The S&P 500 index recorded its first weekly decline since mid-April but still ended May with a solid monthly gain.
The week consisted of just four sessions as the US stock market was closed on Monday for Memorial Day.
Despite the weekly drop, the S&P 500 concluded May with a 4.8% monthly increase, wiping out its 4.2% April decline. The index is now up nearly 11% for the year-to-date.
Last week’s economic data showed US consumer spending weakened more than expected in April as outlays on goods fell into contraction territory. However, the annual headline personal consumption expenditures price index and the Federal Reserve’s preferred core measure, which excludes food and energy, remained unchanged at 2.7% and 2.8%, respectively and were in line with Wall Street’s forecast.
Five of the 11 sectors in the S&P 500 fell on a weekly basis, led by a 1.5% drop in technology and a 0.8% decline in industrials. Other decliners included communication services, health care and consumer discretionary.
This week, the market will kick off June with readings on May manufacturing and auto sales, but investors will be most focused on the May employment data expected later in the week.
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