The economy is in a crucial, tumultuous time right now and needs our prayers. The Federal Reserve is raising interest rates to combat inflation, but that has negative economic consequences. Meanwhile, analysts say a recession could be on the horizon.

From CNBC. U.S. stocks were under pressure Thursday, putting the major averages to give up the solid gains made in the previous session.

View Comments (1)

Connect with Others in your State in Prayer.

Futures contracts tied to the Dow Jones Industrial Average dropped 1.5%, or 460 points. S&P 500 futures were down 1.7%, while Nasdaq 100 futures shed 2.%. All three futures contracts had earlier been trading in positive territory.

The 10-year Treasury yield resumed its massive June run on Thursday, reversing higher overnight. The 10-year yield was last around 3.44% after ending May at 2.84%.

Those moves come after the Federal Reserve implemented its largest interest rate hike since 1994 on Wednesday. The Fed raised rates by 75 basis points, as was widely anticipated….

Stocks took a leg higher Wednesday after Powell said that a 50 or 75 basis point increase “seems most likely” at the next meeting in July, indicating the central bank’s commitment to fighting inflation. Powell did caution, however, that decisions will be made “meeting by meeting.”

The major averages ended the session higher, with the Dow and S&P 500 both snapping five-day losing streaks. The 30-stock benchmark added about 304 points, or 1%, while the S&P 500 advanced 1.46%. The tech-heavy Nasdaq Composite was the relative outperformer, rising 2.5%.

However, market sentiment appeared to sour once again Thursday as … investors questioned whether the Fed can pull off a soft landing….

Tech shares moved lower in premarket trading following Wednesday’s bounce, with Tesla, PayPal, Nvidia, Amazon and Netflix all down more than 3%….

Travel stocks including United, Delta and Carnival also took a leg lower.

Data out Thursday further indicated a dramatic slowdown in economic activity. Housing starts dropped 14% in May, topping the 2.6% decline expected by economists polled by Dow Jones. The Philadelphia Fed Business Index for June came in with a negative 3.3 reading, its first contraction since May 2020….

The S&P 500 and Nasdaq Composite are both in bear market territory, down roughly 21% and 32% from their all-time highs in January and November, respectively. The Dow, meantime, is 17% below its Jan. 5 all-time intraday high….

How are you praying for our economy? Share your thoughts and prayers below.

(Excerpt from CNBC. Photo Credit: Paul-Alain Hunt on Unsplash)