June 5, 2023

The US stock market registered a small gain in May with the S&P 500 gaining 0.4%. Large gains from the market’s narrow focus on technology related stocks and the continued momentum from AI beneficiaries drove growth in Information Technology (+9.4%), Communication Services (+6.2%) and Consumer Discretionary (+3.2) as the best performing S&P 500 sectors. These gains were offset by negative returns in the rest of the S&P 500 sectors with Energy (-10.0%) and Materials (-6.9%) as the worst performers.  From a style perspective, growth performed better than value across all market-cap ranges.  From a market-cap perspective, large-cap stocks outperformed mid- and small-cap equities.