Weekly Macro Minute

Dulce Morillo authored this issue’s devotional. She served the Lord alongside her late husband for more than 12 years.

Mark 5:21-43 recounts two miracles: the healing of Jairus’s daughter and the woman who touched the mantle of Jesus. Both reveal that Jesus has divine power — nothing is impossible for him!

Jairus, like the sick woman, was desperate. In this devotional, we see that in Christ Jesus there is hope for the desperate, the troubled and the afflicted.

Read the entire passage. What caught your attention? What does it teach us about Jairus? About the sick woman? About the people in Jairus’ house?

Jairus, one of the rulers of the synagogue, fell at Jesus’ feet when he saw him and pleaded, “My little daughter is dying. Please come and put your hands on her so that she will be healed and live.”

But messengers came from his house saying, “Your daughter is dead. Why bother the teacher anymore?”

But Jesus overheard and said to Jairus: “Don’t be afraid. Only believe.” Then, Jesus went to Jairus’s house and gave life to his daughter. Hallelujah!

Likewise, the woman with the issue of blood was very upset and desperate. When she heard about Jesus, she said to herself: “If I just touch his clothes, I’ll be made well.” She believed in God’s power. She came up behind him, touched his cloak, and immediately her bleeding stopped. “Daughter,” he said to her, “your faith has saved you. Go in peace and be healed from your affliction.”

This story highlights the importance of faith in the midst of any crisis, even sickness and death. These two miracles demonstrate Jesus’ authority and His response to simple faith, to trusting in the divine power of God. That power is present and active in Jesus, because for those who believe, everything is possible! (Mark 9:23)

Where in your life do you need to hear Jesus say, “Do not be afraid; only believe”?

Technology weakness drives market divergence

• U.S. equities finished the week sharply divided as a renewed sell-off in large‑cap technology weighed on performance.
• The S&P 500^® fell 1.9%, while the Russell 2000^® gained 1.0%.
• Equal‑weighted equities outperformed their cap‑weighted counterparts, reflecting broader market participation beyond mega‑cap technology stocks.

AI trade faces renewed scrutiny

• Investors rotated away from crowded AI infrastructure positions amid concerns over rising AI‑related costs.
• Higher memory‑chip costs and reports of a delayed OpenAI IPO added pressure across many of the market’s technology leaders.
• Despite the weakness, strong quarterly results from memory manufacturers highlighted continued demand in the AI ecosystem.

Treasury yields move lower

• Treasury yields declined across the curve as falling oil prices and an in‑line inflation report helped moderate inflation expectations.
• The 10‑year Treasury yield finished near 4.37%, while the 2‑year declined to roughly 4.08%.

Oil extends decline

• WTI crude fell roughly 10% to near $72 per barrel, its lowest level since late February.
• Improving supply expectations and normalizing traffic through the Strait of Hormuz weighed on prices despite lingering geopolitical uncertainty.
• Gold declined for a fourth consecutive week as a firmer dollar and higher‑for‑longer rate expectations pressured precious metals.

European equities show resilience

• European stocks held up relatively well despite weakness elsewhere, finishing little changed for the week.
• Markets faced some late‑week pressure as the global technology sell-off spread internationally.

Japanese equities decline

• Japanese stocks moved lower as weakness in AI‑related holdings weighed on broader market performance.
• Sentiment was pressured by reports that OpenAI may delay its IPO.

Chinese equities finish lower

• Chinese stocks declined as technology‑sector weakness rippled through Asian markets.
• Investor sentiment remained cautious amid ongoing uncertainty around the AI trade.

Inflation remains elevated

• The Federal Reserve’s preferred inflation gauge accelerated in May, with headline PCE rising 4.1% year over year and core PCE (ex. food and energy) increasing 3.4%.
• Monthly gains in both headline and core inflation remained consistent with persistent price pressures.
• Personal income and spending each rose 0.7%, reflecting continued consumer resilience.

Growth data improves

• Business activity expanded for a third consecutive month as the S&P Global Composite PMI reached a five‑month high.
• First‑quarter GDP was revised upward to 2.1%, signaling stronger economic momentum than previously reported.

Consumer sentiment rebounds modestly

• Consumer confidence improved from record lows in June.
• Lower gasoline prices provided some relief, though sentiment remained near historically depressed levels.