NDR:  Tech-led advance

The S&P 500 advanced 4.8% in May, marking the highest return for the month of May since 2009. While all sectors except for Energy registered a gain, it was Technology and Communication Services that did the heavy lifting, contributing 3.5% points of the index’s 4.8% return. The Magnificent 7 stocks contributed more than 60% of the index’s return. The mega-cap strength resulted in a new record for S&P 500 concentration set during the month. Additionally, Technology saw its weight in the S&P 500 soar to 30.6% during the month, the most since 2000.

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