May 2025

The S&P 500 rebound continued in May, up +6% for the month, as the de-escalation of tariffs was a major factor driving markets. The entire performance was recognized in the first half of the month as investors soon grew concerned with the budget deficits and inflation during the second half. We also saw mixed economic data where the unemployment rate remains steady, but the increase in initial jobless claims suggests some softness in the labor market. New home sales increased, but existing homes sales declined. Consumer spending remains strong, while manufacturing activity is slow. While the Consumer Confidence index increased, but the University of Michigan Sentiment index declined, indicating some consumer concerns. Obviously, this is all a formula for volatility, and with earning season winding down, the trade policy will become a significant market driver moving forward.  

Today's Active Stocks, Winners & Losers