• The rally in U.S. equities continued in May, as strong tech earnings and AI-related exuberance propelled the S&P 500® to eleven all-time closing highs, while declining oil prices and easing geopolitical concerns amplified the market’s positive sentiment. The 500 finished the month with a 5% gain.
  • Mid-and small-cap equities lagged large caps, with the S&P MidCap 400® up 2% and the S&P SmallCap 600® up 1%, weighed down by headwinds including rising Treasury yields and inflation worries.
  • Sector performances were heavily skewed towards Information Technology, up 16%, and the sole sector to outperform the 500. Meanwhile, Energy declined by 6% as oil prices slumped.
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