This Weekly Financial Markets Update reviews the top market headlines: Equity Markets Extend Rebound in May, Rising Yields Dent Bond Returns, SpaceX Seeks IPO Liftoff
  • The S&P 500 Index returned 5.3% in May
  • The Bloomberg U.S. Aggregate Bond Index returned 0.3% in May
  • SpaceX is seeking to raise up to $75 billion in its IPO

Top Three Market Headlines

Equity Markets Extend Rebound in May: Global stocks recorded solid gains for the second straight month in May, putting March's losses further in the rearview mirror. In the U.S., the S&P 500 index posted a 5.3% total return in May, pushing its quarter-to-date (QTD) performance to a robust 16.3%. The rebound has been supported by strong corporate earnings, with S&P 500 companies reporting Q1 2026 annual earnings growth of 29%. The Nasdaq Composite index enjoyed an 8.4% gain in May and is up 25.0% QTD, showing continued enthusiasm for technology and AI-related stocks. Outside the U.S., the MSCI EAFE index returned 3.1% in May and 10.7% QTD, while the MSCI Emerging Markets index saw even stronger gains of 9.7% in May and 25.8% QTD.

Rising Yields Dent Bond Returns: In contrast to stocks, bonds endured another month of meager returns in May. The Bloomberg U.S. Aggregate Bond Index posted a 0.3% total return on the month, leaving its QTD return at a mere 0.4%. Renewed inflationary pressures and shifting expectations of Federal Reserve interest rate policy — from rate cuts to rate hikes — have pushed market yields higher, with resulting price declines eroding returns. The 10-year Treasury bond yield hit 4.6% mid-month, its highest level in more than a year, while the 30-year Treasury yield reached 5.2%, a 19-year high.

SpaceX Seeks IPO Liftoff: Just prior to Memorial Day, Elon Musk's company Space Exploration Technologies (SpaceX) filed for an initial public offering (IPO), setting up a likely debut on the Nasdaq market in June. SpaceX is seeking to raise up to $75 billion, which would be the largest IPO in history. The company, founded in 2002 to develop and operate reusable rockets, has turned into NASA's biggest launch partner while also operating the Starlink satellite internet service. SpaceX's filing follows another recent high profile IPO, semiconductor company Cerebras Systems, which surged 68% in its first trading day after going public in mid-May.

As of May 29, 2026 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World 1.66% 15.86% 12.15% 30.17%
S&P 500 1.44% 16.31% 11.27% 29.78%
Russell 2000 1.77% 17.11% 18.15% 42.53%
MSCI EAFE 1.07% 10.75% 9.37% 22.85%
MSCI Emerging Markets 3.96% 25.82% 25.61% 52.64%
FTSE NAREIT Equity -1.26% 9.01% 14.24% 17.25%
Bloomberg Commodity -2.49% 0.49% 25.03% 39.29%
Bloomberg U.S. Aggregate 0.83% 0.42% 0.38% 5.35%

Fidelity 5/20/2026, WSJ 5/20/2026, FactSet 5/29/2026, CNBC 5/21/2026, Bloomberg 5/29/2026, Yahoo Finance 5/15/2026. Data from Morningstar Direct and FactSet. Returns for periods greater than one year are annualized. Investment advisory services are offered by Gallagher Fiduciary Advisors, LLC ("GFA"), an SEC registered investment advisor that provides retirement, investment advisory, discretionary and independent fiduciary services. Registration as an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of Arthur J. Gallagher & Co. or its affiliates or to independent contractors; such payments do not change our fee. Neither Arthur J. Gallagher & Co., GFA, their affiliates nor representatives provide accounting, legal or tax advice. GFA does not express an investment opinion regarding any specific commodity, sector or individual security. Unless otherwise expressly noted, the contents of this communication do not constitute securities or investment advice, nor should this communication be construed as an opinion regarding the appropriateness of any investment. The information provided cannot take into account all the various factors that may affect your particular situation, therefore you should consult your GFA consultant before acting upon any information or recommendation contained herein to discuss the suitability of the information/recommendation for your specific situation.