The S&P 500 and Nasdaq Composite posted their best month since November, as investors welcomed a string of positive economic indicators and looked ahead to key trade talks between the US and China.
Monthly Performance
- S&P 500: Rose 4.8% in May.
- Nasdaq Composite: Gained 6.2%.
- Both indices marked their best monthly performance since November, when they both jumped more than 7%.
- The Dow Jones Industrial Average also climbed for a fifth straight session on Friday, ending up about 1% for the week.
Trade Negotiations
Investors are closely watching President Donald Trump’s schedule this week for any signs of a meeting with Chinese President Xi Jinping to discuss trade negotiations. Reports suggest that:
- Trump could discuss trade negotiations with Xi at Mar-a-Lago in Florida or at a G20 summit in Japan later this month.
- Trump aims to meet with Xi before deciding on extending tariffs on $200 billion worth of Chinese goods set to expire next month.
- The US has imposed tariffs on billions of dollars’ worth of Chinese goods over the past year amid tensions over intellectual property theft and other issues.
Economic Indicators
In other economic news:
- The Personal Consumption Expenditures (PCE) Price Index rose by an annual rate of 2.1% in April, meeting forecasts but down from March’s revised annual rate increase of 2.3%.
- Core PCE prices increased by an annual rate of just under 1%, following a rise of just under 2% in March.
Employment Outlook
On Friday morning, futures were trading higher ahead of nonfarm payrolls data expected later this week, which is anticipated to show:
- Employers added jobs at a healthy pace last month despite ongoing uncertainty surrounding global growth prospects.
- It remains unclear how much longer interest rates will remain low enough for consumers to afford housing without taking out loans they cannot repay if rates rise sharply again.
Government Changes
Changes are also taking place within government agencies:
- Elon Musk stepped down from his role leading the U.S. Department of Government Efficiency (USDE) on Friday after serving less than six months as its chief executive officer.
- Musk took over leadership duties last September, aiming to make government more efficient using technology developed by his companies, including Tesla Inc., SpaceX Corp., Neuralink Corp., Boring Co., SolarCity Corp., and X Corp..
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