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Market Commentary

May Market Commentary

by Thornbridge

Commentary by Universum Wealth Ltd – A Thornbridge Appointed Representative.

Vintage toned Wall Street at sunset, NYC. (May market commentary article)

Commentary by Universum Wealth Ltd – A Thornbridge Appointed Representative.

Concerns over the US debt ceiling were a drag on global stocks and bonds throughout May. Large-cap technology stocks were the exception, which continued to rally as investors clamoured for companies exposed to “generative AI” technology, largely due to the buzz surrounding OpenAI’s ChatGPT. Gains in large tech stocks, notably Nvidia, Alphabet, Microsoft and Meta, saw the Nasdaq index climb 5.8% in May, and also helped the S&P500 index eke out a 0.2% gain for the month.

The Dow Jones index, which comprises less technology companies, fell 3.5% in May (-0.7% YTD). In Europe, the Euro Stoxx 50 declined 3.2% in May while the UK’s FTSE 100 dropped 5.4%. German GDP data indicated that Europe’s largest economy is in recession following two quarters of contraction. The US Federal Reserve increased benchmark interest rates, as expected, by another 25 basis points, raising the target rate to 5.00% – 5.25%.

Author: Alex Hackett

Alex is a member of the investment funds team. She is involved in the portfolio construction process, regulatory reporting, trade surveillance and monitoring.

Author: Thornbridge

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