As we move through 2026, nonprofit leaders are navigating an environment that appears steady on the surface but is growing more complex underneath.

The first week of May unfolded against an uneasy backdrop of geopolitical uncertainty and shifting Federal Reserve leadership, yet markets continued to find support from a U.S. economy that remains resilient and a corporate earnings season that has been much stronger than anticipated.

U.S. equity markets extended their advance last week, with the S&P 500 and Nasdaq Composite closing at all-time highs for a fourth consecutive week. The Nasdaq rose 1.5% and the S&P added 0.6%, though the equal-weight S&P 500 declined, underscoring how returns remain heavily concentrated in a small group of large-cap leaders.

Markets delivered another strong week though weekend developments quickly tempered optimism. The S&P 500 and Nasdaq rallied 4.55% and 6.84% respectively, with both benchmarks reaching fresh record highs, while the Dow advanced 3.19% for its third consecutive weekly gain and the Russell 2000 added 5.57%.

U.S. equities extended their rebound last week as the S&P 500 rose 3.6%, the Nasdaq gained 4.7%, the Dow advanced 3.0%, and the Russell 2000 added 4.0%.