U.S. equities edged higher during a quiet week as encouraging inflation data and continued support from corporate earnings offset another rise in long-term interest rates.

U.S. equities posted their strongest week since April, with all three major indices advancing sharply and the S&P 500 closing at a fresh all-time high. For the week, the S&P 500 rose 3.58%, the Nasdaq Composite gained 5.19%, and the Dow Jones Industrial Average added 2.96%, while the Russell 2000 gained 3.52%.

U.S. stocks finished higher last week as strong corporate earnings outweighed renewed volatility in AI-related investments and a less reassuring message from the Federal Reserve.

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

As expected, 2026 has been a study in resilience: inflation and affordability came back to the fore, a new Chair took the helm at the Fed, and the economy appears to have reaccelerated. The black swan event we did not expect, however was the coordinated war in the Middle East, which carried significant consequences for oil and other commodity prices.