Commentary • Jul 21, 2026

Weekly Macro Minute

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GuideStone Capital Management 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:

Icon of a Bible
Icon of a BibleThe Cross on the Hill

Mark 16:1-8 (NIV)

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

The Cross on the hill is now empty and bare,

For my Savior and Lord is no longer there.

The grave, too, is empty from the body it held,

That body has risen to the Father, where he dwells.

He dwells up in heaven preparing for me

The home where, from this world, I’ll soon be free.

How can you live in light of the resurrection this week? How does the promise of eternal life shape the way you face burdens today?

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

Technology-led selloff weighs on equities
  • U.S. equities declined as weakness in semiconductors, memory and AI-related stocks reversed the prior week's technology leadership.
  • The S&P 500® fell 1.6%, while the Russell 2000® declined 0.5%.
  • Market leadership broadened away from Technology as investors rotated into more defensive sectors.
AI and semiconductor stocks pull back
  • Memory and storage stocks experienced sharp declines after a strong first half of the year.
  • Semiconductor shares sold off broadly amid concerns around AI spending, competition, and evolving demand expectations.
  • Reports of delays to future AI product launches added pressure to the technology sector.
Earnings season begins with strength
  • Major banks reported stronger-than-expected results and described economic conditions as healthy and consumer spending as resilient.
  • Approximately 88% of early earnings reporters exceeded earnings expectations.
  • Financials, Health Care, Consumer Staples and Energy outperformed during the week.
Treasuries gain as inflation cools
  • Treasury prices rose as softer inflation data offset earlier pressure from rising oil prices.
  • Cooling inflation expectations helped drive yields lower across much of the curve.
  • Energy markets remained volatile as geopolitical tensions resurfaced.
European markets remain stable
  • European equities held up relatively well during the global technology selloff.
  • Cooler regional inflation helped reduce pressure on the European Central Bank.
Asian markets pressured by technology weakness
  • Japanese and Chinese equity markets declined amid broad weakness in semiconductor and AI-related shares.
  • Hong Kong markets bucked the regional trend and posted gains for a third consecutive week.
China's growth remains uneven
  • Chinese economic growth slowed from the prior quarter.
  • Strong export activity continued to offset weakness in domestic demand and property investment.
Central banks maintain hawkish stance
  • Policymakers in several regions continued leaning toward tighter monetary policy despite easing inflation pressures.

In the Economy

Inflation cools sharply
  • June CPI posted its largest monthly decline since 2020 as lower energy prices weighed on headline inflation.
  • Core inflation (ex. food and energy) remained stable, while year-over-year inflation slowed significantly.
  • Markets sharply reduced expectations for a near-term Federal Reserve rate hike following the report.
Producer prices reinforce disinflation trend
  • Producer prices fell in June, driven primarily by declining goods prices.
  • The report supported the view that inflationary pressures may be easing more broadly across the economy.
Consumers remain resilient
  • Retail sales continued to increase, while jobless claims fell to their lowest level since early May.
  • Consumer sentiment improved modestly, and inflation expectations moved lower.

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