Weekly Macro Minute

Todd Gray authored this issue’s devotional. He is the Executive Director-Treasurer of the Kentucky Baptist Convention.

Open your mouth for the mute, for the rights of all who are destitute.

Open your mouth, judge righteously, defend the rights of the poor and needy.

Proverbs 31:8-9 (ESV)

At some point in the parenting journey, nearly every parent admonishes their children to “use their words.” Parents labor in earnest to help their children verbalize their thoughts and feelings. Children learn to communicate through spoken language and become adults who have the potential to “use their words” to make a positive difference in the lives of others.

The mother referenced in Proverbs 31:1-9, King Lemuel’s mom, exhorts him to use his words for the well-being of others. King Lemuel is a leader, and his wise mother uses her words to ensure her son uses his influence for the well-being of others by opening his mouth for the poor and needy.

Pastors, elders and ministry leaders can also use their words for the well-being of brothers and sisters who have spent their lives laboring for Christ and his church by promoting Mission:Dignity in our sphere of influence. Here are three reasons to support and promote this worthy cause:

• Because of the need: To qualify for support through Mission:Dignity, the retired couple or individual must have a monthly income near or below the poverty level. These are people who need assistance to help cover the expenses incurred in their retirement years.
• Because of the opportunity: These men and women have served Jesus faithfully, and now we have an opportunity to serve them in return. What a joy it is to invest in the lives of these precious God-called leaders who spent their working years serving churches.
• Because of the results: Jesus said in John 13:35, “By this all people will know that you are my disciples, if you have love for one another.” When we give to support our brothers and sisters in Christ who have surrendered their lives to serve Jesus by serving His churches, we not only honor them, but we honor our Savior.

This year, Kentucky Baptists voted to send a 13th check to Mission:Dignity recipients in Kentucky. Not long after, thank you notes and cards began rolling in from those who received this gift. One came from the widow of a Kentucky Baptist leader I knew personally and whose ministry I deeply appreciated. I attended his funeral visitation and remembered the impact of his ministry. To help support his widow in this season of her life is one of my greatest blessings. When we choose to use our words for the good of others, we reflect the heart of Christ and meet the needs of His people.

How can you “use your words” today to speak up for someone in need or to promote a ministry that reflects Christ’s love?

Equities extend gains amid earnings strength

• U.S. equities moved higher for a second straight week as solid earnings results and easing energy prices supported sentiment.
• The S&P 500^® rose 2.4%, while small‑cap stocks also advanced, with the Russell 2000^® gaining 1.7%.
• Sector performance diverged, with Technology stocks leading, while Energy declined alongside lower crude prices.

Earnings remain a primary catalyst

• Corporate earnings continued to drive performance as reporting season progressed.
• With roughly 85% of S&P 500^® companies having reported, blended earnings growth is tracking near 27.7% year over year, well above expectations at the start of the season.
• Strength was most evident in technology‑focused companies and select industrial firms tied to infrastructure and data center investment.

Growth leadership persists

• Large‑cap growth stocks outperformed value for the fifth time in the past six weeks.
• While value maintains a year‑to‑date lead, the gap has narrowed as growth stocks have rallied sharply in recent weeks.

Yields ease after recent pressure

• Treasury yields were modestly lower overall despite early‑week volatility.
• The 10‑year Treasury yield ended near 4.35%, while longer‑term yields settled just below recent highs.

Energy prices pull back

• Oil prices declined as geopolitical risk expectations eased.
• WTI crude fell roughly 6% for the week, ending near $95 per barrel after trading above $100 earlier.
• Precious metals moved higher, supported by lower real yields and a softer U.S. dollar.

European equities edge higher amid volatility

• European stocks finished modestly higher for the week as positive earnings sentiment offset renewed trade rhetoric and elevated energy concerns.

Japanese equities advance in shortened week

• Japanese stocks moved higher during a holiday‑shortened trading week, supported by technology strength, easing bond yields and lower oil prices.

Chinese equities rebound post‑holiday

• Chinese equities rose following the May holiday as resilient domestic demand and ongoing U.S.–China trade discussions supported sentiment.
• Services activity remained in expansion territory, while travel data showed steady volumes with more restrained per‑trip spending.

Labor market shows resilience

• Nonfarm payrolls increased by 115,000 in April, exceeding expectations, while the unemployment rate held steady at 4.3%.
• Wage growth moderated modestly, and labor‑force participation edged lower, continuing a gradual downward trend.

Claims remain contained

• Initial jobless claims rose slightly to around 200,000 but remained low by historical standards.
• Continuing claims declined to 1.77 million, the lowest level since 2024, signaling limited layoffs despite higher announced job cuts in the technology sector.

Consumer sentiment weakens further

• Consumer sentiment declined again in early May, reaching a new low.
• Higher gasoline prices and tariff‑related concerns weighed on perceptions of current conditions.