ACG’s May 2024 Capital Markets Review 

(Download the full report HERE)

Market Highlights

  • Markets bounced back in May after a weak April on the tail of strong corporate earnings and continued strength from mega-cap Tech firms (Nvidia, Apple, Microsoft, Alphabet).
  • The S&P 500 rose +4.96% and is now up +11.30% for the year through May.
  • Small Cap enjoyed a strong month with the Russell 2000 index rising +5.02% to slightly top the S&P 500.
  • The Information Technology sector (+10.08%) was the clear winner within the S&P 500 in May while Utilities (+8.97%) continued a strong start to the year.
  • Growth stocks continued to outpace Value-oriented names with the Russell 1000 Growth rising +5.99% in May vs. +3.17% for the Russell 1000 Value.
  • Developed International and Emerging Markets were both positive for the month despite lagging the US. The MSCI EAFE index was up +3.87% while the MSCI EM index rose +0.56%.
  • The 10-year Treasury yield eased after a sharp increase in April, moving from 4.69% down to 4.50% in May. The Bloomberg US Aggregate Index was up +1.70% for the month and is now down -1.64% for the year through May.

Download the full report HERE to see index returns and more. 


  1. Morningstar Direct, MSCI
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