Declines

This week has seen choppy waters on Wall Street.

On Wednesday, the tech-heavy NASDAQ fell more than 2.7%, its worst day in almost two years. This followed reports that the Biden Administration plans to crack down on companies exporting advanced chip technology to China and a Bloomberg interview with former President Trump in which he mentioned a “phenomenal” likelihood of tariffs on Chinese goods if he’s reelected.

Together, these pressures caused a major sell-off of mega-cap tech stocks (e.g., Nvidia, Apple) that spilled into other sectors yesterday.

When it comes to finances, President Biden thinks more Americans are concerned with rising rent. He proposed a plan to penalize corporate landlords (who own over 50 units) that raise rents by more than 5% a year. It needs congressional approval, which is unlikely to happen quickly.

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ETERNAL PERSPECTIVE
Too often, we let eternally insignificant things like the ups and downs of the market control us. Seeking to steward money well is a good thing, but keep your focus on the Giver rather than the gifts.

“For you know the grace of our Lord Jesus Christ: Though he was rich, for your sake he became poor, so that by his poverty you might become rich.”
2 Corinthians 8:9 (CSB) (read full passage)