Monthly Download: May 2026

Markets extended gains in May as investors increasingly focused on the businesses enabling AI adoption, from software and data platforms to memory manufacturers and semiconductor companies supporting growing compute demand. Negotiations between the US and Iran were still ongoing as of month-end, but the lack of active conflict eased energy prices and near-term inflation concerns. Global economic activity remained relatively resilient, with higher energy prices causing less disruption in the near-term than initially feared. Corporate earnings finished a very strong 1st quarter, led by robust growth in the US and Asia alongside positive results in Europe.