Quarterly Market Review
The Markets (as of market close May 31, 2019)
Stocks fell sharply in May, closing out their worst month since last December. Each of the benchmark indexes posted month-over-month losses exceeding 6.5%. While market performance has largely swung on trade rhetoric, it appears investors have reached their boiling point and are moving away from stocks and floating toward bonds, pushing yields on 10-year Treasuries down (-37 bps in May) as bond prices soared. Oil prices fell sharply on trade tensions and a slowing Chinese economy. For the month, small caps and tech stocks lost almost 8.0%, followed by the large caps of the Dow and the S&P 500. Year-to-date, only the Nasdaq remains more than 10% ahead of its 2018 closing value.
By the close of trading on May 31, the price of crude oil (WTI) was $53.33 per barrel, down from the April 30 price of $63.42 per barrel. The national average retail regular gasoline price was $2.822 per gallon on May 27, up from the April 29 selling price of $2.623, but $0.140 less than a year ago. The price of gold rose by the end of May, climbing to $1,310.30 by close of business on the 31st, up from its $1,285.10 price at the end of April.
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.