Weekly Macro Minute

Shirley Dismukes authored this issue’s devotional. She served the Lord alongside her late husband for almost 30 years.

My life changed suddenly when my active, faithful pastor-husband suffered a heart attack. As he lay in his hospital bed in intense pain, he faced the frightening possibility of losing his leg. Yet even in that moment, his greatest concern was not for himself, but for his ministry.

“How will I baptize and get around?” he wondered. In prayer, God gently spoke to his heart: “You win them, and someone else can baptize them.” You see, my husband was a soul-winner above all else.

During that season of suffering, he often said, “Oh, Shirley, read Isaiah 41:9–10 (KJV) to me.”

Thou whom I have taken from the ends of the earth, and called thee from the chief men thereof, and said unto thee, Thou art my servant; I have chosen thee, and not cast thee away. Fear thou not; for I am with thee: be not dismayed; for I am thy God: I will strengthen thee; yea, I will help thee; yea, I will uphold thee with the right hand of my righteousness.

He also asked me to read Isaiah 40:31 (KJV):

But they that wait upon the Lord shall renew their strength; they shall mount up with wings as eagles; they shall run, and not be weary; and they shall walk, and not faint.

We read and quoted these verses many times. They brought him deep comfort and peace. He held tightly to the promise of “walking,” believing it meant he would not lose his leg.

Yet, the amputation did come.

Even so, God was faithful. My husband continued in his calling as pastor — preaching Christ, winning souls and shepherding his flock — with someone else baptizing. For six months, he preached from a wheelchair. By God’s grace, he served two more years in ministry before a final, fatal heart attack while still pastoring.

His life was not spared from suffering, but it was rich in faithfulness. He waited upon the Lord — and though his walk looked different from what he had hoped, God upheld him every step of the way. His was a blessed and faithful life.

What passages of Scripture bring you hope in the midst of suffering?

Equities extend record run as volatility eases

• U.S. equities advanced in a holiday‑shortened week, supported by easing oil prices and lower yields.
• The S&P 500^® rose 1.4%, marking a ninth consecutive weekly gain, while the Russell 2000^® gained 1.8%.

Leadership concentrated in AI and technology

• Market leadership remained focused on semiconductor and AI‑related companies, with strong gains driven by tightening supply and continued demand trends.
• Large‑cap technology names led performance, while broader participation remained more limited.

Sector dispersion remains wide

• Technology led gains, rising roughly 4.6% for the week.
• Energy lagged, declining approximately 5.4% as crude prices pulled back sharply.

Yields fall as dollar softens

• Treasury yields declined across the curve, with the 2‑year near 4.0% and the 10‑year around 4.44%.
• The U.S. dollar weakened modestly alongside lower yields.

Commodities reflect easing geopolitical risk

• Oil prices fell sharply, with WTI crude down nearly 10% as U.S.–Iran tensions eased.
• Gold rose approximately 1.9% as real yields declined.

Risk sentiment improves on ceasefire optimism

• A U.S.–Iran ceasefire framework supported global markets, lowering oil prices and sovereign yields while improving investor sentiment.

European equities mixed

• European stocks were modestly higher overall as easing energy pressures offset lingering policy uncertainty.
• Central bank commentary highlighted persistent inflation risks tied to prior energy shocks.

Japanese equities advance

• Japanese stocks moved higher, supported by strength in technology‑related sectors and easing inflation pressures.

China sees mixed results

• Chinese markets were mixed as strong industrial data was offset by regulatory developments that weighed on sentiment.

Broader global dynamics remain uneven

• Semiconductor strength supported select markets, while others faced pressure from policy tightening, regulatory changes and growth concerns.

Inflation remains elevated

• Core PCE rose 3.3% year over year, while headline PCE climbed to 3.8%, reinforcing a cautious Federal Reserve stance.

Spending holds, but savings decline

• Personal spending rose 0.5% in April, supported increasingly by savings rather than income.
• The savings rate fell to its lowest level in four years.

Growth revised modestly lower

• First‑quarter GDP was revised down to 1.6%, though still above the prior quarter’s pace.

Fed tone turns more hawkish

• Policymakers signaled openness to tighter policy if inflation persists.
• Market expectations for rate increases eased modestly but still reflect a cautious outlook.