U.S. equities pulled back last week as a sharp late-week selloff in technology and semiconductor stocks overshadowed a broadly constructive stretch of economic data.

U.S. equities continued their upward momentum last week, with the S&P 500 rising 1.4%, the Nasdaq gaining 2.4%, and the Dow advancing 0.9%. The S&P 500 and Nasdaq both ended the week at fresh record highs, with the S&P 500 now up for a ninth straight week and the Nasdaq higher in eight of the past nine.

U.S. equities were mixed last week as a narrow group of large technology stocks helped mask growing pressure beneath the surface. The S&P 500 managed a fractional 0.13% gain, while the Dow Jones Industrial Average and Nasdaq Composite both slipped modestly.

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.

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