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In The Know: Week of November 8, 2024
The Impact of Trump's Big Win and Another Fed Rate Cut
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Whatever the Lord pleases, he does, in heaven and on earth, in the seas and all deeps. - Psalm 135:5
In all seasons of life, we must remember what this verse says. This is especially true in the aftermath of an election.
For centuries, Christians have been able to find tremendous comfort in the fact that God is sovereign, even in the midst of chaos and hardship. This is easier said than done. In moments of uncertainty, as with moments of confidence and joy, we must remember that our God accomplishes what He pleases. Let us further remember that it pleases God to rescue and redeem sinners like you and me. This is great news, no matter the circumstances!
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: S&P 500 Touches 6,000 as Trump Win, Rate-Cut Rally Continues
The DJIA added 1,937.19 points, or 4.6%, to close at 43,988.99.
The Nasdaq rose 1,046.86 points, or 5.7%, ending at 19,286.78.
The S&P gained 266.66 points, or 4.7%, closing at 5,995.54.
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The Dow Jones Industrial Average rose 259.65 points, or 0.59%, to close at 43,988.99; the Nasdaq Composite added 17.32 points, or 0.09%, ending at 19,286.78; the S&P gained 22.44 points, or 0.38%, closing at 5,995.54.
The S&P 500 breached the 6,000 mark and was poised for its biggest weekly percentage gain in a year, as Donald Trump's election victory and a possible Republican Party sweep in Congress fueled expectations for favorable business policies.
Health care stocks rose late Friday afternoon with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund both rising 0.9%.
Tech stocks were mixed late Friday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 0.2% and the SPDR S&P Semiconductor ETF (XSD) gaining 0.5%. The Philadelphia Semiconductor Index was shedding 1%.
Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index up 0.7% and the Financial Select Sector SPDR Fund ahead 1.2%.
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Consumer stocks rose Friday afternoon with the Consumer Staples Select Sector SPDR Fund increasing 1.4% and the Consumer Discretionary Select Sector SPDR Fund gaining 1.8%.
Energy stocks were mixed late Friday afternoon, with the NYSE Energy Sector Index decreasing 0.3% and the Energy Select Sector SPDR Fund (XLE) up 0.5%.
The Philadelphia Oil Service Sector Index dropped 1.8%, while the Dow Jones US Utilities index climbed 1.9%.
West Texas Intermediate crude oil fell 2.6% to $70.47 a barrel while the global benchmark Brent crude contract dropped 2.2% to $73.99 a barrel. Henry Hub natural gas futures fell about 1% to $2.67 per 1 million BTU.
Gold edged lower mid-afternoon on Friday as the dollar rose while treasury yields were mixed. Trump's election victory served as a bit of a reset for gold. U.S. gold futures settled 0.4% lower at $2,694.80. Spot silver fell 2.4% to $31.22 per ounce, platinum fell 2.9% to $968.04, palladium shed 3.5% to $988.80. All three metals posted weekly declines.
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The Federal Reserve cut interest rates by a quarter of a percentage point on Thursday, and its policymakers took note of a job market that has "generally eased" while inflation continues to move towards the U.S. central bank's 2% target.
Investors will focus in the coming week on whether inflation trends can help sustain the record-breaking stock rally that has received a boost from Trump's victory in the U.S. presidential race.
The share of people saying they've gotten worse off under the current administration (45%) is the highest in presidential exit polls that have asked the question -- even surpassing the 42% "worse off" in 2008, in the teeth of the Great Recession.
The banking and finance industries are drawing up wish lists for lighter regulation under President Donald Trump's incoming administration as Wall Street sees a window of opportunity.
China hardliners in Congress are calling on world's foremost semiconductor equipment makers - KLA, LAM, Applied Materials, Tokyo Electron and ASML - to provide details of their sales to China.
Bitcoin rallied overnight, hitting an all-time high as former President Donald Trump defeated Vice President Kamala Harris to win the White House.
Newly elected U.S. President Donald Trump will face fiscal challenges that could threaten the country's standing in the global debt markets.
With Donald Trump heading back to the White House, Wall Street is anticipating the potential for lower taxes, deregulation and a U.S. president who is quick to sound off.
Trump's impending return to the White House appears to put the Federal Reserve on a slower and shallower path for interest rate cuts, with a slew of new policies embraced by the Republican leader poised to juice the economy and stall, or reverse, the slowdown in inflation.
The number of Americans filing new applications for unemployment benefits rose slightly last week, suggesting no material change in the labor market.
President-elect Donald Trump likely will return to cornerstones of his previous economic platform such as tariffs, lower taxes and sanctions, former Treasury Secretary Steven Mnuchin said.
Shares of Nvidia rallied to a record high on Thursday, making the chipmaker the 1st company in history to surpass a stock market value of $3.6 trillion, as Trump's return to the WH sparked a rally.
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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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2024 Election Analysis: Trump Outperformed Senate Candidates, Harris Underperformed
Former President Donald Trump significantly outperformed most Republican senatorial candidates on his way to reelection, while Vice President Kamala Harris underperformed about half of Democratic candidates for U.S. Senate. These trends provide further evidence of Harris’s weakness as a candidate and suggests that many voters preferred Trump by comparison.
Presidential elections usually accumulate more total votes than down-ballot races due to the higher publicity and greater perceived importance. DecisionDeskHQ reports 800,000 more ballots cast for president in the 33 states with a U.S. Senate race than were cast for U.S. Senator in those states, according to data compiled by The Washington Stand on Thursday.
Read More
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S&P 500 Zooms Past 6,000 on Trump Euphoria | |
The S&P 500 zoomed past the psychologically significant 6,000 mark for the first time Friday, building on a sharp rally after Donald Trump won a second term as U.S. president.
All three major indexes surged to record highs on Nov. 6 following the election results as analysts expect corporations to benefit from Trump's plans to cut taxes and reduce regulations.
The sharp gains in 2024 were largely powered by a steep rise in rate-sensitive megacap growth stocks on hopes of lower borrowing costs and optimism around a soft landing for the U.S. economy.
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Trump Commits To 'Largest Deportation Program' With 'No Price Tag' | |
President-elect Donald Trump dismissed concerns Thursday about the costs associated with his proposed mass deportation plan.
During a phone interview with NBC News, Trump stated that “there’s no price tag” to his promised deportation plan. He said that he’d initiate an unprecedented immigration crackdown from his first day in office, aiming to deport those in the U.S. illegally, particularly individuals with criminal records.
“When people have killed and murdered, when drug lords have destroyed countries, and now they’re going to go back to those countries because they’re not staying here.
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Trump's second term Cabinet: Here's who may fill key roles | |
President-elect Trump’s transition team has already started vetting potential candidates to serve in key administration posts once he takes office for a second time in January.
The process is likely to emphasize loyalty to Trump and his vision for the country, and the president-elect and his team have identified a handful of close allies who will likely be either nominated for Cabinet posts or find an appointed role in his White House.
“As he chooses the best people to join his team and best policies to pursue, his transition team will ensure the implementation of President Trump’s common sense agenda starting on Day 1,” transition co-Chairs Linda McMahon and Howard Lutnick said in a statement.
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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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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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