Weekly Macro Minute

John Paul Kitchens Sr. authored this issue’s devotional. He served the Lord alongside his wife, Barbara, for 65 years.

I am 84 years old and have spent 65 years in ministry. People often ask why I still study and preach the truth of God’s Word. The answer is simple: the Bible is alive, and it continues to transform lives, including my own. Here are seven ways the truth of the Bible shapes us.

1. The Bible convicts sin. The Bible is clear that we need to go to God for our strength, guidance and salvation and that his Word is alive and powerful and will lead us to repent of wrongdoing and have a change of heart (Psalm 71:17; Hebrews 4:12; John 16:8).
2. The Bible converts the soul. The Bible speaks to the transformation or turning of the soul from a path of darkness and sin to a path of renewal and righteousness (Psalm 19:7; 1 Peter 1:23).
3. The Bible cleanses the conscience. The Bible gives direction that we honor him by living in Christ’s image. Living in his Word is being obedient to God. By keeping our faith and confessing our sins, he will cleanse us, and we will live a fruitful life for him (John 15:3; Hebrews 9:14; 1 John 1:9).
4. The Bible consecrates our lives. The Bible shares that we are to be set apart and that his Word is a source of pleasure and nourishment for our souls (John 17:17; Psalm 119:103).
5. The Bible corrects the wrong. The Bible gives us direction by showing us that he is our refuge and that he provides all that death cannot take (Psalm 119:114; 2 Timothy 3:16).
6. The Bible confirms the right. The Bible states that we are given freedom when we believe in him, and by aligning our lives with God’s will, we will not be as vulnerable to the influence of sin (John 8:31; Psalm 119:133).
7. The Bible comforts our hearts. The Bible gives us guidance for our earthly journey, and in his Word, we find protection and a source of hope during our times of suffering (Nehemiah 8:10; Psalm 119:50; Psalm 119:105; Psalm 119:11).

After decades of walking with the Lord, I can testify that his Word is faithful and true. It convicts, converts, cleanses, consecrates, corrects, confirms and comforts. In a world filled with uncertainty, the Bible remains the unchanging foundation for life and ministry. Jesus himself declared, “And ye shall know the truth, and the truth shall make you free.” John 8:32 (KJV)

That truth is found in his Word.

What is one area of your life where you need God’s Word to guide your next step?

Equities retreat as AI-related weakness returns

• U.S. equities finished lower as a broad selloff in semiconductor and AI-related shares weighed on sentiment.
• The S&P 500^® fell 1.4%.
• The Russell 2000^® slipped 1.7% but remains the strongest major U.S. equity benchmark year to date.
• Health Care and Energy led sector performance, while Technology and Industrials lagged.

Treasury yields remain the dominant market story

• Long-term Treasury yields climbed higher as investors focused on fiscal deficits, increased debt issuance and higher energy prices.
• The 30-year Treasury yield reached its highest level since 2007.
• Treasury buyback announcements provided some relief midweek, though much of the benefit faded by week's end.

Energy and commodities continue to advance

• WTI crude rose roughly 3.5% as tensions involving Iran and the Strait of Hormuz remained unresolved.
• Gold gained 3.3% amid fiscal concerns and increased safe-haven demand.
• The U.S. dollar weakened modestly during the week.

European equities pull back from record highs

• European stocks moved lower as higher bond yields, rising energy prices and geopolitical uncertainty weighed on sentiment.
• Economic activity remained resilient, with export orders growing for the first time in more than four years.

Japan leads global declines

• Japanese equities fell as technology shares weakened and government bond yields reached multi-decade highs.
• Economic growth slowed during the second quarter while inflation continued to move higher.

China remains uneven

• Chinese equities edged lower as industrial production, retail sales and investment data disappointed expectations.
• Hong Kong stocks outperformed, supported by strength in the health care sector.

Business activity strengthens

• U.S. business activity accelerated in August, reaching its strongest level since April 2022.
• Services activity led the advance, while manufacturing remained in expansion territory.
• Employment growth improved, and pricing pressures moderated.

Federal Reserve minutes maintain a hawkish tone

• July meeting minutes suggested policymakers remain cautious about inflation.
• Officials noted risks remain tilted to the upside and indicated additional tightening could be necessary if inflation fails to ease.

Housing and consumers show signs of weakness

• Housing starts fell 12.4% and pending home sales reached their lowest level since January.
• Retail sales declined 0.6%, marking the first drop in nine months.
• Consumer spending softened, particularly in online and auto-related categories.