June 4, 2021
"Stand fast therefore in the liberty by which Christ has made us free, and do not be entangled again
with a yoke of bondage." 
Galatians 5:1
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Market Recap


For the week, the Dow advanced 0.7% to close at 34,756.39, the S&P 500 climbed 0.6% to 4,229.89, and the Nasdaq gained 0.5%, closing at 199.98.


The United States is getting closer to the Fed's maximum employment and 2% inflation goals, Fed Governor Lael Brainard said on Tuesday, but the depth of the remaining problem still requires the central bank to stick to its super-easy monetary policy until more progress is seen.
 
Half of U.S. states, all of them led by Republican governors, are cutting off billions of dollars in unemployment benefits for residents, rebuffing this part of Biden's response to the coronavirus recession.
 
The G7 wealthy democracies are expected to endorse Washington's proposal for an ambitious global corporate minimum tax when their leaders meet later this week in Britain, a U.S. Treasury official said on Wednesday.
 
Shares of retail investor favorite AMC Entertainment Holdings Inc (AMC) nearly doubled in price this week, extending a breathtaking rally and reinvigorating the meme stock phenomenon that has captivated investors.
 
The U.S. economic recovery accelerated in recent weeks even as a long list of supply chain troubles, hiring difficulties, and rising prices cascaded through the country, Federal Reserve officials said in their latest review of economic conditions.
 
U.S. labor market signals are conflicting to an "unprecedented" degree, but those suggesting labor market slack should be given more weight than those pointing to tightness, according a paper published Monday by the San Francisco Federal Reserve Bank.
 
National manufacturing data for May from ISH Markit and ISM indicated that the manufacturing sector remains brisk even though supply bottlenecks remain. New orders accelerated, but production and employment were held back by shortages of both parts and skilled workers, a continuation of the issues seen in recent months.
 
Chinese Vice Premier Liu He exchanged views with U.S. Treasury Secretary Janet Yellen on issues of mutual "concern", in his second virtual call in a week with top economic and trade officials under the U.S. Biden administration.
 
U.S. construction spending increased less than expected in April as gains in private homebuilding were blunted by losses on nonresidential structures and public projects.
 
U.S. companies can mandate that employees in a workplace must be vaccinated against COVID-19, the EEOC said on Friday. The vast majority of employers have been reluctant to require workers to be vaccinated. A survey earlier this year found that only 9% of the more than 700 employers surveyed said they were considering mandating vaccines.
 
The Biden administration will issue a new executive order on Thursday that bans U.S. entities from buying or selling publicly traded securities for 59 Chinese companies with alleged ties to defense or surveillance technology sectors, senior administration officials said.
 
Biden offered to scrap his proposed corporate tax hike (as high as 28%) during negotiations with Republicans, and to instead set a minimum 15% tax rate aimed at ensuring all companies pay taxes.
 
The White House warned corporate executives and business leaders on Thursday to step up security measures to protect against ransomware attacks after intrusions disrupted operations at a major meatpacking company and the biggest U.S. fuel pipeline.
 
The number of Americans filing new claims for unemployment benefits dropped below 400,000 last week for the first time since the COVID-19 pandemic started more than a year ago, pointing to strengthening labor market conditions. Other data on Thursday showed private payrolls increasing by the most in 11 months in May, spurred by robust demand amid a rapidly reopening economy.
 
The Institute for Supply Management's US services index rose to a record 64 in May from 62.7 in April, compared with expectations for a smaller increase to a reading of 63.2 in a survey compiled by Bloomberg. There were gains in the readings for prices, business activity, and new orders but a decline in the employment index and slower deliveries are indications that parts and labor supply issues are impacting businesses.
 
U.S. private payrolls beat expectations in May, increasing by 978,000 jobs, marking the biggest rise since June 2020


***

Friday Recap: Stocks Close Higher After Jobs Report


Finance ministers from the Group of Seven are within touching distance of a historic deal to close the net on large companies (such as Google, Amazon, and Facebook) which do not pay their fair share of tax. The United States has proposed a minimum global corporation tax rate of 15%, above the level in countries such as Ireland but below the lowest level in the G7.
 
New orders for U.S.-made goods fell more than expected in April as a global semiconductor shortage weighed on the production of motor vehicles and electrical equipment, appliances and components.
 
The National Federation of Independent Business said in its monthly jobs report that 48% of small business owners reported unfilled job openings in May on a seasonally adjusted basis, up from 44% in April. May's reading is 26 points higher than the 48-year average of 22%.
 
The US employment report was a disappointment for a second straight month, though the May edition was less concerning than its April predecessor. Non-farm payrolls rose by 559,000 in May, with the leisure and hospitality sector adding 292,000 new jobs, and manufacturing and transportation also posting gains. But retail and construction sectors continue to shed jobs.
 
A shortage of available workers remains the key issue. The unemployment rate fell to 5.8% in the month from 6.1% in April, but the details behind it show that many workers remain on the sidelines. The labor force participation rate decreased to 61.6% from 61.7% as the size of the labor force - those working or actively looking for work - declined by 53,000.
 
Gold prices rose on Friday after the U.S. dollar fell following a weaker than expected rise in U.S. employment in May. Copper ends the week 3.10% lower, now down three of the past four weeks, and the price of Silver declined 0.41% this week.
 
Tech jumps, financials lag as 10-yr yield falls. AMC shares fall, but post huge weekly gain.
 
All of meatpacker JBS SA's global facilities are now fully operational after a weekend cyber-attack disrupted much of its North American and Australian operations, the company said on Thursday.
 
The Dow Jones Industrial Average gained 179.35 points, or 0.52%, to 34,756.39, finishing just below its all-time closing high hit last month. The S&P 500 added 37.04 points, or 0.88%, to 4,229.89, also just missing a record, while the Nasdaq Composite advanced 199.98 points, or 1.47%, to 13,814.49.
 
Friday’s mixed data offered investors one main takeaway: the labor market is improving, but not at a pace that will make the Federal Reserve rush to pare back additional support from the economy.
 
For the week, the Dow advanced 0.7% to close at 34,756.39, the S&P 500 climbed 0.6% to 4,229.89, and the Nasdaq gained 0.5%, closing at 199.98. All three indexes rose for the week, with the Nasdaq posting its third straight weekly gain. The heavyweight S&P 500 tech sector was the best-performing group on Friday, rising 1.9%, as longer-dated U.S. Treasury yields fell.



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A Moment in History: Memorial Day
We explore one of the most important days of remembrance in the American Calendar.

Seth Udinski, FISM News
This holiday traditionally marks the beginning of summer, and is often accompanied by picnics, outdoor activities, country music, and trips to the beach. But this day is much more than just a fun start to the summer months: it is a day in which all Americans should take special care to give thanks for the many who have died for the cause of freedom. Tonight, let’s discover the history of Memorial Day…(WATCH VIDEO)
Senate Democrat Kyrsten Sinema Defends Filibuster
…even the left-leaning Washington Post says Ed Markey’s claim that “the filibuster was created so that slave owners could hold power over our government” is historically inaccurate.

Samuel Case, FISM News
Democratic Senator Kyrsten Sinema of Arizona is breaking ranks with her fellow Democrats in defending the filibuster, calling it “a tool that protects the democracy of our nation.”
 
A reporter speaking with Sinema described the filibuster as “a relic of the Jim Crow era,” and asked “if you don’t support things from the Jim Crow era, why would you support the filibuster?
 
The replied as follows: “[The filibuster is] a tool that protects the democracy of our nation rather than allowing our country to ricochet wildly every two to four years back and forth between policies. The idea of the filibuster was created … to create comity and to encourage senators to find bipartisanship and work together . . . when you have a system that’s not working…(READ MORE)
Texas Democrats Stage Walk-Out to Avoid Vote on Voting Reform
...the Texas House will have to re-assemble in a special session to finalize the vote.

Justin Bullock, FISM News
After a hotly contested presidential election in 2020, which saw an unprecedented rise in mail-in voting due to the COVID-19 pandemic, many states are implementing voting reform legislation. In many states that were closely contested in 2020, including Florida, Georgia, and Arizona, new laws have already been passed to reform voting regulations for the state. Texas has followed suit and the debate over its new bill has attracted the attention of the President of the United States who released a statement last week in opposition to the Republican led proposal.
 
The Texas Bill is known as Senate Bill 7 and has already passed in the Texas Senate. The Texas Tribune summarized the effects of the law, “[Senate Bill 7] is an expansive piece of legislation that would alter nearly the entire voting process. It would create new limitations to early voting hours, ratchet up voting-by-mail restrictions…(READ MORE)
Florida Joins Seven Other States in Defending Women's Sports
“…we’re not only making sure women have opportunities for scholarships and competition at the highest level, we’re also putting in statute ways to actually vindicate the rights of any women...

Samuel Case, FISM News
Governor Ron DeSantis is making waves once again by signing the “Fairness in Women’s Sports Act,” which prevents trans-females (or biological males) from competing in girls sports up to the collegiate level. 
 
Florida joins seven other states that have taken actions to stop biological males from playing in women’s sports. The other states include South Dakota, Mississippi, Arkansas, Tennessee, West Virginia, Montana and Alabama.
 
At a press conference DeSantis explained what the bill entails…(READ MORE)
COVID Variants to be Given New Classification Names to Help with Public Discussion
…people of Asian and Jewish ancestry have experienced increased hostility due to increasingly prevalent conspiracy theories surrounding the COVID-19 virus.

Justin Bullock, FISM News
As the list of COVID-19 variants grows, doctors have decided to begin to use the letter names of the Greek Alphabet to identify them. Previously, the World Health Organization (WHO) had employed a medical nomenclature that was extremely inaccessible to anyone who is not a doctor. In order to both normalize and make the name of variants more accessible to the public, Maria Van Kerkhove, the head doctor at the WHO in regard to COVID-19, told STAT that the Greek Alphabet is being introduced.
 
Thus far there are four major variants to COVID-19 with a fifth emerging recently in Vietnam as reported by FISM News. It is common for viruses like COVID-19 to mutate and...(READ MORE)
Biden Administration Ends 'Remain in Mexico' Policy for Asylum Seekers
…he paused the MPP and, since then, more than 11,000 migrants enrolled in the program have been allowed to enter the U.S. to pursue asylum claims, according to Reuters.

Ian Patrick, FISM News
Unfortunately, the southern U.S. border with Mexico is still under distress. As the Biden administration brings trillions of dollars’ worth of budgets and projects into the political sphere, it has also been steadily rolling back multiple Trump-era policies.
 
On June 1, the U.S. Department of Homeland Security (DHS) sent a memo which affirmed that the Biden administration had officially ended yet another Trump-issued policy known as the “Remain in Mexico” policy, otherwise known as the Migrant Protection Protocols (MPP). According to DHS, this policy “sets out procedures to return asylum-seekers to Mexico to wait while their asylum case is pending…(READ MORE)
China Increases Child Quota to 3 Children
In many respects critics of China’s inhumane child policies over the past 42 years see the looming demographic crisis in China as a kind of justice against the CCP.

Justin Bullock, FISM News
In 1979 the People’s Republic of China, led by the Chinese Communist Party (CCP), instituted a one child per couple policy in order to regulate and control the rapidly growing population in China. This policy was immediately met with criticism and outrage across the globe and especially from Christians. The CCP was determined and did not change the policy until 2015 when they expanded it to two children per couple.
 
The reason for the change in 2015 was due to the increasingly widespread view that China was on the verge of a population crisis. Now, everyone agrees that a massive population crisis is in the near future for China, and so the CCP has expanded the two child policy to a three child per couple policy. However, almost everyone, including Chinese demographic experts, believe that this is far too little…(READ MORE)
John Cena Exemplifies Hollywood's Nonstop Pandering to China
Cena’s apology is symptomatic of the widespread pandering to China among large corporations, sports teams, and the film industry… 

Karley Cicale, FISM News
Hollywood seems to consistently be the megaphone of the radical left by using their popularity to bring attention to the most recent en vogue cause or promote outrage for those who have been “wronged.”
 
The latest example can be found with actor John Cena, who recently apologized for calling Taiwan a “country” in an interview with Taiwanese network TVBS. In a conversation to promote the 9th “Fast and Furious” movie, he stated that ”Taiwan is the first country that can watch.”
 
China current trajectory would soon make it the largest cinema market in the world, having grown exponentially up until the hit of the coronavirus pandemic. In light of this, it’s no wonder that Hollywood is very carefully auditing and amending any comment…(READ MORE)
Tesla Using In-Board Cameras to Monitor Drivers Actions
These concerns are based in the fact that Tesla’s camera monitoring system involve actual recording of drivers… 

Justin Bullock, FISM News
Tesla has recently experienced some controversy and increased scrutiny as the public and automobile safety rating agencies have expressed concerns about mechanical failures in Tesla vehicles and the dangerous driving Tesla automation technology incentivizes.
 
In particular, a Tesla Model S was in a fatal wreck in Texas earlier this month due to the failure of the self-driving technology. Tesla has always received criticisms from skeptics about the effectiveness of its self-driving technology and even more criticism of the incentivizing of the bad driving such technology encourages in Tesla owners. As a result Tesla is introducing an additional feature to assure that Tesla drivers are…(READ MORE)
Biden Expands Reach of Trump-Era Ban of Investments in Chinese Defense
The Secretaries of the Treasury and the State are designated with carrying out the purposes of this order and may include the Secretary of Defense if deemed necessary. 

Ian Patrick, FISM News
On Thursday, President Biden signed an executive order which prevented any United States person from investing in certain Chinese firms and businesses linked to their nation’s military, surveillance, and defense sectors. Included in the order are 59 specific companies with such ties or links.
 
The order itself is presented as a way of addressing national security concerns presented in a previous executive order from Trump’s presidency, which addressed only 30 companies at the time. Biden finds that the threat has extended to include “the military-industrial complex of the People’s Republic of China (PRC) and its involvement in military, intelligence, and security research and development programs, and weapons and related equipment production under the PRC’s Military-Civil Fusion…(READ MORE)
Chicago Mayor Sued for Excluding White Reporters
The Chicago Mayor’s position has been met with significant blowback from local leaders and especially members of the local and national press.

Justin Bullock, FISM News


Daily Caller Reporter Thomas Catenacci is suing Chicago Mayor Lori Lightfoot due to Mayor Lightfoot’s decision to only allow reporters of color to interview her. Mr. Catenacci, a white man, believes that Mayor Lightfoot is engaging in racial discrimination violating his equal protection rights as well as his First Amendment rights as a member of the press. Mayor Lightfoot said her reason for imposing interview restrictions was due to her view that reporters of color are in the significant minority and regularly discriminated against. Mayor Lightfoot tweeted,
 
"I ran to break up the status quo that was failing so many. That isn't just in City Hall. It's a shame that in 2021, the City Hall press corps is overwhelmingly White…(READ MORE)
New Levels of Depravity: "Blue's Clues" Bows to LGBTQ Revolution
The sexual revolution continues its mission to indoctrinate everyone, old or young. In the latest act of utter depravity, the revolutionaries now blatantly target children.
 
Last week, Nick Jr.'s popular children's television show "Blue's Clues" aired an animated gay pride parade in an effort to celebrate "Pride Month," which is observed by many leftists during the month of June. The parade featured a song singing the praises of all things LGBTQ, performed by drag queen Nina West. Set to the tune of "The Ants Go Marching," the song glorifies all different types of perverted sexual identities, from homosexuality to bisexuality to asexuality.
 
Under the guise of "inclusion" and "love," the writers of this once-innocent children's program are holding nothing back in their all-out assault on God's design for gender and human sexuality. Some of the lines from the song are…(READ MORE)
Biden's Budget Leaves Out Hyde Amendment Leading to Tax-Funded Abortions
The Hyde Amendment prevents the use of federal funds to provide for abortions except in rare incidents where the life of the mother is at immediate risk or when...

Justin Bullock, FISM News


President Biden’s budget for fiscal year 2022 was released on Friday as reported by FISM News. The proposed budget was immediately criticized by congressional Republicans. House Minority Leader Kevin McCarthy (R-California) said the proposal is “reckless and irresponsible,” and Senator Lindsey Graham (R-South Carolina) said the proposal is “dead on arrival,” “insanely expensive,” and “[un]-serious.”
 
The budget proposal reveals the policy priorities of the Biden administration which include an emphasis on infrastructure reform, education policy, public health policy, and climate change policy. However, while there is much one can learn about the President’s political agenda by what he has included in the budget proposal, in some instances one can learn more by what is left out. Of particular concern for pro-life conservatives is the absence of any reference to…(READ MORE)
Civil War is Brewing in the Left Between Feminism and Transgenderism [Op-ED]
The irony of it all is that there has historically existed an apparently strong alliance between feminists and the LGBTQ community.

Seth Udinski, FISM News
It appears many on the left have hit an inevitable conundrum in the quest for “justice” and “equality.” Two profoundly leftist ideologies are barreling down the unavoidable path towards civil war – feminism and transgenderism.
 
FISM News has reported numerous cases of conflict between these two liberal worldviews, especially in the sphere of female athletics. The latest is the battle for the protection of women’s sports in Connecticut, where several female athletes have filed a lawsuit in the U.S. District Court of Appeals to uphold Title IX protections of female athletes. Simply put, these women want to reserve women’s sports for biological women only, because, regardless of the level of passion in their feminist leanings, they have come to accept the truth that men and women are vastly different…(READ MORE)
Netanyahu Opposition Parties Make Bid to Form Coalition Government
Bennett and Lapid have a slim majority of seats in the Knesset who have agreed to this government, meaning any defection from any party or member could ruin their chances...

Ian Patrick, FISM News


The future of Israel’s government could be secure, but it may cost Benjamin Netanyahu his job.
 
On Sunday, a number of Israeli political parties said they would seek to form a coalition government together which would oust Prime Minister Netanyahu from his position. Netanyahu’s Likud party had lost a few seats in the last Israeli election, costing them more of a majority in the Knesset as well as the chance for Netanyahu to form a coalition government himself.
 
Naftali Bennett, leader of the conservative Yamina party and former defense minister for Netanyahu, announced he would join a proposed alliance with centrist leader Yair Lapid of the Yesh Atid party. The two would rotate serving as Prime Minister under their coalition government, which…(READ MORE
Hamas Rearming with 'Thousands of New Rockets,' After Major Losses Against Israel
“…the Israelis should know that they will not be able to live beside an enemy which enjoys a great power now.”

Samuel Case, FISM News
Two weeks after a ceasefire between terrorist groups in Gaza and the nation of Israel, Iran’s state-run Fars News has announced Hamas is rearming and now has the materials needed to make “thousands of new rockets.”
 
Fathi Hamad of the Hamas politburo is quoted by Fars News bragging about the rearming process: “Our factories and workshops have restarted producing thousands of rockets to stop [Israeli prime minister Benjamin] Netanyahu’s intransigence in Al-Quds [Jerusalem] and Tel Aviv.”
Hamas leader Yahya Sinwar also said, “This war will last forever.”
 
“Palestinians are not after war, because it carries heavy costs. However, this war will last forever because Israel…(READ MORE)
Ted Cruz Introduces Legislation to Federally Ban Vaccine Passports
…people should be free to make the decision that is right for them and consult with their doctor if they have concerns.

Justin Bullock, FISM News


As the COVID-19 vaccine is becoming more widely available and more and more Americans are receiving it, many businesses and social groups are requesting proof of vaccination. This practice is even more widespread internationally, particularly in the European Union, and Americans will be required to provide proof of vaccination if they wish to travel to most foreign countries. In response, ten states have identified a vaccine passport as an instance of needless discrimination and made mandatory vaccine proof illegal. These states include Alabama, Arizona, Florida, Idaho, Indiana, Montana, South Carolina, Texas, Utah, and Wyoming.
 
In addition, Texas Senator Ted Cruz has introduced a bill with Republican Senators Mike Braun from Indiana and Cynthia Lummis from Wyoming that would prohibit the need for and use of vaccine passports…(READ MORE)
Two Iranian Navy Ships Headed for Atlantic Ocean Causing Concern
…it is suspected that it may be missile attack craft similar to the ones deployed by Iran to harass US ships in the Persian Gulf.

Samuel Case, FISM News
In national security news, two Iranian Navy ships were seen making their way toward the Atlantic Ocean with an expected course set to Venezuela. The last time Iran came close to entering the Atlantic was in 2016 but at that time they stopped short after being warned away by the US. Now Iran seems undeterred as their ships begin to steam their way around Cape Horn into the Atlantic Ocean.
 
The Biden Administration has been trying very hard to re-establish the much-criticized 2015 Iran Nuclear Deal created by former President Obama and discontinued by former President Trump. Thus far they have been unsuccessful and with the advent of these two ships, many experts expect that no new deal is in sight. The two ships consist of a frigate and a staging base ship, and experts believe that the ships are transporting weapons…(READ MORE)
Cyberattack Hits Beef Plants
As ransomware attacks like this rapidly grow in quantity and severity, the US is scrambling under the Biden administration to shift its focus to securing the world wide web.

Justin Bullock, FISM News


A Russia-based criminal hacking group has executed another ransomware attack on JBS, a Brazilian meat production company that supplies the US with close to a quarter of its beef and one-fifth of its pork. This attack comes after similar ransomware attacks on the Washington D.C. Police and the oil distributor Colonial Pipeline as reported by FISM News previously. These attacks are three major ransomware attacks that are part of the substantial rise in cyber-crime across the globe, and also a part of the increasing tensions between the US and Russia on the new frontier of the internet.
 
The identity of the Russian criminal group is not yet known, but it was a Russian criminal organization known as the Babuk group who attacked the D.C. Police. Ransomware attacks like this have crippled the victim companies and organizations and have had far reaching consequences on the broader industries of which they are a part, as well as American society as a whole. After the Colonial Pipeline hack, the price of gas…(READ MORE)
First Athletes Arrive in Tokyo for Olympics Amidst Controversy
…many are concerned that the rising fourth wave of COVID-19 in Japan could result in athletes becoming sick, as well as a new global wave of COVID cases.

Justin Bullock, FISM News
The 2021 Summer Olympics are slowly preparing to launch in Japan. The games are set to begin on July 23, 2021 and the first athletes are making the trip to Japan, beginning with Australia’s softball team. The Olympic games are met with some controversy, as Japan and in particular Tokyo (where the games will primarily be hosted), is experiencing a brutal fourth round of COVID-19 cases throughout its population.
 
While it has been known since 2013 that Japan would host these Olympics, since the onset of the pandemic Japan has not been able to create or receive an adequate supply of the vaccines in order to more effectively manage the COVID-19 virus. This, plus the other negative impacts of the pandemic, as well as the rapidly rising costs of hosting the Olympics, has generated intense criticism from Japanese citizens and the broader global community. Many are saying that Japan is not at all prepared to…(READ MORE)
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