Weekly Macro Minute

Shirley Dismukes authored this issue’s devotional. She served the Lord alongside her late husband for almost 30 years.

And my God shall supply all your need according to His riches in glory by Christ Jesus. Philippians 4:19 (NKJV)

I can recall a very desperate season of life following my husband’s death. My daughter had recently married, so I had taken her off my medical insurance. She suffered from seizures, but at the time, I trusted things would be all right.

The marriage did not last long. Suddenly, she was facing divorce and was back home under my care. Once again, I was responsible for her medical needs — but now I was living on a limited income. I felt overwhelmed and unsure how I could manage.

I called my insurance company, hoping for help. They told me they would reinstate her coverage as if she had never been taken off, but I would need to pay back nearly $400 in premiums. That amount felt drastic to me, and I didn’t know how I could possibly come up with the money.

That same day, a visitor came by — someone from a former church. He was a young man my husband and I had loved dearly, a youth we had given Christmas gifts to each year. When I shared my situation with him, he prayed with me.

I had been given a month to decide whether I would reinstate my daughter’s insurance and pay the amount due. As the deadline approached, I had almost forgotten his visit. Then one day, he stopped by the daycare where I was director and asked, “What did you decide?”

I told him I would go ahead and pay, trusting God to help somehow. Without another word, he handed me an envelope. Written on the front were the words “Philippians 4:19.”

I immediately said, “I can’t take this.”

But he replied, “Mrs. Shirley, I remember the day my daddy was trying to pay a hospital bill with very little money, and Brother Robert came and put money in his hand to help. This is a gift of appreciation. I remembered. It has a way of coming back.”

I knew this was an answer to prayer.

I went into the baby room so my workers could witness what God had done. When I opened the envelope, inside were twenty $20 bills — exactly $400. Just enough for my need.

That day, they saw it. And I lived it.

God truly supplied my need, according to His riches in glory. I experienced Philippians 4:19.

How can God alone supply a need in your life today?

Election results add to market volatility

• The midterm elections resulted in Democrats gaining control of both chambers of Congress, shifting the policy backdrop for the remainder of President Trump’s term.
• Markets initially rallied as investors responded to a more conciliatory tone from the administration, before reversing sharply as attention shifted toward the potential implications of increased scrutiny of data-center development and AI-related capital spending.
• The election adds another layer of policy uncertainty for markets, particularly around fiscal policy, technology regulation and the administration’s legislative agenda.

Equities fall as AI concerns drive volatility

• U.S. equities declined sharply during a volatile week as investors reassessed the AI capital-spending cycle and the potential impact of tighter scrutiny on data-center development.
• The S&P 500^® fell 2.7%, while the Russell 2000^® declined 2.1%.
• Broader participation held up better than mega-cap growth as investors rotated toward value and more defensive areas of the market.

AI-related shares lead the selloff

• Semiconductor, memory and other AI-infrastructure stocks experienced some of the week's steepest declines.
• Concerns centered on data-center development, financing requirements and the sustainability of elevated AI investment.
• Consumer discretionary and communication services outperformed, while technology and energy were among the weakest sectors.

Treasury yields fall on safe-haven demand

• Treasury yields moved lower as the equity selloff increased demand for government bonds.
• The 10-year Treasury yield fell for a fifth consecutive week to 4.86%, while the 2-year declined to 4.52%.
• Stronger-than-expected employment data Friday reduced some of the week’s bond-market gains.

Oil drops as geopolitical concerns ease

• WTI crude fell 12.8% to roughly $90.50 per barrel, its largest weekly decline since April.
• Progress in U.S.-Iran discussions and easing expectations for renewed military action helped reduce the geopolitical risk premium embedded in energy prices.

European equities prove relatively resilient

• European stocks held up better than other developed markets, supported by lower energy prices and less exposure to AI-related technology.
• Regional inflation remained elevated, while economic activity showed signs of slowing.

Japanese equities hit by AI unwind

• Japanese stocks declined sharply as the global selloff in semiconductor and AI-related companies spread overseas.
• Government bond yields moved lower as markets reduced expectations for near-term monetary tightening.

Technology-heavy Asian markets retreat

• Semiconductor-heavy Asian markets experienced significant declines as investors reduced exposure to AI and memory-chip companies.

Chinese equities move higher

• Chinese stocks advanced as policymakers introduced additional measures designed to support equity markets and improve market stability.
• Technology-related shares benefited particularly from the policy response.

Fed remains focused on inflation

• Federal Reserve officials continued to signal that additional tightening may be needed despite equity-market volatility.
• Policymakers emphasized that inflation remains too high and that restoring price stability remains the primary focus.

Economic activity remains resilient

• Manufacturing expanded for a tenth consecutive month, with production reaching its strongest level since late 2021.
• Services activity also remained firmly in expansion territory.

Labor market rebounds

• October payrolls increased by 165,000, more than double expectations.
• Prior months were revised higher, reinforcing signs that the labor market remains resilient.

Consumer sentiment improves

• Consumer sentiment rose in November, reaching its highest level since August.
• Third-quarter productivity also increased while unit labor costs declined, providing an encouraging signal for inflation pressures.