This chart shows that private payrolls have spiked in 2026, with the three-month average gain up to a three year high.
Source: FRED.
 This chart shows that wage growth has continued to slow in 2026, despite the acceleration in payrolls.
Source: FRED.
 This chart shows that market expectations for Fed interest rates has shifted to show two 25 basis points hikes over the next 12 months, compared to just one move at the time of the April Fed meeting, and no hikes in March.
Source: Bloomberg.
 This chart shows that while technology stocks have outperformed through much of the rally in recent months, we have seen signs of a shifting in market leadership towards other sectors in recent weeks.
Source: Bloomberg. Past performance does not guarantee future results. Indexes are unmanaged, cannot be invested into directly and are not meant to depict an actual investment. Mag 7 represented by Apple, Amazon, Alphabet, Microsoft, Meta, NVIDIA and Tesla.

Important Information:

The Weekly Market Update is published every Friday, after market close. 

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Investors should understand the risks involved in owning investments, including interest rate risk, credit risk and market risk. The value of investments fluctuates and investors can lose some or all of their principal.

Past performance does not guarantee future results.

Market indexes are unmanaged and cannot be invested into directly and are not meant to depict an actual investment.

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