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Spring Surge
While the talk of aggressive trade policies and international pressures has been ongoing, May allowed for a sweet reprieve in equity markets. Equities spent the month continuing to recover from early April lows. The S&P 500 Index and the NASDAQ Index returned up +5.63% and +8.01% respectfully for the month of May. The wider spread between the returns of those two similar indices is generally attributed to the sector drag on the S&P because NASDAQ has a heavier tech weighting. Moreover, NASDAQ has a heavier consumer discretionary weighting and smaller weightings in consumer staples and financials relative to the S&P 500. That difference in sector weightings has given way to more resilience to trade tensions and tariff policies.