This Weekly Financial Markets Update reviews the top market headlines: Strong Week Pushes U.S. Indices to New Highs, July Jobs Report Disappoints, Business Activity Surveys Accelerate in July
  • The S&P 500 index set a new record high, closing above 7,700
  • The U.S. labor market recorded a decline of 23,000 jobs in July
  • The ISM Manufacturing index registered 55.6% in July

Top Three Market Headlines

Strong Week Pushes U.S. Indices to New Highs: Supported by a healthy earnings season and renewed indications of easing geopolitical tensions, multiple U.S. stock indices reached new all-time highs last week. The bellwether S&P 500 index gained 3.6% on the week, piercing the 7,700 level for the first time. The Russell 2000 index and Dow Jones Industrial Average followed suit, advancing 3.5% and 3.0%, respectively, both also hitting record highs, as gains were widespread across different areas of the market. In contrast, the Nasdaq 100 index failed to achieve a record high despite rising 5.1% on the week, as the gauge of the largest tech companies faced a higher uphill climb after suffering a 6.8% decline during June and July.

July Jobs Report Disappoints: The U.S. economy lost 23,000 jobs in July, according to the U.S. Department of Labor, with the report falling far short of economists' consensus estimate of 80,000 additions. Previously-reported job gains for May and June were also revised downward by a combined total of 103,000. Sectors that contracted the most in July were local government education, retail, and financial activities. Notwithstanding the loss of jobs, the unemployment rate for the month dropped to 4.1% from 4.2% in June, as the labor participation rate dropped to 61.4%, the lowest since July 2020.

Business Activity Surveys Accelerate in July: A set of widely-followed surveys of business executives strengthened in July, indicating a pickup in business activity across the U.S. economy. The Institute for Supply Management (ISM) Manufacturing Index registered 55.6%, up 2.3 percentage points from June and the strongest reading since May of 2022. This marked the seventh straight month the index surpassed the 50% threshold that separates expansion of business activity from contraction. On the services side of the economy, the ISM Services Index edged up to 54.1% in July from 54.0%, extending a 25-month expansion streak.

As of August 7, 2026 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World 2.88% 2.96% 14.54% 24.81%
S&P 500 3.59% 3.52% 14.09% 23.83%
Russell 2000 3.54% 0.40% 23.06% 38.71%
MSCI EAFE 2.25% 4.25% 14.10% 24.75%
MSCI Emerging Markets -0.43% -3.49% 19.53% 33.93%
FTSE NAREIT Equity -0.67% 1.55% 19.66% 23.57%
Bloomberg Commodity -0.17% 7.35% 22.76% 35.78%
Bloomberg U.S. Aggregate 0.60% -0.71% -0.09% 2.46%

ISM 8/3/2026 & 8/5/2026, U.S. Bureau of Labor Statistics 8/7/2026, Bloomberg, FactSet. Index returns from Morningstar Direct. Returns for periods greater than one year are annualized. Investment advisory services are offered by Gallagher Fiduciary Advisors, LLC ("GFA"), an SEC registered investment advisor that provides retirement, investment advisory, discretionary and independent fiduciary services. Registration as an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of Arthur J. Gallagher & Co. or its affiliates or to independent contractors; such payments do not change our fee. Neither Arthur J. Gallagher & Co., GFA, their affiliates nor representatives provide accounting, legal or tax advice. GFA does not express an investment opinion regarding any specific commodity, sector or individual security. Unless otherwise expressly noted, the contents of this communication do not constitute securities or investment advice, nor should this communication be construed as an opinion regarding the appropriateness of any investment. The information provided cannot take into account all the various factors that may affect your particular situation, therefore you should consult your GFA consultant before acting upon any information or recommendation contained herein to discuss the ability of the information/recommendation for your specific situation.