Sector performance was much more divided, with a majority of sectors negative for the month. Technology led by a wide margin, up 20% for the second straight month, more than 16% better than Health Care in second place. Energy lagged for the second consecutive month, down 5.6% as work towards a resolution with Iran hangs in the balance.
The Federal Reserve’s next meeting is scheduled for June 17th, though the market is pricing in more than a 99% chance that rates remain unchanged. Nonfarm payrolls grew by 115,000 jobs, and the unemployment rate remained unchanged at 4.3%.
The Median Sales Price of Existing Homes increased to $417,700, while the US inflation rate rose 0.50% MoM to 3.8%. Core inflation experienced a more modest increase of 0.20% to 2.80%.
Treasury yields rose slightly across the curve in May. The 3-month, 20- and 30-year all increased by just 1 basis point for the month, while the 6-month increased by seven basis points.
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