Weekly Macro Minute

Charles Deglow authored this issue’s devotional. He served the Lord alongside his wife, Linda, for 47 years.

The crowds that followed Jesus were amazed by the signs he performed. This word for “sign” is John’s favorite, chosen because it was used to indicate that for which a thing was known. It was evidence or proof of identity. In other words, John used this word instead of other options because he wanted to show that Jesus was the Son of God. In fact, John used the word “sign” at least seven times as the framework around which his entire Gospel was constructed (John 20:30–31). The crowds had seen the nobleman’s child and the lame man beside the pool healed (John 6:2). They were enthralled by what they had seen.

In perfect harmony with the Father, Jesus knew what he was about to do, but he wanted to measure the confidence, or the faith, of his disciples. When the Lord wants to do something special in our lives, he often measures our confidence in him and in his plans.

First, he asked Philip where they could buy enough food to feed all the people (John 6:5-7). Philip responded that 200 denarii, nearly a year’s income, would not be enough for everyone to have even a little. In other words, Philip said, “It can’t be done.” How disappointed Jesus must have been. I wonder, has the Lord ever been disappointed in me because I doubted his ability and plans?

Next, we see Andrew in action. He must have thought that if Jesus wanted to do something, there had to be a way to make it happen. Andrew showed confidence in Jesus and his plan by immediately searching for a solution. However incomplete my understanding of God’s plan and however inadequate my ability to accomplish it, it is enough that I have confidence in him and trust that he knows what he is going to do. Andrew brought a little boy with a lunch of five rolls and two fish to Jesus (John 6:8-11). Jesus must have been pleased because he invited them to sit down and eat. He fed the crowd until they were full.

Finally, there is the little boy. We do not know his name. He obviously planned to stay a while because he brought a lunch. The Bible says much about how approachable Jesus was when children enjoyed his presence and wanted to hear him talk about his Father God. We do not know what, if anything, the boy said when Andrew came through the crowd seeking a way to feed them. Perhaps something like, “Jesus can have mine.” How simple is the trust, the confidence, of a child who has witnessed the signs Jesus performed. He did not have much, but what he did have, he was willing to give to Jesus. That is exactly the response Jesus wants from us. He wants us to have confidence in him and his plans, refusing to doubt him. Jesus wants us to seek ways to accomplish his plan even when we do not fully understand it. He wants us to realize that our effort is never enough without his enabling. And most of all, Jesus wants us to place what little we do have in his hands and trust that “he knows what he intends to do” with it.

Are you more like Philip, Andrew or the little boy? Each response reveals something about faith. Philip saw the problem and doubted. Andrew looked for a solution and trusted. The little boy simply gave what he had. When Jesus asks for our confidence, will we hesitate, search for a way, or offer everything, trusting that he knows what he intends to do?

What is one specific situation today where you can choose to trust God?

Equities post strongest week since April

• U.S. equities rallied, with the S&P 500^® gaining 3.6% and reaching a record close.
• Small caps participated in the advance, with the Russell 2000^® rising approximately 3.5%.
• Weaker-than-expected employment data eased concerns about additional Federal Reserve tightening, while strong corporate earnings supported sentiment.

Earnings continue to exceed expectations

• Second-quarter earnings remained strong, with 86% of reporting S&P 500^® companies exceeding earnings estimates, well above the five-year average.
• Revenue growth and earnings growth both continued to trend higher as reporting season progressed.
• Health Care, Communication Services and Energy were among the strongest contributors to results.

Treasury yields move lower

• Treasury yields declined across the curve following weaker labor-market data.
• The 2-year Treasury yield ended the week at 4.19%, while the 10-year Treasury yield fell to 4.64%.
• Markets reduced expectations for additional near-term rate increases.

Oil extends recent pullback

• WTI crude settled near $77 per barrel, falling more than 10% for the week.
• Diplomatic progress involving Iran and Oman supported expectations for improved shipping activity through the Strait of Hormuz.
• Energy prices remained sensitive to geopolitical headlines despite signs of improvement.

European equities reach new highs

• European stocks advanced for a fourth consecutive week, supported by strong earnings and easing energy prices.
• Investor sentiment benefited from signs of improving economic activity across the region.

Eurozone services activity improves

• Services-sector activity returned to expansion territory during July.
• Output and new orders increased at their fastest pace since late 2025, helping support the region’s economic outlook.

Japanese equities rebound

• Japanese stocks recovered from early-week weakness as lower energy prices and improved market sentiment offset currency-related concerns.
• Investor focus shifted back toward the Bank of Japan’s potential policy path.

Chinese equities lead Asia higher

• Chinese stocks posted strong gains, supported by strength in artificial intelligence and technology-related sectors.
• Strong export data also helped reinforce investor confidence.

Payrolls unexpectedly contract

• The U.S. economy lost 23,000 jobs in July, well below expectations.
• Prior months were also revised lower, suggesting softer hiring conditions than previously reported.

Unemployment rate declines

• The unemployment rate edged down to 4.1% despite weaker payroll growth.
• Lower labor-force participation contributed to the decline.

Markets reassess Fed expectations

• Following the payroll report, investors reduced expectations for additional tightening this year.
• Markets increasingly viewed the labor market as cooling without signaling broader economic stress.

Services sector remains resilient

• Services activity continued to expand during July.
• Business activity and new orders remained healthy, although hiring activity continued to soften.