Weekly Market Bullets

for the week ending 5/1/2026

• US Equity Markets closed at all-time highs last week, shrugging off higher interest rates and oil prices as investors focused on strong corporate earnings. The S&P 500 was up 0.9% for the week and is now up 5.6% for the year. The Nasdaq rose 1.1% for the week to bring its gains for the year to 8.1%, while the Russell 2000 (small cap stocks) increased 0.9% for the week and is now up 13.3% for the year.

• Global Equity Markets were mixed last week as strong earnings reports out of Europe offset rising energy prices. Developed Markets increased 0.9% for the week and are now up 5.7% for the year. Emerging Markets were down 0.5% for the week to bring their gains for the year to 14.0%.

• Rising Oil Prices stoke inflation concerns, pushing interest rates higher. With traffic still insignificant through the Strait of Hormuz, oil prices spiked 8% last week to close at $102.50/barrel, up 79% for the year. With the Fed keeping rates unchanged at its meeting last week as they monitor inflation data, the yield on the US 10-Year Treasury closed at 4.38% vs. 4.30% the prior week and 4.17% to start the year.

• Initial Weekly Jobless Claims hit their lowest level in over 55 years. Given continued unease in the labor market, initial weekly jobless claims for the week ending April 25th came in at 189K, the lowest reading since September 1969. This is particularly interesting since this data is literally just a count of claims, not adjusted for population growth. In 1969, the US had a population of ~200 million compared to today's population of ~335 million. When adjusted for population growth, initial weekly jobless claims are especially small. This is consistent with the current "low hire, low fire" labor market we have been experiencing.

Market Data

for the week ending 5/1/2026