Recent monthly job reports have been unusually volatile. Over the past 10 months, employment growth has oscillated between gains and losses, with negative months often followed by positive ones. The unexpected 133,000‑job decline in February, quickly reversed by a 178,000‑job gain in March, illustrates just how erratic the headline payroll numbers have been. It’s enough to send a labor economist in search of more reliable numbers.

In the first quarter of 2026, our outlooks for global stock and bond markets improved modestly as stocks were under pressure and rising oil prices shifted interest rate expectations.

Private credit is having a moment in the headlines. Higher interest rates and a pullback in certain types of bank lending have pushed more financing activity into private markets. Investors may be left with a simple question: What exactly is private credit?

Vanguard CEO Salim Ramji’s annual letter to investor-owners celebrates disciplined, long-term investing—diversification, staying the course, and lower costs—plus new choice, advice, and digital improvements.

Bonds have shown notable resilience. Yields—near or above 4% across much of the market—continue to support returns.

Index investing was for a long time synonymous with tracking the S&P 500, “America’s index.” But as the golden anniversary of index fund investing approaches, the strategy is widely available across and within asset classes. Its appeal is evident: Indexing is an easy-to-understand, cost-effective strategy that can offer diversification, tax efficiency, and consistent performance relative to the results of the market.

The Middle East conflict continues to keep oil prices elevated, challenging central banks with stagflation risks.

The “Magnificent Seven.” It’s an understandable, memorable, and concise term, but its simplicity masks important distinctions. With the backdrop of strong U.S. stock market performance attributed to a handful of technology companies, the group’s run has fueled questions about market concentration. When we look more closely, we see a clutch of U.S. stock market leaders that are more diversified than some may think.

Global equity leadership may be broadening beyond U.S. tech. Attractive valuations are essential to the story.