May 13, 2022

For the week, the DJIA lost 702.71 points, or 2.14%, to close at 32,196.66. The S&P dropped 99.45 points, or 2.4%, ending at 4,023.89. The Nasdaq fell 339.661 points, or 2.8%, closing at 11,805.001.

Expectations of a hawkish Federal Reserve are dimming Wall Street's outlook for stocks, with some investors now bracing for a potential bear market in the benchmark S&P 500 index.

With first-quarter U.S. earnings in the final stretch, corporate growth expectations for the current quarter and 2022 mostly are declining as costs surge for oil and other supplies and interest rates rise.

A continued decline in on-demand trucking prices risks squeezing out tens of thousands of small operator-owned trucking companies that rushed into the market when rates were surging earlier this year.

The financial strength built up in U.S. households limited the damage from the coronavirus pandemic but may now be aggravating - and prolonging - the Federal Reserve's inflation fight as the central bank waits for people to run out of spending power.

Jerome Powell, nominated for a second term as chair of the Federal Reserve by President Joe Biden, could get U.S. Senate confirmation late on Wednesday.

Spirit Airlines Inc will hold a shareholder meeting on June 10 for a vote on its proposed merger with Frontier Group Holdings Inc, according to a regulatory filing on Wednesday.

The U.S. government posted a $308 billion surplus in April -- a record for any month -- as receipts nearly doubled from a year earlier.

Inflation in the US slowed for the first time in the last eight months but remained hot in April as food prices accelerated and the core monthly rate rose.

The average interest rate on U.S. home loans rose to 5.53%, its highest level since 2009 last week and demand for mortgages jumped for a second straight week despite the rising costs.

U.S. companies are ramping up efforts to protect their profits from a relentless rally in the dollar, as the greenback surges to multi-decade highs.

***

Friday Recap: Wall Street rallies, weekly losing streak continues

Wall Street surged on Friday to end higher, closing the book on a week of wild market gyrations as relief at signs of peaking inflation vied with fears that policy tightening by the Federal Reserve could tilt the economy into recession.

Individual U.S. investors are turning bearish and staying away from buying the dip this week, data showed, a sharp reversal from the frenzied trading during the peak of the pandemic.

The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, touching the highest level in three months, but there is no material shift in labor market conditions amid strong demand for workers.

A closely watched transportation report on Thursday said "the prospect of freight recession is now considerable" as the spending shift from goods to services accelerates, inflation erodes disposable income and interest rates climb.

Gold hits lowest level since Feb. 4 and ended at $1,807.40/oz. Spot silver rose 1.6% to $21.00 per ounce, but has fallen about 6% this week, the most since late January. Platinum fell 0.8% to $936.40. Palladium gained 1.5% to $1,936.83, after falling over 8% on Thursday.

The Dow Jones Industrial Average rose 466.36 points, or 1.47%, to 32,196.66, the S&P 500 gained 93.81 points, or 2.39%, to 4,023.89 and the Nasdaq Composite added 434.04 points, or 3.82%, to 11,805.00.

For the week, the DJIA lost 702.71 points, or 2.14%, to close at 32,196.66. The S&P dropped 99.45 points, or 2.4%, ending at 4,023.89. The Nasdaq fell 339.661 points, or 2.8%, closing at 11,805.001.

Dan's Memorial Service - Live Stream

The live stream of Dan’s memorial service will be available at fism.tv/memorial. The stream will start 10:55am ET on Saturday, May 14. The broadcast will also be available on fism.tv/watch at that time.

Financial Issues Stewardship Ministries announces

Shana Burt as new host of daily radio program

Financial Issues

Tune in to FISM TV weekdays, 9/8c to watch Financial Issues with our new host Shana Burt and catch her live commentary, the latest financial news, market updates, investment tips and more.

Watch Financial Issues: https://fism.tv/financial-issues

Download our free app today: http://bit.ly/FISMApp

As A Son of Issachar: A Tribute to Dan's Legacy

FISM TV Presents

1 Chronicles 12:32 commends the Sons of Issachar

for their “Understanding of the Times.” 

With the desire to honor Dan’s life and inspire others through the testimony of God’s faithfulness, the FISM team has produced a short tribute video.

Listen to Dan’s family, friends, and staff share insights into Dan’s life - his upbringing, testimony, his role as a husband and father, his love of animals, unique giftedness, and his outlook for the ministry.

Dan’s burning passion for the gospel and life commitment to be “as a son of Issachar” should challenge us all to live our lives so fully devoted to our Lord and Savior. Join us as we celebrate the incredible work Jesus accomplished through Dan’s life and as we honor his continuing legacy.

Feel free to leave a comment after viewing the video...just scroll down the page to the "COMMENTS" section.

Updates on Financial Issues Live & our New FISM App

Ukraine-Russia War Update: Kremlin Threatens Finland; Azovstal Negotiations Continue

Moscow is warning that it may retaliate following Finland’s decision to join NATO, which was announced Thursday, Reuters reported.

Finland’s decision to join the NATO military alliance “without delay” represents a major policy shift for the country brought on by Russia’s invasion of Ukraine. Kremlin spokesman Dmitry Peskov told reporters that Russia wanted to avoid a direct clash with NATO but said Moscow is prepared to make a “decisive response” to any country that tries to interfere with its “special military operation” in Ukraine.

Finland, which shares an 810-mile border with Russia, will undertake a final parliamentary vote on NATO membership Monday. Historically neutral Sweden is also expected to announce its decision to join the military alliance soon, marking a major shift in Europe’s security landscape. Public opinion in both countries has undergone a significant change in favor of NATO membership following Russia’s invasion of Ukraine, which has stoked fears in countries along Russia’s flank…(READ MORE)

May CPI Report Reveals More Bad News as Biden Continues Mitigation, Blame Shifting Efforts

On Wednesday, the White House attempted to put a positive spin on the Bureau of Labor Statistics’ latest Consumer Price Index report, which indicated another month of 40-year inflation highs.

The bureau’s May CPI report revealed overall inflation increased at a rate of 8.3% compared to a year ago, slightly above projections that had the number at 8.1. The overall cost of food rose by 0.9% over the last month, while the cost to eat at home rose by 1%.

From April to May inflation rose by 0.3%, which was an improvement from a 1.2% rate of increase from March to April and the fact upon which the Biden administration…(READ MORE)

Biden Doubles Down on ‘MAGA Crowd' Rhetoric; Meanwhile, Trump’s Political Clout Shows No Signs of Waning

President Biden doubled down on his anti-"MAGA crowd" rhetoric against former President Donald Trump and his supporters a week after calling them “the most extreme political organization that has existed in American history," as reported by The Hill.

During a speech given at the International Brotherhood of Electrical Workers 40th Annual Conference in Chicago Wednesday, Biden touched on inflation and used the opportunity to refer to Trump scathingly as “the great MAGA king." 

"Under my predecessor, the great MAGA king, the deficit increased every single year he was president,” Biden said. “The first year of my presidency — the first year, I reduced the deficit — literally reduced.…(READ MORE)

Whistleblowers Say FBI Investigated Parents as Domestic Terrorists, Contrary to AG’s Denial

Two Republican lawmakers say they have evidence that U.S. Attorney General Merrick Garland lied under oath when he said the FBI did not target parents who protested schools’ COVID policies.

In a letter addressed to Garland, Reps. Jim Jordan (R-Ohio) and Mike Johnson (R-La.) shared evidence they say was provided by “brave whistleblowers” showing that the FBI labeled dozens of investigations into parents with a domestic terror threat tag. The label was created by the bureau’s Counterterrorism Division to assess and track investigations related to school boards, Fox News reported. 

The evidence cited in the letter includes an internal email from the FBI’s Counterterrorism Division instructing agents to label…(READ MORE)

Texas Governor Riles Left with Pro-School Choice Stance

Texas Gov. Greg Abbott told supporters gathered for his San Antonio campaign rally that he planned to tie education funding to students, rather than schools. It is a plan that could, hypothetically, steer money away from schools that seek to push a more liberal curriculum. 

“We can fully fund public schools while also giving parents a choice about which school is right for their child,” The Texas Tribune quoted Abbott as saying. “Empowering parents means giving them the choice to send their children to any public school, charter school or private school with state funding following the student.”

The idea of school choice, as Abbott envisions it, would involve taking some of the funds normally allocated to schools and redirecting them to students for use in whichever…(READ MORE)

Appeals Court Overturns Ban on Semiautomatic Rifle Sales in California to People under 21

The 9th U.S. Circuit Court of Appeals ruled yesterday that California’s ban on the sale of semiautomatic weapons to adults under the age of 21 is unconstitutional. The ruling, which can be read here, was 2-1 in favor of overturning the ban as the court said the ban violated the second amendment.

The law previously in place prohibited sales of semiautomatic centerfire rifles to all adults between the ages of 18 and 21 with three exceptions: gifts from parents to their children, members of law enforcement, and members of the military. The sales ban was passed in California in 2018 and made effective in 2019.

Judge Ryan Nelson wrote the opinion and stated, “America would not exist without the heroism of the young adults who fought and died in our revolutionary army. Today we reaffirm…(READ MORE)

US Drug Overdose Deaths Surpass 100,000 for First Time in 12-Month Period

More than 100,000 Americans died from drug overdoses during the 12-month period ending in April 2021, the largest number ever reported in a year, according to the CDC.

Provisional data released by the CDC’s National Center for Health Statistics reported 100,306 overdose deaths in the last year, marking an increase of nearly 30% from the 78,056 deaths reported for the same period in 2020, which also broke records. Experts grimly predict 2022 could be just as bad, if not worse.

The shocking death toll reflects the hardships Americans faced during pandemic lockdowns, which further isolated individuals struggling with addiction and exacerbated the mental health problems that fueled an increase in drug use. The numbers can also be linked to a sharp increase in drugs flowing through the open southern border, particularly…(READ MORE)

Federal Judge Extends Temporary Order Prohibiting Biden Admin From Title 42 Repeal

A federal judge on Wednesday extended a temporary restraining order prohibiting the Biden administration from rolling back Title 42, the Trump-era health order allowing the expulsion of migrants at the border during the Covid-19 pandemic. The ruling bars the administration from moving forward with the repeal ahead of a hearing on a request for a preliminary injunction brought by 21 GOP-led states, which begins today.

The Centers for Disease Control (CDC) announced last month that it would end Title 42, which both the Trump and Biden administrations have successfully used to deny asylum to nearly 2 million migrants.

The move, which underscores the unprecedented power the CDC has wielded since the onset of the pandemic, received bipartisan censure…(READ MORE)

Democrat Proposed Pro-Abortion Legislation Fails in Senate

An attempt to codify pro-abortion laws through the Senate was voted down Wednesday afternoon, in an outcome that was nearly certain prior to it taking place.

Ever since a Supreme Court opinion was leaked that showed the justices were poised to return abortion legislation decisions to the states, Democrats have been racing to try to find a way to prevent or impede the impending decision. All Senate Republicans as well as Joe Manchin voted no on the bill, successfully blocking the legislation – which would have made a Supreme Court overturn of Roe v. Wade much more difficult and expand abortion rights – from moving to the House, but the fight for the unborn is…(READ HERE)

SEE ALSO: Pro-life centers throughout the country see uptick in vandalism and violence

Biden Admin Cancels Oil and Gas Lease Sales in Alaska, Gulf of Mexico Amid Record-Breaking Gas Prices

On the same day the national average price for a gallon of gas broke all previous records, the Biden administration announced the cancellation of one of the most high-profile oil and gas lease sales pending before the Department of the Interior.

The DOI on Wednesday claimed that the decision to halt the potential to drill roughly 1 million acres in Alaska’s Cook Inlet was “due to lack of industry interest in leasing the area,” according to a statement provided to Fox Business. The administration also said it will not move forward with two planned oil and gas lease sales in the Gulf of Mexico, citing contradictory court rulings on the leases.

The decisions were announced the same day AAA reported that the average cost of regular gas nationwide had risen to a record-breaking…(READ MORE)

China Preparing Military Force for Potential Taiwan Takeover, Though Hopes for ‘Peaceful Takeover’ – U.S. Official

China continues to closely monitor the West’s response to Russia’s war on Ukraine with a focus on its own ambitions to invade Taiwan, according to top U.S. intelligence officials testifying before the Senate Armed Services Committee on Tuesday.  

“It’s our view that they [the Chinese] are working hard to effectively put themselves into a position in which their military is capable of taking Taiwan over our intervention,” Director of National Intelligence Avril Haines told the committee.

Lt. General Scott Berrier, director of the Defense Intelligence Agency, testified that Beijing wants to take Taiwan “peacefully” but is nonetheless preparing its military…(READ MORE)

SEE ALSO: Humanitarian workers in Hong Kong face charges of ‘collusion with foreign forces”

Research from Tel Aviv University May Lead to Personalized Cancer Treatment

Israeli researchers from Tel Aviv University (TAU) have worked with researchers from South Korea to create a cancer treatment that helps boost chemo-immunotherapy in cancers that are typically resistant to chemotherapy as well as immunotherapy. The research was published in January in the journal Advanced Materials. This drug delivery system is the first of its kind and is based on lipid nanoparticles that are able to target very specific cells. This has the potential to be a game changer in providing personalized cancer treatment to patients. 

Dr. Ron Lahav, General Manager and Chief Operations Officer of Quiet Therapeutics, described that the novel drug-delivery system uses “GAGomers” which is a type of nanoparticle that is coated with glycosaminoglycan, a poly sugar, that targets cancer cells based on…(READ MORE)

Biden Goes All-In With Call for More Ukraine Money

Not even the nation’s COVID response outranks Ukraine in importance, at least not according to a statement given by President Joe Biden Monday.

The president, who had gone to Congress previously asking for a single bill that would both boost Ukraine’s war effort against Russia and further fund the United States COVID response, said he was willing to sacrifice the pandemic spending if it meant speeding money to Ukraine.

According to a Reuters report, Biden’s tactic has paid off and then some. Congress is poised to give Biden $6.8 billion more than the $33 billion he requested late last month.

“Ten days ago, I sent to Congress an urgent proposal to provide needed military, economic, and humanitarian assistance…(READ MORE) 

SEE ALSO: U.S. House passes $40 billion bill to bolster Ukraine against Russian invasion

Senate Approves Enhanced SCOTUS Protections Bill, DOJ Stays Silent Amid Threats of Violence

The Senate on Monday unanimously approved a bill to expand protections for Supreme Court justices and their families in the wake of the public doxing and harassment of conservative bench members and their families. 

The “Supreme Court Police Parity Act” introduced by Sen. John Cornyn (R-Texas) will potentially enhance security protections for justices and their families. The measure will also give the Supreme Court Police the authority to arrest anyone who attempts to interfere with its official duties and create a new criminal penalty for anyone who attempts to obstruct the court from carrying out its duties.

The bill will now go to the House for a vote. If approved, it will then go to President Biden’s desk for his signature.

“Threats to the physical safety of Supreme Court Justices and their families are disgraceful, and attempts to intimidate and influence...(READ MORE)

SEE ALSO: White House encourages protests outside Supreme Court justice homes

Discovery+ Accused of Promoting ‘Gender Dysphoria’ with New Teen Drag Queen Series

Former supermodel and Dancing with the Stars host Tyra Banks is producing a new Discovery+ series about teenage drag performers.

The six-episode “Generation Drag” follows a group of teens exploring gender identity as they prepare to perform at Dragutante, a drag show for trans-identified children and adolescents. The series is set to premiere June 1 on the streaming service.

Howard Lee, President of TLC Streaming and Network Originals, described Generation Drag as a “heartfelt and joyous coming of age series” that will offer viewers an inside look into how “teens juggle the pressures of being young adults, while pursuing drag greatness” in a statement to…(READ MORE)

 

SEE ALSO: Illinois pride fest touts ‘Kiddie Korner’ featuring children’s drag show, ‘drag queen story time’

Grid Operators around the Country Warn of Electricity Shortage and Potential Summer Blackouts

As companies attempt to transition to green energy resources, experts fear that electricity shortages and blackouts could plague much of America this summer.

On April 7 CBS News released a report raising concerns that an early heatwave, in combination with an ongoing drought in California, may significantly impact the power grid. The report also highlighted other potential issues created by turning to “green resources” for the electric grid.

According to the California Energy Commission, roughly 14% of power to the grid comes from hydropower. Seasons of drought greatly decrease hydropower production and can be devastating to the electric grid. As the current drought and heatwave converge in California, blackouts are to be expected to increase along with the need for air conditioning…(READ MORE)

House Republicans Threaten Govt. Shutdown Unless Disinfo Board is Defunded

A group of House Republicans wants to defund the Biden administration’s controversial new Disinformation Governance Board and say they are willing to force a government shutdown in order to do so.

Reps. Lauren Boebert (R-Colo.), Dan Bishop (R-N.C), and other congressional Republicans said they would support leveraging the government’s annual spending bill as a means of defunding the board, noting that the DHS’s time and resources would be better spent on addressing the nation’s border crisis.

Since Democrats control both the House and Senate, Bishop said the GOP should be “far more aggressive” in leveraging government spending negotiations to advance their goals, including terminating the Biden administration’s speech-governing…(READ MORE)

Judge Rules Virginia School Board Violated Law by Kicking Parents out of Public Meeting

A Virginia judge has ruled that the Loudoun County School Board violated the law when it removed hundreds of parents from a public meeting last year.

The Founding Freedoms Law Center (FFLC), which serves as the legal arm of The Family Foundation, sued the Loudoun County School Board alleging its members violated Virginia’s open meetings laws when it kicked more than 600 parents out of a June 22 meeting. The suit also alleges the board continued to block parents from participating at subsequent meetings.

Following a two-day trial that ended Friday, Loudoun County Circuit Court Judge James Plowman ruled the school board violated open meeting laws when it kicked the parents out…(READ MORE)

Financial Issues Stewardship Ministries, PO Box 270, Exton, PA 19341

www.financialissues.org / www.fism.tv

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.