S&P 500 Books Best Month Since 2023
US stocks displayed volatility on Friday, concluding a turbulent yet robust May, as investors grappled with renewed trade tensions with China and diminishing inflation concerns. The S&P 500 closed nearly unchanged after experiencing an intraday drop of over 1%. Meanwhile, the Nasdaq declined by 0.4%, and the Dow Jones Industrial Average rose by 53 points. Market fluctuations were influenced by President Trump's accusations that China violated their recent trade agreement, compounded by reports that the administration plans to intensify technological restrictions on Chinese companies. Trade discussions appeared to be at an impasse, and ambiguity regarding Trump's tariff strategy further unsettled investors. In parallel, the Federal Reserve's favored inflation index suggested alleviating price pressures, providing some respite. On the corporate earnings front, both Costco, which surged 3.1%, and Ulta Beauty, which increased by 11.8%, reported strong performances. Conversely, Gap's shares plummeted 20.2% following disappointing sales forecasts. The S&P 500 concluded May with a gain exceeding 5%, while the Nasdaq is poised for an almost 10% increase, marking its most substantial monthly rise since November 2023. The Dow experienced an approximate 3% climb this month.
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