Author: Zac Martin, Senior Investment Analyst
Week Ending May 29th – Not Selling in May
With Friday being the last trading day in May, the S&P 500 returned 5.26% with Information technology (XLK) leading sector returns at 19.76%. Notably, the next best sector was Health Care (XLV), which only returned 2.38% for May. Tech contributed almost all of the return for May, While the other 8 sectors were negative for the month. With this continued shallow market breadth the Tech sector, as classified by GICS, now accounts for 38.5% of the S&P 500.
US GDP: The Second Preliminary reading for the Q1 2026 GDP was slightly below the consensus estimates and revised lower from the First estimate last month, reporting 1.6% v. 2.0%. Higher Personal Consumption Expenditures was also reported, accelerating to 3.8% mostly driven by higher energy and shelter costs.
The Week Ahead:
- ISM PMIs (6/3)
- JOLTS (6/2)
- Nonfarm Payrolls & Unemployment (6/5)
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