December 2, 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 gained 82.85 points, or 0.24%, closing at 34,429.88. The S&P added 45.58 points, or 1.13%, ending at 4,071.70. The Nasdaq rose 235.14 points, or 2.09%, to close at 11,461.50.

U.S. firms flashed mixed signals on the strength of the economy, inflation and labor demand in the month and a half before the Thanksgiving holiday and were more downbeat about the outlook, a Federal Reserve report showed on Wednesday.

With central banks ratcheting up their response to a global inflation shock, debate is shifting from when they'll win the war to whether faster rising prices are here to stay in a supply-constrained world, according to a Morgan Stanley exeutive.

Everything from sugar cookies to menorah candles to plane tickets to Grandma's house costs more this year. A McKinsey Consumer Pulse Survey conducted in September found that 52 percent of Americans indicated concern about rising prices this holiday season.

Soaring grain and livestock prices are expected to push U.S. farm incomes to a historic high this year, as producers benefit from strong global grain and oilseed demand amid tight supplies, the U.S. Department of Agriculture reported on Thursday.



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Friday Recap: S&P ends slightly lower after jobs report

U.S. stocks fell on Friday, although major indexes recovered from their lowest levels, as the November payrolls report fueled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation.

The Labor Department's jobs report showed nonfarm payrolls rose by 263,000, above expectations of 200,000 and wage growth accelerated even as recession concerns increase.

The Labor Department also revised September's total job growth lower by 46,000 jobs to +269,000 and October's job growth higher by 23,000 jobs to +284,000. The combined revisions totaled 23,000 fewer jobs.

New data from the Bureau of Labor Statistics showed the U.S. unemployment rate is at 3.7%, in-line with economist estimates. The labor participation remained unchanged at 62.1%, compared to the 63.4% pre-pandemic rate in February 2020.

Wages were up 5.1% year-over-year and increased 0.6% from October. The leisure and hospitality industry led the job creation in November, adding 88,000 total positions.

The United States is likely in a sustained period in which there will remain a shortage of workers, complicating the Federal Reserve's aim of getting labor demand back into balance, Richmond Fed President Thomas Barkin said on Friday.

Gold prices slipped on Friday falling 0.4% to $1,794.96 per ounce by 2:21 p.m. ET, retreating from a near-four month high, after robust U.S. jobs data fanned concerns that the Federal Reserve might stick with its aggressive monetary policy tightening.

Gold prices were still set for their second straight weekly rise, up 2.2% so far this week, as the dollar dipped after Fed Chair Jerome Powell's dovish speech this week.

Other precious metals were set for weekly gains as well. Spot silver rose 1.5% to $23.11 per ounce, having hit its highest since May 5. Platinum dropped to $1,014.25 and palladium was down 2.1% to $1,901.25.

The Dow Jones Industrial Average gained 34.87 points, or 0.10%, to close at 34,429.88; the S&P 500 lost 4.87 points, 0.12%, ending at 4,071.70; the Nasdaq Composite fell 20.95 points, or 0.18%, to close at 11,461.50

For the week, the DJIA gained 82.85 points, or 0.24%, closing at 34,429.88. The S&P added 45.58 points, or 1.13%, ending at 4,071.70. The Nasdaq rose 235.14 points, or 2.09%, to close at 11,461.50.

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We are excited to announce that we are returning to the Billy Graham Training at the Cove this spring for our bi-annual FISM retreat. As always, this will be a time of fellowship, learning, and worship. In addition to the sessions this year, the Cove has offered the use of the Chatlos Memorial Chapel for a special worship service and memorial for Dan. 

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We hope you can join us in Asheville, NC to worship God for his faithfulness and focus on our calling to “press on toward the goal to win the prize for which God has called me heavenward in Christ Jesus.” (Philippians 3:14).

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On the FISM app, if you scroll across the top to FINANCIAL ISSUES, then scroll down, you will find an option for these HELPFUL VIDEOS.

While you are there, please take the time to enjoy our FISM News to glean a conservative and biblical worldview on current events.

ANNOUNCING "Tips For The News"

Congress Passes Deal to Prevent Rail Strike

The Senate voted Thursday to approve a deal to avoid the impending rail strike, preventing a devastating work stoppage but also dealing a major blow to the labor movement.

“I’m very glad that the two sides got together to avoid a shutdown which would be devastating for the American people, the American economy, and so many workers across the country,” Senate Majority Leader Chuck Schumer told reporters following the vote.

The bill comes after months of intense negotiation between railroads and the rail workers’ unions. President Biden thought he had successfully brokered a deal in September, but after four of the twelve rail unions voted to reject the agreement over concerns…(READ MORE)

Indiana Court Affirms Ruling Protecting Dignity of Aborted Babies

Earlier this week, the 7th Circuit Court of Appeals in Indiana codified a 2016 law upholding the human dignity of aborted children, by reaffirming that medical facilities cannot discard the remains of aborted babies, according to reports from Reuters and The Christian Post.

The court wrote in its Monday ruling,

“Indiana does not require any woman who has obtained an abortion to violate any belief, religious or secular. The cremate-or-bury directive applies only to hospitals and clinics. At all events, a moral objection to one potential implication of the way medical providers handle fetal remains is some distance from a contention that the state compels any woman to violate her own religious…(READ MORE)

Apple Caves to China Again, Limiting App Usage Crucial to Protesters

Earlier this month, the tech giant Apple Inc. limited access to a crucial app used by protesters opposing the Chinese government, just before mass public demonstrations broke out over President Xi Jinping’s zero-COVID policy.

AirDrop, an app that allows Apple users to share documents, photos, and other files wirelessly, was used by individuals protesting the Chinese government, in an effort to circumvent communist China’s strict internet surveillance and usage policies.

Protesters “airdropped” posters and information to each other, en masse, objecting to President Xi Jinping and Chinese governmental policies, until Apple began restricting usage of the app…(READ MORE)

SEE ALSO: Growing Chinese protests face opposition from Chinese forces, censors

McCarthy Warns Republicans Not to ‘Play Games’ with Speaker Vote

House Minority Leader Kevin McCarthy (R-Calif.) warned his Republican colleagues on Monday against opposing his bid for House speaker, saying that the choice could fall to Democrats if the GOP decides to “play games” with the vote. 

“We have to speak as one voice. We will only be successful if we work together, or we’ll lose individually. This is very fragile — that we are the only stopgap for this Biden administration,” McCarthy told Newsmax.

“And if we don’t do this right, the Democrats can take the majority. If we play games on the floor, the Democrats can end up picking who the speaker…(READ MORE)

Circuit Court Rejects Biden’s Bid to Reinstate Student Loan Bailout

The New Orleans-based 5th U.S. Circuit Court of Appeals rejected President Joe Biden’s request to overturn a Texas judge’s ruling that his administration’s $400 billion student loan debt relief program is unlawful

The three-judge panel unanimously chose not to lift a U.S. District judge’s Nov. 10 order vacating Biden’s student debt relief program. The panel includes one appointee, each, from the Bush, Obama, and Trump administrations.

The court did elect, however, to expedite the case in its docket to the “next available” oral…(READ MORE)



Biden Administration Supports Taxpayer Funded Transgender Surgery for ‘Children and Adults’

Health and Human Services Secretary Xavier Becerra recently signaled the Biden administration believes transgender treatments for “children and adults” should be funded by taxpayer dollars, according to documents obtained by the Daily Caller.

“The Biden-Harris Administration supports the upcoming release of the World Professional Association for Transgender Health (WPATH) Standards of Care Version 8 and believes that all children and adults should be afforded life-saving, medically necessary care. Payers, both public and private, should cover treatments which medical experts have determined to be medically necessary,” Becerra said in written testimony submitted to the House Committee on…(READ MORE)

SEE ALSO: Senate votes to codify same-sex marriage without religious liberty amendments

Trump-McConnell Feud Enters New Phase

It’s appropriate that college football’s rivalry week ended just days ago, as former President Donald Trump and Senate Minority Leader Mitch McConnell have picked up the mantle and resumed their seemingly never-ending feud.

McConnell, a Kentucky Republican, has typically veered away from direct, or even oblique, rhetorical confrontations with Trump, but this week has brought about a new vigor in the long-time senator.

While it would be erroneous to call McConnell’s remarks spirited or heated, a brief statement he made to reporters this week was profound inasmuch as it showed…(READ MORE)

Ukraine Update: Zelenskyy Announces ‘Powerful Countermeasure’; Russia Accuses US, NATO of Direct Involvement in War

Ukraine’s President Zelenskyy on Wednesday announced that a “powerful countermeasure” is coming against Russian forces and that Ukraine is pursuing “new solutions” to counter continued attacks on its infrastructure, The Hill reported Thursday.

“We are analyzing the intentions of the occupiers and are preparing a countermeasure — an even more powerful countermeasure than now,” Zelenskyy said Wednesday in his nightly video address.

Without going into details, the president said that his forces are focused on several regions where intense fighting has been reported, including Donetsk, Kharkiv, Luhansk, Zaporizhzhia, and Kherson, as well as Russian-controlled…(READ MORE)

SEE ALSO: Ukraine update: Russia pulls out of scheduled nuclear talks with the US

Iranian Threat Central to US-Israel War Games

The United States military on Thursday will wrap its three-day joint training with Israeli fighting forces, an air-driven training focused on the two nations’ potential responses to threats against Israel.

As first reported by Stars and Stripes, the maneuvers began Tuesday and involved the American and Israeli air forces.

“They are exercising fighter escort and aerial refueling,” Brig. Gen. Pat Ryder, the Pentagon spokesman, said in a statement. “This is a long-planned exercise and it’s also not something…(READ MORE)

ICAN Bombshell: CDC Withheld Data Showing 1 In 3 COVID Vaccine Recipients Had Adverse Reaction

Newly released CDC data indicates that 1 in 3 individuals who received COVID-19 vaccinations between December 2020 and August 2022 reported missing school or work, the inability to perform normal daily activities, or needing medical care after receiving the jab.

Informed Consent Action Network (ICAN) received the previously withheld data from the Centers for Disease Control and Prevention (CDC) under court order after ICAN filed a Freedom of Information Act (FOIA) request. The CDC had sought to keep the information from the public.

The data was collected from v-safe, the monitoring app implemented by the CDC that allowed its more than 10 million users to report any adverse events post-vaccination through text messages and…(READ HERE)

SEE ALSO: Influenza cases surging with thousands of documented deaths so far

Poll: Lengthy Vote Counts Erode Trust in Election Results

Americans are less likely to think the election was fair and accurate if results take “days or weeks” to be tallied, according to recent data from the Trafalgar Group/Convention of States Action poll.

The poll indicated that Republicans were more inclined than Independents or Democrats to have doubts about the outcome, but overall, 33.9% of respondents believed it to be “much less probable” the results that aren’t quickly tabulated are accurate. An additional 20.9% believed it to be “somewhat less likely” that results that took “days or weeks” to record…(READ MORE)

SEE ALSO: Musk says Twitter has ‘interfered’ with elections

Appeals Court Upholds Ruling Protecting Air Force Members from Punishment for Refusing Vax Mandate over Religious Objections

The U.S. Court of Appeals for the Sixth Circuit on Tuesday upheld an injunction protecting unvaccinated active-duty, reserve, and National Guard service members in the Air Force and Space Force from being punished or involuntarily terminated from the military due to religious objections to an August 2021 COVID-19 vaccine mandate.

The panel affirmed a lower court’s decision in Doster v. Kendall enjoining the Air Force from requiring religious objectors to receive COVID-19 vaccines. The class-action lawsuit was brought by 18 reservists and active-duty service members against Secretary of the Air Force…(READ MORE)

SEE ALSO: Republicans on House Oversight committee plan COVID funding probe

Pentagon Admits Afghanistan Withdrawal Fueled CCP Propaganda

The Defense Department acknowledged that China was able to capitalize on the botched withdrawal from Afghanistan to promote propaganda to “erode U.S. and partner influence” in its annual report to Congress on national security developments relating to China.

The report indicates that China seized on the Biden administration’s August 2021 withdrawal from Afghanistan to show world leaders that the U.S. is not a dependable ally. 

“The PRC employed multiple diplomatic tools in an attempt to erode U.S. and partner influence, such as highlighting the U.S. withdrawal…(READ MORE)

SEE ALSO: Air Marshal Council warns of ‘another 9/11’ after mass redeployment to southern border

NYC Mayor Issues Directive to Involuntarily Hospitalize the Mentally Ill

New York City Mayor Eric Adams has announced a sweeping 11-point legislative initiative to combat the city’s growing mental health crisis that includes a directive that will expand the city’s ability to hospitalize individuals involuntarily, even if they pose no imminent danger to themselves or others.

Adams held a press conference on Tuesday where he told reporters, “The common misunderstanding persists that we cannot provide involuntary assistance unless the person is violent, suicidal, or presenting a risk of imminent harm. This myth must be put to rest.”

“Going forward, we will make every effort to assist those who are suffering from mental illness and whose illness is endangering them by preventing them from meeting their basic…(READ MORE)

‘Non-binary’ Biden Official on Leave after Felony Theft Charges

A senior Energy Department (DOE) official has been charged with felony theft and was placed on leave after surveillance footage allegedly caught him stealing a woman’s luggage from the Minneapolis St. Paul (MSP) airport baggage claim.

Sam Brinton, a biological male who identifies as non-binary, is facing charges for allegedly collecting a Vera Bradley suitcase from a luggage carousel on Sept. 16, despite the fact that he did not check a bag of his own. The total value of the luggage is estimated to be over $2,300.

Brinton, who has served as the Deputy Assistant Secretary for Spent Fuel and Waste Disposition…(READ MORE)

Majority of Voters Support GOP Investigation into Joe, Hunter Biden

A majority of American voters support Republican investigations into President Joe Biden’s family’s overseas business dealings, according to a new poll. 

A November 28 poll by Rasmussen shows 62% of voters approve of an investigation into Hunter Biden’s alleged influence peddling while his father was vice president, with 42% saying they strongly approve. Meanwhile, 34% disapprove of such an investigation, with 23% strongly disapproving. 

The same survey found 61% of voters believe it’s likely “Joe Biden was consulted about and perhaps profited from his son Hunter’s overseas business deals…(READ MORE)

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