Weekly Macro Minute

Dr. D Hance Dilbeck Jr., President and CEO of GuideStone^®, authored this issue’s devotional.

Genesis 23 opens on a scene marked by grief and transition: Sarah, Abraham’s beloved wife and lifelong companion, has died. For anyone who has lost a loved one, the weight of this moment feels achingly familiar. Death has a way of forcing us to confront deep questions of our existence — questions about where we come from, and where we are headed, and who we really are.

The Place We Call Home

When Sarah died, Abraham was living in the land of Canaan, the place God had promised to give him and his descendants. Yet, despite decades spent walking its dusty paths, Abraham did not own a single piece of ground on which to lay his wife to rest. Instead, he had to negotiate with the local Hethites to purchase a burial site — the cave of Machpelah. In this moment of mourning, Abraham faced fundamental questions: “Where do I belong? Where do we belong?”

In his own words, Abraham described himself as “a stranger and a sojourner” among them (Genesis 23:4). He was a man without roots in the land, yet he chose to bury Sarah there, declaring by his actions, “This is the place God has given me. I will trust Him with my future and my family’s destiny.” Abraham’s decision was not merely about land; it was a public act of faith. He was staking his entire hope on the promises of God.

Discovering Our True Identity

As Abraham negotiated with the Hethites, a remarkable exchange took place. While he saw himself as a foreigner, the people of the land addressed him differently: “You are a mighty prince among us” (Genesis 23:6). The literal phrase is “a prince of God.” Even as a sojourner, Abraham’s faith, integrity and presence had set him apart in the eyes of those around him. He was a stranger, yes, but also a person of honor and influence because God was with him.

Abraham’s story is not merely about coping with death but about choosing how to live. As the people of God, we know that we are only temporary residents of any place. We are passing through as we journey in service. In a sense, we are always outsiders with our hearts in another place. However, as the people of God, we also aspire to live in a way that forces the people around us to notice a difference. We want people to recognize our relationship with God. We are God’s people, reflecting His character, His way, wherever we go.

Let us aspire, like Abraham, to trust God with our future, to live as faithful sojourners, and to become men and women of worth in our communities. Then, when others speak of us, they might say, “There goes a child of God, a mighty prince (or princess), whose faith and life point to something greater.”

Equities decline amid geopolitical and inflation concerns

• U.S. equities fell for a second straight week as investors weighed risks from the Middle East conflict, rising energy-driven inflation pressures and mixed economic data.
• S&P 500^® dropped 2.0%, its worst weekly performance since October.
• Small caps underperformed sharply, with the Russell 2000^® falling 4.1% as higher rates and energy prices weighed on domestically focused firms.

Earnings remain a bright spot

• S&P 500^® companies delivered strong Q4 results, with earnings rising roughly 14% year over year.
• Information Technology led gains, posting a standout 33% earnings increase.

Treasury yields rise

• Treasury prices declined as inflation concerns intensified.
• The 10‑year Treasury yield rose to 4.15%, up from roughly 3.96% the prior week.

Oil surges on supply disruption fears

• WTI crude jumped more than 20% to around $81 per barrel as markets priced in potential supply shocks.
• Escalating U.S.–Iran tensions disrupted tanker traffic through the Strait of Hormuz, a critical global energy chokepoint.

Global equities pressured by energy shock

• Fears of prolonged constraints on energy flows through the Strait of Hormuz raised concerns about sustained higher oil prices.
• Equity markets in Europe, Japan and China declined amid rising cost and growth pressures.

Eurozone labor market remains resilient

• Eurozone unemployment fell to a record low of 6.1% in January, despite slowing growth and elevated geopolitical risks.

China lowers growth expectations

• China set a 2026 GDP growth target of 4.5%–5.0%, the lowest in decades.
• Policymakers cited persistent headwinds, including weak domestic demand, a prolonged property downturn and rising external pressures.

Productivity strengthens

• Labor productivity rose at a 2.8% annualized pace in Q4, following an upwardly revised 5.2% gain in Q3.
• Gains reflect continued efficiency improvements as hiring slows.

Retail sales soften

• January retail sales fell 0.2%, led by a 0.9% decline in auto and parts sales.
• Severe winter weather likely weighed on consumer activity.
• Report release was delayed by the government shutdown.

Payrolls disappoint

• February nonfarm payrolls declined by 92,000, sharply missing expectations for gains.
• Weakness was broad-based, with weather and labor disruptions contributing.
• Unemployment edged up to 4.4% from 4.3%.