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.

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.