-noon, with the NYSE Energy Sector Index decreasing 0.5% and the Energy Select Sector SPDR Fund (XLE) shedding 0.6%.
The Philadelphia Oil Service Sector Index was posting a 0.8% decline, and the Dow Jones US Utilities index fell 1.9%.
West Texas Intermediate crude oil rose 0.4% to $69.53 a barrel while global bench-mark Brent crude contract advanced 0.4% to $73.12 a barrel. Henry Hub natural gas futures fell 1.4% to $2.67 per 1 million BTU.
Gold prices edged down on Friday, pressured by a stronger U.S. dollar and Treasury yields. U.S. gold futures settled largely steady at 2,749.20. Spot Silver lost 0.7% to $32.42 per ounce. Platinum gained 0.3% to $990.45, while palladium shed 0.4% to $1,101.25.
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U.S. job growth almost stalled in October as strikes and hurricanes impacted the response rate for the payrolls survey, making it hard to get a clear picture of the labor market.
Inflation measured by the Personal Consumption Expenditures Price Index cooled to 2.1% on a yearly basis in September, down from 2.2% in August.
The average 30-year fixed-rate mortgage was 6.72% in the week through Wednesday, according to Freddie Mac data, up from 6.54% a week earlier.
Trump proposed giving a tax credit for family caregivers during his speech at Madison Square Garden.
Donald Trump during his interview with Joe Rogan once again raised the idea of getting rid of the income tax in favor of tariffs.
More than a quarter of Americans are living paycheck to paycheck according to the Bank of America Institute.
The U.S. trade deficit in goods widened to a 2-1/2-year high in September amid a surge in imports, prompting some economists to trim their economic growth estimates.
The Fed will cut its key interest rate by 25 basis points on Nov. 7, according to all 111 economists in a Reuters poll, more than a 90% majority predict another of the same in December.
The Conference Board’s consumer confidence index for October rose more than 11% to a reading of 138, its biggest single-month acceleration since March 2021.
JPMorgan Chase chairman and CEO Jamie Dimon called the current state of banking regulations under the Biden-Harris administration an "onslaught" during an annual convention on Monday.
ADP said private companies hired 233,000 new workers in the month, better than the upwardly revised 159,000 in September and far ahead of the Dow Jones estimate for 113,000.
The U.S. economy posted another solid though slightly disappointing period of growth in the third quarter, propelled higher by strong consumer spending defying expectations for a slowdown.
The number of Americans filing new applications for unemployment benefits fell to a five-month low last week and consumer spending increased more than expected in September.
U.S. labor costs recorded their smallest increase in more than three years in the third quarter amid cooling wage growth.
The conservative / Christian Faith & Freedom Coalition says it expects “historic” Christian turnout this year after knocking 8 million doors in battleground states.
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Financial Issues is pleased to partner with Crossroads Kids Club as a way for our audience to further Fund the Light of the gospel. Crossroads Kids Club brings the Good News of Jesus to children across the country through church-led, school-based clubs. It is an after-school program, but it’s so much more—it’s a life-changing opportunity for kids to hear the gospel and grow in their faith inside their public school!
Take Reaghan, for example. Now a fifth grader, she first joined Crossroads in third grade and shares how it transformed her life. “When I joined Crossroads, I accepted God and learned that he loves me the way that I am. He created me to be me, and I should be the best version of myself—for him!” See more of Reaghan’s story HERE.
By giving just $32 a month, you can sponsor a child like Reaghan and be part of what God is doing in schools across America: shaping lives as children come to know and love Jesus. This is not just a gift; it’s an investment in the future—helping children grow in their faith, discover their identity in Christ, and bring hope to their communities.
Will you join the movement today? Visit reachourschools.com to invest in the life of a child and make an eternal impact. Together, we can ensure more students like Reaghan hear the Good News of Jesus.
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World War III Already Here
Jamie Dimon, CEO of JPMorgan Chase, said in a speech at the Institute of International Finance that the wars in Ukraine and the Middle East have already started a third World War. Dimon previously said Russia, North Korea, and Iran were an "evil axis" that, alongside China, will hurt institutions like NATO, Newsweek reported.
"And they're talking about doing it now," Dimon said at the event. "They're not talking about waiting 20 years. And so the risk of this is extraordinary if you read history. World War III has already begun. You already have battles on the ground being coordinated in multiple countries."
Dimon said the United States needs to stop being naïve and believing it can avoid intervening.
Read More
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Immigrants Created 14 Democratic Congressional Seats, Eliminated 10 Republican Seats | |
Illegal immigration regularly ranks among voters’ top two or three issues in the 2024 election — but mass immigration reduces the amount of power U.S. citizens have over their own government, two new studies show. America’s massive immigrant population has redistributed political power from Republican-leaning districts with a high number of U.S. citizens to liberal, sanctuary cities and states that tend to elect Democrats.
Their findings corroborate Republican claims that counting noncitizens, including illegal immigrants, in the U.S. Census rewards liberal states while punishing conservative ones.
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Ex-border officials back Trump: 'The choice is clear' | |
A group of former border officials has thrown its support behind former President Donald Trump just days before the presidential election.
The coalition boasts former retired chiefs of the U.S. Border Patrol, other high-ranking members of that agency, as well as former acting U.S. Customs and Border Patrol Commissioner Mark Morgan, and former U.S. Immigration and Customs Enforcement Director Thomas Homan.
"Assuming you care about border security as much as we do, the choice is clear. President Trump is the only candidate that we can trust to secure our nation’s borders," they wrote.
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'I'm Not President': Harris Glosses Over Lack of Action as Vice President | |
Vice President and Democratic presidential nominee Kamala Harris claimed in an interview on Tuesday that because she’s “not president,” she has not been able to do anything about the top issues Americans are concerned about.
Harris went on to say that “no administration can fix everything,” but that change is about seeing “what can be new work that is done to deal with long-standing challenges.” Ultimately, the vice president concluded, “There are things that are in front of us.” Despite her word salad, there is no record of Harris actually answering the question.
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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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