Weekly Macro Minute

Bob Taylor authored this issue’s devotional. He served the Lord alongside his wife, Mary, for 62 years.

What a story! In 1 Samuel 17, we find a normal man facing a man who was almost 10 feet tall! I would call that abnormal. As I read the story, I was thinking how blessed we are that we don’t have to fight giants today, but then again, don’t we?

The more I looked at this passage of Scripture, the more I realized we do have giants in our lives that we fight every day.

As I researched these giants, I found a long list:

• Fear
• Worry
• Discouragement
• Loneliness
• Guilt
• Temptation
• Anger
• Doubt
• Jealousy

I could go on.

We need to do what David did — he sized up the situation before he acted. Israel was facing the physical giants — we are facing the spiritual giants. What do we need to do to defeat the giants?

First of all, we need God’s power. Ephesians 6:10 (NIV) says, “Finally, be strong in the Lord and in his mighty power.” Why do we need God’s power? Because it enables us to speak with authority (Acts 4:33).

Secondly, we need God’s preparation for battle. 1 Samuel 17:38 (NIV) says, “Then Saul dressed David in his own tunic. He put a coat of armor on him and a bronze helmet on his head.” Real armor is great, but like David, we are to put on the armor of God. Ephesians 6:14-17 (NIV) elaborates:

“Stand firm then, with the belt of truth buckled around your waist, with the breastplate of righteousness in place, and with your feet fitted with the readiness that comes from the gospel of peace. In addition to all this, take up the shield of faith, with which you can extinguish all the flaming arrows of the evil one. Take the helmet of salvation and the sword of the Spirit, which is the word of God.”

We need to prepare for battle with the truth of God’s word, his righteousness and strong faith in the One who has the power to overcome.

Finally, we need a life filled with prayer. Ephesians 6:18 (NIV) challenges us, “And pray in the Spirit on all occasions with all kinds of prayers and requests. With this in mind, be alert and always keep on praying for all the Lord’s people.”

Jesus, in Mark 11:24 (NIV), tells us, “Therefore I tell you, whatever you ask for in prayer, believe that you have received it, and it will be yours.”

When we commune with God daily, we can defeat the giants in our lives by staying connected to his power through prayer.

Unless we have all these ingredients — God’s power, preparation via the armor of God, and prayer — our efforts shall surely fail.

Don’t be a victim; be a victor over the giants you face through the power of God.

What giants are you facing today?

Want more devotionals? Our 40-day devotional book written by our Mission:Dignity recipients is available to order here.

Across the Markets

U.S. equities had a challenging week, with the S&P 500® Index dropping 4.3%, posting its worst weekly performance since March 2023. Small-cap stocks also suffered significant losses, with the Russell 2000 Index down 5.7%, marking its second-worst week of the year. Big tech was particularly hard-hit, with NVIDIA tumbling 13.9% on concerns over slowing earnings growth. Energy stocks also declined as oil prices fell, while defensive sectors such as utilities, consumer staples, and real estate performed better amid the broader sell-off.

U.S. Treasury prices rallied sharply this week, with yields falling to their lowest levels since the summer of 2023, reflecting growing investor anticipation of easing monetary policy. The 10-year U.S. Treasury yield declined to 3.72%, down from 3.92% the previous week, while the 2-year Treasury yield dropped 26 basis points on the week to 3.66%. The 2-to-10-year spread is now uninverted, though other parts of the yield curve remain slightly inverted.

U.S. crude oil prices dropped roughly 8% for the week, falling to $69 per barrel and hitting their lowest level in over a year, as concerns over weakening global demand continued to weigh on the commodity.

Japan’s stock markets fell over the week, with the decline primarily driven by a drop in semiconductor stocks influenced by the sell-off in U.S. markets. The strengthening yen added pressure on Japan’s export-oriented companies.

China’s economy remains under pressure. The China Purchasing Managers’ Index (PMI) fell to 49.1 in August, down from 49.4 in July and below expectations as production and new order declines deepened.

In the Economy

In August, the manufacturing sector contracted for the fifth consecutive month and the 21st time in the last 22 months. The Manufacturing PMI registered a 47.2, up from the 46.8 posted in July. Meanwhile, the Services PMI improved slightly, rising 0.1 month-over-month to 51.5 in August.

Employment data was a key focus this week, beginning with the July Job Openings and Labor Turnover Survey (JOLTS) report, which revealed that job openings dropped to 7.67 million, the lowest level since January 2021, and significantly below the consensus estimate of 8.1 million. The August ADP payrolls report indicated that private job creation slowed to 99,000, well below the expected 141,000, marking the fifth consecutive month of decline. Finally, on Friday, the Bureau of Labor Statistics reported that the August jobs report added 142,000 new jobs, fewer than the anticipated 165,000, with downward revisions of 86,000 jobs for the prior two months. The unemployment rate, however, ticked down by a tenth to 4.2%, while average hourly earnings rose to 3.8% year-over-year, up from 3.6% in July. Overall, this week’s employment data indicated a weakening labor market, fueling expectations of a Federal Reserve rate-cutting cycle.