June 10, 2022

"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
Market Recap


For the week, the DJIA lost 1506.91 points, 4.6%, to close at 31,392.79. The S&P dropped 207.68 points, or 5%, ending at 3900.86. The Nasdaq fell 672.71 points, or 5.6%, closing at 11,340.024.



The top U.S. securities regulator on Wednesday unveiled a planned overhaul of Wall Street retail stock trading rules, aiming to boost competition for handling orders by commission-free brokerages to ensure mom-and-pop investors get the best price for trades.

 

Intel is "pausing all hiring and placing all job requisitions on hold" in its client computing group according to a Wednesday memo. Some hiring could resume in as little as two weeks after the division re-evaluates priorities.

 

The next-generation presidential aircraft being built by Boeing Co risks further delay due to a tight labor market for mechanics and lower-than-expected security clearance rates, the investigative arm of Congress said on Wednesday.

 

The number of Americans filing new claims for unemployment benefits increased to the highest level in nearly five months last week, but that likely does not mark a material shift in labor market conditions, which remain extremely tight.

 

Wall Street's main indexes fell in choppy trading on Thursday, as growth and bank stocks slipped amid weaker risk appetite ahead of a closely watched inflation report this week.

 

The ECB ended a long-running stimulus scheme on Thursday and said it would deliver next month its first interest rate hike since 2011, followed by a potentially larger move in September.

 

Used car prices are no longer surging at the chart-topping pace that drove an initial surge of COVID-era inflation; but airline fares as of April were rising at a stratospheric 33% annual rate.

 

U.S. wholesale inventories increased slightly more than initially thought in April, suggesting that inventory investment could provide a lift to economic growth this quarter.

 

Major U.S. retailers like Target Corp and Walmart have been cutting prices to clear overstocked warehouses, but hotel revenue is pouring in as daily room rates and occupancy have broken above pre-pandemic levels.

 

The White House expects the next round of economic data to show elevated numbers on inflation, press secretary Karine Jean-Pierre told reporters on Wednesday.




***


Friday Recap: Inflation Soars, Wall Street Down Sharply


U.S. stocks ended down sharply on Friday and posted their biggest weekly percentage declines since January as a steeper-than-expected rise in U.S. consumer prices in May fueled investor worries about more aggressive interest rate hikes by the Federal Reserve.

 

Annual inflation for May reached a four-decade high, placing added pressure on the US Federal Reserve to maintain its aggressive monetary tightening stance.

 

Blistering inflation is threatening to re-ignite twin declines in U.S. stocks and bonds, leaving investors with few places to hide.

 

Biden on Friday accused the U.S. oil industry, and ExxonMobil in particular, of capitalizing on a supply shortage to fatten profits.

 

West Texas Intermediate crude oil fell off three-month highs on Friday after the U.S. reported inflation rose to the highest in 40 years.

 

Consumer price index rose to 1% in May from 0.3% in April.

 

Gold closed at the highest in a month on Friday, reversing early losses even as the US dollar and bond yields climbed and stock markets tumbled.

 

Silver erased initial declines to gain 0.7% to $21.90 an ounce. Platinum was flat at $971.80 and palladium and copper were down.

 

The Dow Jones Industrial Average lost 880.00 points, or 2.73%, to close at 31,392.79; the S&P 500 dropped 116.96 points, or 2.91%, ending at 3,900.86; the Nasdaq Composite fell 414.202 points, or 3.52%, closing at 11,340.024.

 

For the week, the DJIA lost 1506.91 points, 4.6%, to close at 31,392.79. The S&P dropped 207.68 points, or 5%, ending at 3900.86. The Nasdaq fell 672.71 points, or 5.6%, closing at 11,340.024.



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Ukraine War Update: Kyiv Fears West Losing Interest in Support, Condemns Death Sentences

Domestic concerns could prove to be another factor that could see cracks form in the West’s resolve against Moscow.

 

Chris Lange, FISM News

Officials in Kyiv are growing concerned that Western powers have begun to experience “war fatigue” that could result in a loss of resolve to help Ukraine defend itself against Russia’s aggression.

 

As the shock of the Feb. 24 invasion and brutal conflict begins to subside, analysts say the Kremlin could exploit waning interest to pressure Ukraine into ceding territory to Russia in an effort to end the war, according to an Associated Press report.

 

Ukrainian President Volodymyr Zelenskyy has previously bristled at suggestions that he should accept any form of compromise, declaring that his country will dictate its own terms…(READ MORE)

 

SEE ALSO: Finland plans to build barriers on its border with Russia amidst fears of aggression

Gas Prices Surpass $5 Per Gallon Milestone

Americans have voiced their frustration that the Biden administration is not doing enough to bring down the cost of everyday goods...

 

Chris Lieberman, FISM News

Gas prices in the U.S. hit a painful new milestone on Thursday, with the nationwide average price of gas topping $5 a gallon for the first time in history, according to GasBuddy.

 

2022 has already been a difficult year at the pump for Americans, with prices rising at break-neck speeds leaving consumers and businesses scrambling to keep up. Averages topped $4 on March 5 for the first time since 2008 and hit an all-time record of $4.10 per gallon two days later. Prices peaked on March 10 and remained stable for a time, but set a new record on May 5 and have continued to rise since, going up 66 cents in just the past month. On Sunday, the average price of a gallon of gas had officially doubled since Jan. 20, 2021, the day Joe Biden was sworn in as president, from $2.38 a gallon to $4.76…(READ MORE)

Would-Be Kavanaugh Assassin Charged with Attempted Murder

…Homeland Security issued a “heightened” terrorism advisory ahead of the high court’s anticipated decision to overturn Roe.

 

Chris Lange, FISM News

A man armed with a Glock pistol and other weapons who was arrested outside of Brett Kavanaugh’s home Wednesday has been charged in federal court with the attempted murder of the Supreme Court Justice. 

 

Nicholas John Roske, 26, of Simi Valley, California, confessed that he intended to kill Kavanaugh because he was angry over the potential reversal of a landmark abortion rights case, according to a Washington Examiner report. He also cited his belief that the conservative justice would side with Second Amendment absolutists in the gun reform…(READ MORE)

 

SEE ALSO: Department of Homeland Security issues violence warning due to hot-button events

Former Dem. Congressman Pleads Guilty to Election Fraud Scheme that Spanned 4 Years

Both Demuro and Beren pleaded guilty to charges stemming from the elaborate schemes in 2020 and 2021, respectively.

 

Chris Lange, FISM News

A former Pennsylvania Democrat Congressman pleaded guilty to election fraud charges Monday, exposing an elaborate scheme that included bribing state election officials. 

 

Michael “Ozzie” Myers admitted in a Philadelphia court that he stuffed ballot boxes on behalf of Pennsylvanian Democratic candidates in state elections from 2014 to 2018, according to a Post Millennial report. He pleaded guilty “to conspiracy to deprive voters of civil rights, bribery, obstruction of justice, falsification of voting records, and conspiring to illegally vote in a federal election for orchestrating schemes to fraudulently stuff the ballot boxes for specific Democratic candidates in the 2014, 2015, 2016, 2017, and 2018 Pennsylvania…(READ MORE)

Grassley, Hawley Continue Fight against Disinformation Board

…ample evidence that DHS officials appreciated the fact that the American people would reject any perceived or actual encroachment on the First Amendment

 

Willie R. Tubbs, FISM News

The now-paused Disinformation Governance Board has become, at least for Homeland Security Secretary Alejandro Mayorkas, a boat anchor connected to an unbreakable chain.

 

While the secretary has tried to pick up and move on from the blunder of having overseen the creation of a board that outraged people of all political stripes, Mayorkas’ critics have become unrelenting in their quest to prevent DHS from ever hitting the metaphorical play button on censorship.

 

This week, Senators Chuck Grassley (R-Iowa) and Josh Hawley (R-Mo.) launched another round of efforts to discover what the board was meant to achieve and how it would have…(READ MORE)

New Orleans Leaders Irate Following Weekend of Lawlessness

Those breaking and those seeking to uphold the law represented a diverse array of races.


Willie R. Tubbs, FISM News

The scenes in New Orleans might have been chaotic, but city leaders say the armed and motorized insanity that overtook the city last weekend was orchestrated. The perpetrators might not fare as well as they might have in a place like California, though, as the “shutdown” seems to have proven a rallying point for people of all races, creeds, and political affiliations.

 

Videos have emerged on social media showing throngs of people and motorists behaving recklessly and with absolute disregard and disdain for police or public safety throughout New Orleans.

 

As reported by NOLA.com, scenes of hysteria broke out at four intersections in the city Sunday as motorists peeled out, revved their engines, and performed donuts as armed pedestrians waved rifles and handguns…(READ MORE)

Experimental Immunotherapy Has Positive Results in New Clinical Trial

Dr. Diaz and Dr. Cercek are hopeful that this immunotherapy will be used for other forms of cancer in the future.

 

Lauren Dempsey, FISM News

MS in Biomedicine and Law, RN

A team of physicians, nurses, and researchers have completed a clinical trial at Memorial Sloan Kettering (MSK) evaluating the use of immunotherapy as a treatment option for rectal cancer caused by a specific genetic mutation. This genetic mutation is known as mismatch repair-deficient (MMRd) or microsatellite instability (MSI). All 12 patients included in the trial had a mutation and it is estimated that between 5% and 10% of rectal cancer patients have this kind of tumor.

 

Dr. Luis Diaz, the head of the MSK division of Solid Tumor Oncology and holds the Grayer Family Chair explains that “An MMRd tumor develops a defect in its ability to repair certain types of mutations that occur in cells. When those mutations accumulate in the tumor, they stimulate the immune system, which attacks the mutation-ridden cancer cells.”

 

Dr. Diaz and Dr. Andrea Cercek both spoke about the incredible trial results, which were published…(READ MORE)

Federal Judges Uphold Constitutionality of Lethal Injection

 the death row prisoners argued that the shots still cause “constitutionally impermissible pain and suffering.”


Lauren Moye, FISM News

Two judges have made rulings that uphold the constitutionality of the death penalty despite lawsuits from inmates, saying that potential pain should free them from the fate.

 

An Arizona federal judge recently ruled that the constitutional right against cruel and unusual punishment does not mean death row inmates have a right to a pain-free execution, while a second federal judge in Oklahoma answered a similar argument against the Eighth Amendment yesterday, ruling that lethal injections are constitutional even if they don’t completely eliminate the pain of the final…(READ MORE)

Louisiana Bans Biological Males from Competing in Female Sports Despite Governor Opposition

“Women have worked too hard for too long to get to the competitive level we have attained to now face an unfair playing field.”


Matt Bush, FISM News

Louisiana became the 18th state to ban biological males, regardless of the gender with which they identify, from competing in women’s sports. Senate Bill 44 (SB 44) applies to athletes that compete in both intercollegiate and interscholastic (K-12) sports, as well as to any school, public or private, that receives public funding.

 

Both chambers of the Republican controlled Louisiana congress passed SB44 in May and have been awaiting the approval of Democratic Governor John Bel Edwards, who has stood in opposition to the bill. SB 44, also known as the “Fairness in Women’s Sports Act,” will become law on August 1 as Edwards has declined to either sign or veto…(READ HERE)

Primary Races Signal Crime Shaping up to be Key Factor in Mid-Terms

Boudin’s Ousting Followed February’s Recall Of Three Progressive San Francisco School Board Members...


Chris Lange, FISM News

Primary elections held in seven states Tuesday indicate that America’s crime crisis is shaping the landscape for November’s midterms in a way that could spell doom for Democrats.

 

Two California races, in particular, sent a clear message that Americans are fed up with the left’s soft-on-crime policies and progressive prosecutors. Voters in San Francisco – arguably the most liberal city in the nation – delivered a stunning rebuke to progressive district attorney Chesa Boudin, with 61% voting to remove him from office. A former public defender and the son of convicted Weather Underground terrorists, Boudin was elected to office in 2019 on a platform that he would end cash bail, reduce jail sentences, and crack down on police…(READ MORE)

Indiana AG Sues Biden Administration over Illegal Immigration: ‘Every State Is Now a Border State’

“The Defendants have disregarded and ignored the plain language of (federal immigration law) by multiple means, including promulgating regulations contrary to congressionally enacted statutes...

 

Samuel Case, FISM News

Indiana Attorney General Todd Rokita is suing the Biden administration over its failure to secure the U.S. southern border, saying “every state is now a border state.” 

 

“The lawlessness at the southern border has escalated into a crisis in the Midwest—including Indiana,” Rokita said in a statement on Monday. 

 

Hoosier communities are overwhelmed by cartel-driven human trafficking and drug trafficking while fentanyl overdoses skyrocket. Because of ‘do nothing’ politicians here and in Washington, every state is now a border state—especially Indiana, the Crossroads of America. I refuse to allow Hoosiers’ liberties and security to be eroded by illegal aliens and those who want to stick their heads in the sand pretending…(READ MORE)

 

SEE ALSO: New migrant caravan heading to U.S. shaping up to be largest to date

Did COVID Lockdowns Make Children Sicker?

Universal masking, social distancing, and excessive sanitation have disrupted a very important process in building and strengthening immunity in childhood...

 

Lauren Dempsey, FISM News

MS in Biomedicine and Law, RN

For the last two years, the only virus the world seemed to care about was COVID-19, with massive efforts made to contain and stop the spread of this illness. Now that people are getting back to some sense of normal, there appears there to be an adverse rebound effect to the mitigation measures, with hospitals seeing a sharp increase in children being hospitalized for common illnesses such as rhinoviruses, adenoviruses, and respiratory syncytial virus (RSV).

 

Prior to COVID-19 many of these infections were considered endemic, with illnesses having predictable regularity and the vast majority of care being out-patient. During the pandemic, however, some illnesses seemed to nearly disappear. Historically low cases of flu and other respiratory and gastrointestinal illnesses were reported over the past two years due to COVID-19 prevention and mitigation measures. While this was seen as a success by many in the field of medicine, it was a short-term benefit with potential long-term consequences…(READ MORE)

GOP Lawmakers Allege FBI ‘Purge’ of Conservative Employees, Demand Briefing

Copies of the letter were sent to Committee Chairman Jerry Nadler (D-N.Y.) and Justice Department Inspector General Michael Horowitz.


Chris Lange, FISM News

Republican lawmakers say they have collected evidence that the FBI is targeting conservatives within its ranks who have expressed disapproval of the Bureau’s handling of the Jan. 6, 2020 Capitol breach.

 

In a letter to FBI Director Christopher Wray, House Judiciary Republicans, led by ranking panel member Jim Jordan (R-Ohio), cite several FBI officials who have come forward with information that the Bureau is actively “purging” employees who have expressed conservative viewpoints surrounding the events of Jan. 6, including displeasure over the Bureau’s narrative.

 

“In one such example, the FBI targeted and suspended the security clearance of a retired war servicemember who had disclosed personal views that the FBI was not being entirely forthcoming …(READ MORE)

Gun Law Negotiations Creep Along in Senate, but Immediate End Not in Sight

As such, the law that is emerging will involve measures that would leave the Second Amendment generally untouched.


Willie R. Tubbs, FISM News

Despite the fact that the House passed sweeping gun reform on Wednesday along mostly party lines, Democrat and Republican negotiators say they are still far from a gun control deal that will satisfy enough Republicans to proceed. Negotiators did, however, stress that the proposal is starting to take shape.

 

Lawmakers have been mum on just what shape that is, or even how many people in either party are truly on board.

 

“I think it’s way too soon to start predicting how many are going to vote for it,” Senate Minority Leader Mitch McConnell said in an interview with CNN. “We don’t have an agreement yet, and so I don’t want to speculate about how many of my members might support it. Step 1 is to try to get a deal...(READ MORE)

 

SEE ALSO: New York’s Hochul signs 10 gun control measures into law in response to mass shootings

Rays Players Decline to Wear Pride Uniforms, Sparking Both Backlash and Support

According to the Times, the Rays organization said that they would have preferred full participation, but also wanted to give the players a choice.

 

Chris Lieberman, FISM News

Several Tampa Bay Rays players decided to take a stand for biblical marriage during Saturday’s Pride Night game by declining to wear LGBTQ-inspired caps and uniforms.

 

For their 16th annual Pride Night, the Rays organization decided to show their support for the LGBTQ cause by donning custom caps with a rainbow Rays logo and wearing uniforms with a rainbow decal on the sleeve. But pitchers Jason Adam, Ryan Thompson, Jalen Beeks, Brooks Raley, and Jeffrey Springs all opted to wear their regular caps and uniforms in what they described as a “faith-based decision.”

 

Adams, speaking for the group, told the Tampa Bay Times, “Ultimately, we all said what we want is them to know that all are welcome and loved here. But when we put it on our bodies, I think a lot of guys decided that it’s just a lifestyle that maybe — not that they look down on anybody or think differently — it’s just that maybe we don’t want to encourage it if we believe in Jesus…(READ MORE)

Florida’s Desantis Signs School Safety Bill in Response to Uvalde Massacre

The bill will also authorize the Commissioner of Education to enforce school safety and security compliance...

 

Ian Patrick, FISM News

On June 7, Florida Governor Ron DeSantis quietly signed the School Safety act as a response to the massacre in Uvalde, Texas.

 

“Every child needs a safe and secure learning environment,” the governor said after signing the bill according to a press release from his office.

 

The press release says that the bill will “build on legislation over the last three years to implement the additional recommendations of the Marjory Stoneman Douglas High School Public Safety Commission to make schools safer and improve youth mental health…(READ MORE)

 

SEE ALSO: Governor DeSantis points to lack of fatherhood as a source of nation’s issues

Biden Blames ‘MAGA’ Republicans, Oil Companies, and The Media for Woes on ‘Jimmy Kimmel Live!’

Moving onto the economy, the President admitted that inflation is “the bane of our existence,” but said it’s “mostly in food and in gasoline.”


Samuel Case, FISM News

President Joe Biden appeared on “Jimmy Kimmel Live!” Wednesday night for his first interview in 118 days. Throughout the interview the president repeated several talking points regarding gun control, the Republican party, inflation, and more. 

 

Much of the first half of the interview surrounded the topic of gun policy. Biden told Kimmel he believes that “rational gun policy” has not passed in Congress due to “intimidation by the NRA” and Republican fears of being primaried. 

 

“This is not your father’s Republican party this is a MAGA party,” Biden said, keeping with his “MAGA crowd” rhetoric, which he once described as the “the most extreme political organization that has existed” in modern American history. “We’ve seen such a radical shift in one party,” Biden said of the GOP later…(READ MORE)

NYT Report: Uvalde Cops Knew Children Were Alive, Wounded during Hour-Plus Delay

“By the way, Texas embraces active shooter training, active shooter certification.

 

Chris Lange, FISM News

A New York Times investigation into the Uvalde, Texas school massacre reportedly shows that law enforcement on the scene were aware that children were still alive and possibly wounded while trapped inside a classroom with the gunman yet chose to wait more than an hour to confront the suspect.

 

Citing body camera footage and other “investigative materials,” the Times concluded that officers delayed confronting the shooter while “they waited for protective equipment to lower the risk to law enforcement officers…despite supervisors at the scene being told that some trapped with him in two elementary school classrooms were in need of medical treatment.”

 

The response by law enforcement to the May 24 mass shooting at Robb Elementary School has been widely criticized after video footage…(READ MORE)

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Shorts

Nuclear watchdog censures Iran, Iran to remove U.N. nuclear cameras in response. Iran said on Wednesday it was removing two U.N. nuclear watchdog surveillance cameras at a uranium enrichment facility prior to the watchdog’s board passing a resolution that criticized the country for failing to fully explain uranium traces at undeclared sites.

Five Marines killed in crash of Osprey aircraft in California. The five Marines were on an MV-22B Osprey when it went down near Glamis, California, just north of the Mexican border around 12:30 p.m. PDT on Wednesday, the Marine Corps said in a statement.

Haitian Special Olympians missing in Florida. What was supposed to be a joyous celebration of the achievement of differently-abled athletes from across the United States and Caribbean has turned into an effort to find six missing people in Central Florida.

Michigan Republican governor candidate Ryan Kelley arrested for Capitol riot role. The FBI arrested Republican Ryan Kelley, a candidate for Michigan governor, on Thursday for misdemeanor charges in connection with the Jan. 6, 2021, U.S. Capitol riot by supporters of then-President Donald Trump.

German investigators question driver after ‘dark day’ for Berlin. German investigators are trying to make sense of “confused” statements from a 29-year-old man who rammed his car into a group of schoolchildren and killed a teacher in Berlin, the city’s mayor, Franziska Giffey, said on Thursday.

Dozens of abuse survivors sue FBI over Nassar investigation. More than 90 women filed lawsuits on Wednesday against the FBI, accusing former agents at the agency of botching the sex abuse investigation into onetime USA Gymnastics doctor Larry Nassar, one of the law firms handling the case said.

U.S. unveils new Latin America economic plan at reboot summit dogged by dissent. The Biden administration unveiled a new proposed U.S. economic partnership with Latin America on Wednesday as regional leaders gathered for a U.S-hosted summit whose agenda has been undermined by discord over the guest list.

World Bank slashes global growth forecast to 2.9%, warns of ‘stagflation’ risk. The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9% for 2022, warning that Russia’s invasion of Ukraine has compounded the damage from the COVID-19 pandemic, and many countries now faced recession.

Brazilian police open criminal probe amid search for British journalist. ‘Brazilian police have opened a criminal probe and interviewed at least four witnesses believed to be among the last to have seen a British journalist and an indigenous expert who went missing in a remote and lawless part of the Amazon jungle on Sunday.

Biden waives solar panel tariffs for four countries, invokes defense law. Biden waived tariffs on solar panels from four Southeast Asian nations for two years and invoked the Defense Production Act to spur solar panel manufacturing at home, the White House said on Monday, confirming a Reuters report.

North Korea could conduct nuclear test ‘any time’ according to U.S. envoy. North Korea could conduct a seventh nuclear test at “any time” and has shown no interest in returning to negotiations, the U.S. Special Representative for North Korea said on Tuesday

Twitter plans to have shareholder vote by August on sale to Elon Musk. Twitter Inc anticipates a shareholder vote on its $44 billion sale to Elon Musk could come by early August, as it continues to work constructively to complete the deal with the world’s richest person, the social media company’s top executives told employees on Wednesday.

Saudi Arabian backed LIV Golf tour to start today as more golfers defect from the PGA. LIV Golf makes its debut today, and it is turning the golf world on its ear. The new golf league has been championed by golf great Greg Norman and financed by the deep pockets of Saudi Arabia’s Public Investment Fund.

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