May was the best month for the S&Pꦇ 500 and Nasdaq Composite since November 2023, with the indexes rising 6.2% and 9.6%, respectively. 

Investors entered the month cautiously optimistic. Employment data at the beginning of the month suggested the economy remained on solid footing. Meanwhile, White House officials were signaling a 澳洲幸运5开奖号码历史查询:desire to ease tensions with 🌌China, whose imports at the time were subject to a minimum 145% tariff. 

Stocks surged mid-month when the U.S. and China agreed to 澳洲幸运5开奖号码历史查询:slash their respective tariff rates for 90 days while officials negotiate a broader deal. Stocks got additional boosts from President Trump’s dealmaking tour of the Middle East and 澳洲幸运5开奖号码历史查询:progress in Congress on Trump’s tax-cutting 澳洲幸运5开奖号码历史查询:‘One Big, Beautiful Bill.’

The AI Trade Returns

The 澳洲幸运5开奖号码历史查询:AI trade came back into vogue in May, thanks to 澳洲幸运5开奖号码历史查询:solid big tech earnings reports and the 澳洲幸运5开奖号码历史查询:flurry of AI-focused deals coming out of Trump’s Middle East trip. AI favorites 澳洲幸运5开奖号码历史查询:Constellation Energy Group (CEG) and Super Micro Computer (SMCI) were the S&P 500’s second and third-best𒐪 performing stocks, rising 37% and 26%, respectively. 

Nvidia (NVDA) stock gained 24% in May. Much of those gains came on the 澳洲幸运5开奖号码历史查询:U.S.-China trade reprieve, but a 澳洲幸运5开奖号码历史查询:strong quarterly earnings report near the end of the month helped. 

Tesla (TSLA) stock advanced nearly 23% as CEO Elon Musk 澳洲幸运5开奖号码历史查询:distanced himself fro🌊m the Trump administration and reassured Wall Street he’s committed to leading the electric vehicle maker through 澳洲幸运5开奖号码历史查询:a tumultuous time. Tesla is expected to take a major step toward refa𒆙shioning itself as an AI company when it launches its robotaxi service in Austin, Texas, in June.🎐

Healthcare Faces Headwinds

May was a difficult month for the health sector. Shares of UnitedHealth Group (UNH) lost about a quarter of their value as the healthcare conglomerate 澳洲幸运5开奖号码历史查询:withdrew its full-year guidance, announced the departure of its CEO, and reportedly 澳洲幸运5开奖号码历史查询:came under Justice Dﷺepartment investigation for Medicare fraud. UnitedHealth was the worst-performing stock in the S&P 500. It also weighed on the Dow Jones Industrial Average, which rose a relatively modest 3.9% over the month, which wasn't even♒ its best monthly performance of 2025.

Eli Lilly (LLY) was the second-worst performer, falling about 18% during the month. Lilly is in a race with Denmark’s Novo Nordisk (NVO) to dominate the GLP-1 market, but the weight-loss drug🧸s’ h♊igh prices have drawn scrutiny.

A May 12 executive order 澳洲幸运5开奖号码历史查询:targeting drug prices, while 🍌less severe than expected, was an additional headwind for pharmaceutical stocks this month.