May was another fairly steady month for stocks with some volatility to close out the month as investors watched the ongoing debt ceiling negotiations carefully. The S&P 500 closed the month slightly higher, and is now up about 9% year to date. (YCharts)
Investors have had a number of headwinds to contend with this year including recession risk, hawkish monetary policy, and the risk of a US debt default (debt ceiling). Despite these factors, we’ve seen markets rally about 16.5% over the last 8 months (since Oct 1st).