May 2026 Market Update

After a choppy first quarter, April delivered the clarity investors had been waiting for. The U.S.-Iran ceasefire lifted the geopolitical cloud, and an earnings season running well ahead of historical averages gave the rally a real foundation.

Tech led the charge, with semiconductors surging 37% in a single month, powered by more than $650 billion in committed AI capex from the major hyperscalers. Here's the twist: despite rising prices, the S&P's forward P/E has actually contracted this year. The market's run isn't built on speculation. It's built on six consecutive quarters of double-digit earnings growth.

Still, not every signal is clean. Credit spreads sit near 25-year tights, inflation remains sticky, and the tension between mid-cycle reset and late-cycle warning is worth watching closely.

Our May 2026 Market & Economic Review breaks it all down, including equity sector performance, fixed income positioning, and the three key takeaways from our Centralized Investment Committee.

Read the full report below.

The commentary, data, and visuals provided are not intended to be investment advice. Please seek the advice of an independent financial advisor for your personal financial decisions.