Oil prices drove market volatility throughout the month. West Texas Intermediate crude rose above $105 per barrel in mid-May before falling to close the month near $87, influencing both asset prices and interest rates.
Inflation remained elevated: consumer price index (CPI), producer price index (PPI), and personal consumption expenditures index (PCE) all pointed to persistent inflationary pressures, while the Federal Reserve kept rates unchanged at 3.50%–3.75% in April.
The S&P 500 index rose 5.1% in May and the Nasdaq index gained 8.4%, supported by strong corporate earnings and easing concerns around rising Treasury yields.
Market leadership remained concentrated in a handful of technology companies, with Nvidia, Apple, Amazon, and Alphabet among the strongest performers as AI-related investment broadened beyond traditional beneficiaries.
A “K-shaped” economy remains evident. While financial markets and large technology firms continue to perform well, consumer sentiment fell to a record low, highlighting ongoing weakness among mainstream consumers.
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