This Weekly Financial Markets Update reviews the top market headlines: Second Straight Month of Solid Job Gains in April, Business Activity Expands Across the Economy in April, Durable Goods Orders Gather Steam
  • The U.S. economy added 115,000 jobs in April
  • The ISM Manufacturing Index registered 52.7% in April
  • Manufactured durable goods orders rose 7.6% year-over-year in March

Top Three Market Headlines

Second Straight Month of Solid Job Gains in April: The U.S. Department of Labor reported Friday that the U.S. economy added 115,000 jobs in April, above economists' consensus expectation of 55,000. The April result, combined with March's surge of 185,000, marked the strongest two-month stretch of job gains since 2024. The largest number of additions in April were seen in health care, transportation & warehousing, and retail, while jobs in the federal government declined once again; in total, federal government employment is down 11.5% since October 2024. Despite the job gains, the unemployment rate held steady at 4.3% during the month.

Business Activity Expands Across the Economy in April: The Institute for Supply Management (ISM) reported last week that its ISM Services Index, based on surveys of business executives, registered 53.6% for the month of April. While down modestly from 54.0% in the prior month, this was the 22nd consecutive month the reading exceeded the 50% threshold that distinguishes expansion of business activity from contraction. Meanwhile, the recent rebound in manufacturing sector activity continued in April, with the ISM Manufacturing Index clocking 52.7%, its fourth straight 50%+ reading. This latest uptrend follows a long period of declining activity in the manufacturing sector for most of the preceding three years.

Durable Goods Orders Gather Steam: According to the U.S. Census Bureau, new orders for manufactured durable goods (excluding volatile categories such as transportation) rose 0.9% in March from the previous month, the 12th straight increase. On an annual basis, orders grew 7.6%, the strongest pace since mid-2022. While several product categories contributed to the strength, computers and electronic products stood out, rising 3.7% on the month. The category has now grown in 11 of the past 12 months, reflecting sustained investment tied to AI and broader technology trends. At a high level, the growth of durable goods orders points to continued economic expansion and strong business investment.

As of May 8, 2026 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World 2.42% 13.15% 9.52% 32.51%
S&P 500 2.36% 13.43% 8.52% 32.27%
Russell 2000 1.73% 14.68% 15.70% 43.03%
MSCI EAFE 1.05% 8.95% 7.59% 25.38%
MSCI Emerging Markets 6.90% 22.72% 22.51% 53.96%
FTSE NAREIT Equity 0.82% 9.77% 15.03% 19.93%
Bloomberg Commodity -1.23% 2.72% 27.80% 41.64%
Bloomberg U.S. Aggregate 0.26% 0.49% 0.44% 5.53%

Institute for Supply Management 5/1/2026 & 5/5/2026. U.S. Dept. of Commerce 04/29/2026, U.S. DOL 5/8/2026. Data 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 suitability of the information/recommendation for your specific situation.