From Equity Research
Although markets oscillated sharply during May, equity indexes closed out the month in relatively flat territory as swings in prices generally were not sustained. Geopolitical events continued to pressure markets during the month with the war in Ukraine adding uncertainty against a backdrop of rising interest rates and inflation. Although the VIX Index or “fear gauge” repeatedly broke above 30 during the month, by month-end it had trended down towards the mid-20’s range. For the full month, major equity indexes were flat to up very slightly with the Dow Jones Industrial Average up 0.04%, the S&P 500® index up 0.01%, and the smaller cap weighted Russell 2000® flat for the month.