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Oil Down, Gas and Stocks Ups, and Hobnobbing with Gen Zs

  • Writer: Doug MacGray
    Doug MacGray
  • May 10
  • 4 min read

May 10, 2026 HEALTHY APRIL JOBS REPORT: According to the U.S. Bureau of Labor Statistics, the U.S. economy added 115,000 net new jobs in April. The government sector shed 8,000 jobs and private sector jobs rose by 123,000. The leading gains were in health care, transportation and warehousing, and retail. Manufacturing decreased by 2,000 jobs. The unemployment rate remained unchanged at 4.3%. Average hourly earnings rose by 0.2% and are up 3.6% over the last twelve months.


SOME OIL RELIEF: The world got some relief as oil prices moved back down closer to $100 per barrel.



GASOLINE: Unfortunately, that lowered oil price did not result in lower gasoline prices. On the contrary, they have kept rising. Gasoline prices tend to have a few weeks to a couple of months lag to oil prices. Oil prices will have to continue to stay lower for gasoline to follow.



STOCK RALLY CONTINUES: Stocks continued their steady climb with tech stocks regaining their leadership position. The Magnificent Seven ETF (MAGS) was up nearly 4% and the NASDAQ Composite rose 4.5%, and to a new high. The last time the NASDAQ rose this much over a six week period was 2009. As solid earnings reports for semiconductor and other tech firms keep rolling in, optimism reigned. Of the 440 companies in the S&P 500 that have reported earnings, 83% have exceeded expectations, well above the historical average of 67%. These reports are indicating growth in the next four quarters much higher than historical averages.



LONGER-TERM PERFORMANCE: Below are the annualized three-year and five-year numbers for these same indices.


SALES OF NEW SINGLE FAMILY HOMES BOUNCES BACK: In January, sales of new single family homes dropped, and many blamed it on the weather. It seems weather must have been the culprit, because in February, sales rose 8.9%, and in March sales rose 7.4%. Further growth will be challenged by the fact that mortgage rates have not been decreasing. Since the outbreak of the Iran war, the average 30-year mortgage is up by about 0.30%, and the Fed is not indicating rate lowering any time soon. There has been a trend, however, to build more affordable new homes. Since 2022, the average price for a new single family home has decreased by 16%. During this time, the size of these homes has decreased by about 10%. Supply has been steadily increasing over the past few years as well.


CHARITABLE GIVING CHANGES: Under the new tax bill passed last year, charitable gifts are only deductible to the extent that they exceed 0.5% of adjusted gross income, and the tax benefit of deductions is capped at 35%. For those of you who are approaching age 70, you may want to consider qualified charitable distributions (QCDs). In the year you turn 70.5, you are allowed to begin making distributions from your traditional qualified retirement accounts directly to a charity. You do not get a charitable deduction, but the QCD will not result in income, and thus income taxes. Especially once you get to the years when you must make distributions (required minimum distributions), it can result in positive income tax outcomes that exceed direct charitable gifts from your income or other assets, especially because of the new law. It is something you might want to consider bringing up with your financial planner and/or CPA.


LOSING SOME GOOD WORDS: As I was walking with all my coworkers to lunch last week, I was talking, and one of my Gen Z coworkers said to me, "I've never heard that word in my life." The word was "hobnob." In 25 years, you have never heard the word "hobnob?" I've been discovering a few other words like this, and it has surprised me. Do the Gen Z people in your life know this word? Is their vocabulary shrinking or just changing?


A BEAUTIFUL TIME OF YEAR: I love all the color that comes out this time of year. I walked around to take pictures of some of the various flowers blooming in our yard this past week. (Look hard and you can even see some stonecrops!)



Have a great week!


Our purpose is to honor God by helping our clients see the objective, find the path, and navigate past the obstacles to a more prosperous future.


Douglas R. MacGray, J.D., C.F.P. ®

President

Stonecrop Wealth Advisors, LLC

Direct | Cell | Fax

(610) 628 4545




"The bold enterprises are the successful ones. Take counsel of hopes rather than of fears to win in this business." Rutherford B. Hayes*


"The sleep of a laborer is sweet, whether they eat little or much, but as for the rich, their abundance permits them no sleep." Ecclesiastes 5:12 (NIV)


*In commemoration of the 250th anniversary of the United States, I am finding a quote from a president each week, in order. This is the 19th week, and Rutherford B. Hayes was our 19th president.


SOURCES:

STOCK RALLY CONTINUES: https://www.wsj.com/finance/stocks/jobs-report-chip-stock-rally-power-stocks-to-new-records-e44e0e18?mod=stocks_news_article_pos2 AND https://myweeklystock.substack.com/p/weekly-market-recap-may-4-8-another?publication_id=697043&post_id=196829001&isFreemail=true&r=s86er&triedRedirect=true


(c) 2026 Anno Domini, Stonecrop Wealth Advisors, LLC, All Rights Reserved


Investment advisory services offered through Stonecrop Wealth Advisors, LLC, a Registered Investment Advisor with the U.S. Securities and Exchange Commission.


SDG

*S&P 500: This is a measure of the performance of the 500 largest companies in the United States, and it a common index to track the performance of U.S. equity markets, especially the large cap markets.

*MSCI All Country World Index X US: This is a broad measure of the performance of worldwide equity markets excluding the United States.

*Bloomberg U.S. Aggregate: This is a measure of the U.S. bond markets.

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