U.S. large-cap stocks, as measured by the S&P 500, gained 6.3%—the strongest May return since 1990. U.S. small-cap stocks ended the month up 5.3%.
The May jobs report showed steady job growth and unemployment, supporting the Federal Reserve’s stance to keep interest rates unchanged, and market expectations for rate cuts this year dropped from four to two by year end.
Despite the many headlines surrounding tariffs and Trump’s tax and spending bill, equity markets remained relatively calm. The S&P 500 ended May back in slightly positive territory for the year.
Markets appear to be looking past near-term tariff-related disruptions, focusing instead on potential gains that could come from small business spending, domestic manufacturing, and capital investment.
May 2025 Commentary: Calm Amid Chaos
Summary
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