This Weekly Financial Markets Update reviews the top market headlines: Modest Job Growth in December, Services Sector Expansion Continues, Volatile Week for Oil
  • The U.S. economy added 50,000 jobs in December
  • The ISM Services Index increased to 54.4% in December
  • Brent Crude oil futures prices rose 4% on the week

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Top Three Market Headlines

Modest Job Growth in December: The U.S. Department of Labor reported last week that the U.S. economy added 50,000 jobs in December, slightly below economists' consensus forecast of 55,000. At the same time, previously reported job gains for October and November were revised down by a total of 76,000. Growth in December was concentrated in services like healthcare and hospitality, while sectors like retail, manufacturing, and construction experienced declines. Federal government employment increased by a marginal amount in the month, but on the whole is down by 277,000 since January of last year. For December, the unemployment rate ticked down to 4.4% from 4.5% in November.

Services Sector Expansion Continues:The Institute for Supply Management (ISM) reported last week that its ISM Services Index, based on surveys of business executives, registered 54.4% for the month of December. This was the highest reading since October 2024 and marked the seventh consecutive month the index exceeded the 50% threshold that distinguishes expansion of business activity from contraction. In contrast, conditions in the manufacturing sector of the economy remained limited, as the ISM Manufacturing Index came in at 47.9%. This was down slightly from 48.2% in November and was the tenth straight sub-50% month.

Volatile Week for Oil: Oil prices bounced around last week amid major developments involving key oil producing nations — namely, the U.S. arrest of Nicolas Maduro of Venezuela and protests in Iran. Futures prices for Brent Crude oil initially rose on Monday after news of the Maduro arrest, then fell nearly 3% over the next two days before regaining ground at the end of week, settling at $63.34 per barrel, up from $60.80 the prior week. The renewed flow of Venezuelan crude oil marks a major shift in global energy markets, but its immediate impact on oil prices remains contained within broader oversupply trends.

As of January 9, 2025 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World 1.50% 2.01% 2.01% 24.14%
S&P 500 1.58% 1.80% 1.80% 19.23%
Russell 2000 4.63% 5.75% 5.75% 18.81%
MSCI EAFE 1.42% 2.03% 2.03% 33.30%
MSCI Emerging Markets 1.61% 3.44% 3.44% 39.22%
FTSE NAREIT Equity 1.43% 1.68% 1.68% 6.13%
Bloomberg Commodity 2.46% 2.31% 2.31% 16.33%
Bloomberg U.S. Aggregate 0.35% 0.15% 0.15% 7.97%

ISM 1/5/2026 & 1/7/2026.US Dep't of Labor 1/9/2026, Bloomberg 1/7/2026, FactSet. Data from Morningstar Direct and FactSet. 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 suitability of the information/recommendation for your specific situation.