Weekly Macro Minute

Sally Moore authored this issue’s devotional. She served the Lord alongside her late husband, Dick, for 46 years.

Prayer is more precious to me than ever before. I have learned that God hears my prayers, and he will answer. I believe in the eternal security of the believer, but even though I am saved by the blood of Jesus, sin blocks my relationship with the Father and hinders my prayers. Psalm 66:18 reads: “If I regard iniquity in my heart, the Lord will not hear me,” (KJV) suggesting that holding onto sin prevents God from listening.

My Father is still teaching me from Romans 12:1-2 that I need to give my body and mind to him because of all he has done for me. My life should be a living sacrifice, allowing God to transform me into a new person by changing the way I think. Then I will learn to know God’s will for my life, which is good and pleasing and perfect!

Many times, we as senior adults fall back on old ways and old traditions, failing to listen to what the Holy Spirit is saying. I have been guilty of this, and I want to be transformed by the renewing of my mind if there is something God wants me to understand!

God has provided for me in amazing ways. One kind friend allows me to live in a home without paying rent. God is so good to me and has blessed our family throughout 60 years of marriage. Another way he provides is through Mission:Dignity, for which I am very grateful. I can only praise God for his grace and provision.

What habits or distractions keep you from hearing God clearly? How can you create space to listen to his voice this week?

Large-cap technology leads markets higher

• U.S. equities finished mixed, with large-cap technology stocks driving gains.
• The S&P 500^® rose 1.2%, while the Russell 2000 declined 0.8%.
• Growth outperformed value for a second consecutive week, narrowing the performance gap that has favored value stocks for much of the year.

Technology and communication services lead

• Information technology gained 3.1%, while communication services rose 2.2%, supported by strong adoption of Meta’s consumer AI offerings.
• Energy, utilities, financials and real estate lagged as higher rates and softer energy prices weighed on performance.

Treasury selloff pushes yields to multi-decade highs

• Treasury yields moved sharply higher as strong economic data and inflation concerns fueled a bond-market repricing.
• The 10-year Treasury yield rose to 5.16%, while the 30-year briefly moved above 5.50%, reaching levels not seen in decades.
• Weak demand at Treasury auctions and lower foreign participation intensified pressure on long-term rates.

Oil prices retreat as Middle East tensions ease

• WTI crude fell 3.7% to roughly $92 per barrel.
• Improved geopolitical conditions reduced supply concerns and helped temper inflation expectations.
• Commodities broadly softened as investors focused on growth and interest-rate developments.

Global bond yields move higher

• Rising interest rates extended beyond the United States, with government bond yields reaching multi-year highs across several developed markets.
• Investors continued to reassess inflation risks and central-bank policy expectations globally.

European equities gain despite higher rates

• European stocks posted modest gains as stronger economic data offset pressure from rising yields.
• Business activity improved across the region, with France returning to growth and broader eurozone activity exceeding expectations.

Japanese markets advance

• Japanese equities moved higher as investors responded positively to technology-sector strength.
• Currency volatility remained in focus as the yen weakened before stabilizing later in the week.

Chinese equities decline

• Chinese stocks moved lower despite an extension of the U.S.–China trade truce.
• Investors remained cautious amid slowing economic momentum and ongoing uncertainty around domestic growth.

South Korea stands out

• South Korean equities outperformed regional peers, supported by strong demand for AI-related semiconductor products and expectations for a pause in further policy tightening.

Economic activity accelerates

• The S&P Global Composite PMI rose to a 62-month high, reflecting strong expansion across both services and manufacturing sectors.
• Production and new orders increased at their fastest pace in several years, highlighting continued economic momentum.

Growth strengthens, but inflation concerns persist

• Businesses reported accelerating input costs, creating ongoing inflation pressures despite recent improvements in some price measures.
• Stronger growth combined with higher costs contributed to the sharp rise in Treasury yields.

Fed officials maintain hawkish stance

• Several policymakers reinforced expectations that additional tightening may be required if inflation remains elevated.
• Markets also weighed reports that the administration may consider restrictions on diesel exports, which could add further inflation pressure.

Labor market remains resilient

• Initial jobless claims and continuing claims both came in below expectations.
• Employment data continues to show little evidence of broad labor-market deterioration.

Housing remains under pressure

• Mortgage rates climbed back above 7%, reaching their highest level since early 2025.
• Elevated borrowing costs continue to weigh on housing activity and affordability.