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May saw positive returns in the market across the majority of asset classes. U.S. small (+6.5%) led the charge domestically while international small came in strong (+7.0%) as well. Global stocks dipped slightly but still came in positive at +4.6%. Bonds hovered close to zero, with intermediate‐term bonds holding the strongest return (+0.8%). With respect to alternatives, commodities came in with a robust gain for the month of +4.3%.

Economy

  • The initial economic shock is starting to subside as jobless claims have lessened their extremities with unemployment falling from 14.7% for April to 13.3% for May.
  • Consumer confidence has risen slightly (+0.9%).

Stocks

  • U.S. large saw positive returns this month (+4.8) with U.S. large value (+2.9%) and small value (+3.3%) not far behind.
  • Gains were realized internationally as well, as small value (+4.8%) came in strong with large (+4.4%) and large value (+3.0%) close behind.
  • Emerging markets were essentially flat (+0.8%) with Russia (+8.7%) and Brazil (+8.5) assisting in calming the waters.

Bonds

  • With low interest rates, bonds came in relatively neutral for the month with TIPS holding slightly positive (+0.3%). U.S. short‐term bonds remained flat.
  • International bonds (‐0.8%) fell into negative territory. 

Alternatives

  • Global REITs (+1.0%) and reinsurance (+0.6%) posted gains during May while managed futures fell (‐0.6%). 

Economic and Market Commentary

Read our latest Economic and Market Commentary for Market Returns Year-To-Date, Market Returns Longer Term Annualized, Economic Indicators, and an Appendix.


Source: Morningstar Direct. This is intended for informational purposes only and should not be construed as legal, investment or financial advice. Please consult your legal, investment and financial professionals regarding your specific circumstances.

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