By Park-Elm|
2023-06-01T12:51:05+00:00
June 1st, 2023|Markets|
- Uncertainty reigned across U.S. markets in May. Grappling with persistent inflation, investors struggled to anticipate the Fed’s rate hike trajectory and the outcome of the federal debt ceiling debates. Amidst these concerns, strong earnings in a handful of sectors helped buoy equities yet worries over a May 31 House of Representatives vote on the debt ceiling deal ultimately weighed heavily on markets.
- Fueled by the strength of mega-caps, the S&P 500® posted a gain of 0.4% in May, outpacing smaller caps, with the S&P MidCap 400® down 3.2% and the S&P SmallCap 600® down 1.8%.
- Information Technology and Communication Services were the best-performing sectors for the month, both up 9.5% and 6.2%, respectively, while Energy showed the largest decline, falling 10.0%. High Beta and Low Growth led among factors.
May 2023
