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 Special Gift

Matthew 5:16 (NIV)

Nellie Poore authored this issue’s devotional. She served alongside her late husband, James, for 58 years.

When you were born a baby,
In this world without a care.
God placed a special gift in you,
Of which you may not be aware.

A special gift He has given,
Just for you to use.
Let me help you to try to discover it,
There are some possible clues.

Do you have a great voice,
Can your fingers play the keys?
Or is it quite possible,
Your gift is neither one of these.

Can you teach small children to sing,
This little light of mine?
Show them how to hold their hands
To let it shine, shine, shine.

Does your personality come through,
Stronger than a sunny day?
Maybe you can help someone else,
Who is underneath a cloud of gray.

Maybe sewing is your talent,
You can whip up some threads.
A coat of many colors,
Is what Joseph had.

Is your talent baking?
Make your neighbor a chocolate cake.
Take it to them and say,
I thought of you today.

How can you use your unique abilities to serve others this week?

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

Across the Markets

Equities pull back as tech leadership reverses

U.S. equities declined, with the S&P 500^® snapping a nine‑week winning streak as weakness in semiconductors and mega‑cap technology weighed on markets.
The S&P 500^® fell 2.6%, while the Russell 2000^® declined 2.9%.
Broader market weakness was more limited, highlighting how concentrated the pullback was among large technology‑focused names.

Technology leadership pauses

Semiconductor and AI‑related stocks reversed sharply following weaker‑than‑expected guidance and renewed concerns around AI spending levels and profitability.
Consumer Discretionary and Technology sectors posted the steepest declines as higher yields and tightening financial conditions pressured sentiment.

Sector leadership shifts to Defensive

Defensive sectors outperformed as investors rotated away from growth‑oriented areas.
Energy and Healthcare led gains during the week.

Treasury yields move higher

Treasury yields climbed sharply following stronger labor and manufacturing data.
The 2‑year Treasury yield rose to 4.16%, while the 10‑year finished near 4.53%.
Markets increasingly priced in the possibility of additional Fed tightening by year‑end.

Commodities mixed amid geopolitical uncertainty

WTI crude gained 3.6% as Middle East tensions persisted.
Gold fell 5.0%, while silver declined for a fourth consecutive week.

Global equities weaken on tariffs and geopolitics

International equities broadly declined as ongoing Middle East tensions and renewed U.S. tariff proposals weighed on risk sentiment.

European growth disappoints

European equities moved lower as first‑quarter growth data disappointed and tariff concerns resurfaced.
The eurozone economy contracted modestly during the quarter.

Japan mixed as central bank turns hawkish

Japanese equities were mixed as policymakers signaled increasing openness toward additional rate hikes amid rising wages and inflation pressures.

Chinese equities decline

Chinese stocks moved lower as manufacturing activity softened and trade uncertainty continued to pressure sentiment.
Technology‑related developments provided some offsetting support.

In the Economy

Labor market strength surprises

Nonfarm payrolls increased by 172,000 in May, well above expectations, while unemployment held steady at 4.3%.
Job openings rose to their highest level in nearly two years, reinforcing labor‑market resilience.

Business activity remains firm

Manufacturing and services activity both improved during May.
Price pressures remained elevated, with services inflation reaching its highest level since 2022.

Fed tone turns more hawkish

Federal Reserve officials continued signaling openness to additional tightening if inflation remains persistent.
Markets now expect fewer near‑term policy reductions as inflation and labor conditions stay firm.

Tariff discussions return to focus

The Trump administration introduced new tariff proposals after the Supreme Court struck down prior emergency tariffs.

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