Published on 31 May 2023 on Zacks via Yahoo Finance
Top ETF Stories of May
As the month draws to a close, Wall Street as well as global markets appear ready to rally. The positive shift is primarily fueled by an agreement on the debt ceiling and encouraging Q1 results, falling inflation and an AI frenzy.
Wall Street delivered a muted performance in the month, which was busy in negotiating the debt deal. The S&P 500 (up 0.9%), the Dow Jones (down 2.9%), the Nasdaq (up 6.1%) and the Russell 2000 (up 0.2%) swung in the range of negative 2.9% to up 6.1% (as of May 26, 2023). Only the Nasdaq recorded the fifth straight week of gains helped by an AI-powered tech rally.
Notably, Information Technology takes about 27.64% of the S&P 500 while the sector occupies about 60% of the Nasdaq-100. Hence, a tech rally played an instrumental role in driving the markets in May.