The old adage “sell in May and go away” has failed for three straight years now. The U.S. equity market resumed its positive trend with the S&P 500 hitting another all-time high during the month (S&P 50 +1.29%). U.S. small caps (Russell 2000 +2.28) outperformed U.S. large caps.
The international markets (MSCI -0.51%) were generally negative with the resurgence of the U.S. dollar. Emerging markets (MSCI EM -4.16%) got hammered, led by Latin America weakness.
The high yield sector (Barclays U.S. Corp HY +0.30%) was seen to lead the fixed income markets (Barclays U.S. Aggregate -0.24%), as talk of future Fed rate increases heated up again.
Mark your calendars for Wednesday, July 22nd at 4 PM EDT. Sean Clark will be providing a mid-year Market Outlook.
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