US stocks recorded their biggest monthly rally since late 2023 as investors were encouraged to pile back into risky assets as President Donald Trump backed away from some of his most severe tariffs.
The blue-chip S&P 500 rose 6.2 per cent in May, its best monthly performance since November 2023, while the tech-heavy Nasdaq Composite climbed 9.6 per cent. The rallies mean both indices are in positive territory this year after plunging in early April on tariff fears.
Members of the so-called Magnificent Seven tech stocks including Facebook parent Meta, Elon Musk’s Tesla and chipmaker Nvidia — which on Wednesday reported an almost 70 per cent surge in quarterly revenue — led the charge. Indices tracking financials and industrials climbed close to record highs.