Weekly Macro Minute

GuideStone^® was originally established in 1918 to provide financial support and assistance for retired pastors and widows. Today, we continue to carry out that mission through the ministry of Mission:Dignity^®. Here’s an encouraging devotional from one of our recipients:

A Missionary Came

Luke 10:2 (NIV)

Linda Weldon authored this issue’s devotional. She served the Lord for more than 40 years.

A Missionary came to speak

to my church

And she told tales of love;

my heart she did touch.

But then she told tales of such

terror, I just had to cry

They were stories of how many,

for You, had to die.

And I thought, “Lord, but for Your

grace, it could have been me,

Or some loved one of mine in a

country not free.

I thank You for those who feel

called in Your Name

To teach others in countries

where they go through such pain.

But their faith in the Lord

and their love for the people

Keeps them strong and courageous

though their efforts may seem feeble.

Help me to remember there’s one

thing I can do;

I can pray for them daily

as I visit with You.

How can you pray for missionaries this week as they serve in dangerous places around the world?

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

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Across the Markets

Stocks finish higher after volatile week

U.S. equities overcame a midweek selloff to finish the week higher.
The S&P 500^®gained 1.1%, while the Russell 2000^®advanced 0.1%.
Markets rebounded late in the week as strong cloud-computing results from Microsoft® and Amazon® helped ease concerns around AI-related capital spending and future returns.

July marked a difficult month for growth stocks

July featured a significant unwind in AI infrastructure and semiconductor leaders as investors reassessed crowded growth positions.
The S&P 500^®finished nearly flat for the month, while small caps also posted losses.
Rising Treasury yields, Federal Reserve uncertainty and renewed Middle East tensions weighed on sentiment throughout the month.

Treasury yields rise to multiyear highs

Treasury yields moved higher as investors grappled with a more uncertain policy outlook and renewed inflation concerns.
The 10-year Treasury yield ended the week near 4.71%, while the 30-year reached its highest level since 2007.
Longer-term yields rose faster than shorter-term yields, resulting in a steeper yield curve.

Oil declines despite geopolitical tensions

WTI crude fell roughly 9% for the week, settling near $84 per barrel.
Ongoing Middle East tensions and shipping disruptions remained concerns, but diplomatic efforts helped limit further price increases.

European equities supported by earnings and growth

European stocks posted modest gains as stronger-than-expected corporate earnings and lower oil prices supported sentiment.
Economic growth in the euro area exceeded expectations during the second quarter.

Bank of England remains cautious

The Bank of England held rates steady while acknowledging continued inflation risks tied to higher energy prices.

Bank of Japan signals hawkish stance

Japanese policymakers left rates unchanged but increased concerns about inflation pressures.
The yen strengthened after intervention efforts from Japanese authorities.

In the Economy

Federal Reserve holds rates steady

The Federal Reserve maintained its policy rate at 3.50%–3.75%.
Multiple dissents in favor of a rate hike underscored ongoing concerns about inflation.
The Fed's cautious messaging reinforced expectations for a higher-for-longer policy environment.

Economic growth moderates

Second-quarter GDP grew at a 1.5% annualized pace, slower than the first quarter but still positive.
Consumer spending, business investment and exports continued to support overall growth.

Inflation provides modest relief

Core PCE rose 0.1% in June and 3.3% year over year.
The report helped ease concerns that inflation was reaccelerating after recent volatility in energy markets.

Consumer sentiment improves

Consumer confidence increased for a second consecutive month.
Inflation expectations moved lower, providing a modest boost to sentiment.

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