Proactive Investors
02 Jun 2026, 14:36 UTC · 4h ago
The stock market had a great May. Here's what actually drove it
Proactive Investors
02 Jun 2026, 14:36 UTC · 4h ago
Story key points
5 claims · impact-rated
Technology stocks rose more than 16% in May, driven by AI, data centers, and digital infrastructure. — Extreme sector-wide momentum in AI suggests strong risk appetite and a primary growth engine for global equity markets.
+0.80Investors are rotating away from low-risk defensive stocks, which fell as much as 12% in May, toward momentum strategies. — A shift from defensive to momentum strategies indicates a high-confidence market environment and increased appetite for risk.
+0.60Asian markets outside Japan rose 11% in May, with emerging markets overall gaining nearly 10%. — Strong inflows into emerging markets signal a diversification of growth drivers away from US and European hubs.
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The US market is trading at approximately 21 times next year's expected earnings, which is well above its long-run average. — High valuations relative to historical averages increase the risk of a correction if growth expectations are not met.
Energy stocks fell 5.5% in May following a 26% year-to-date gain, largely due to profit-taking. — Short-term price decline due to profit-taking is less impactful than a fundamental shift, though it shows a cooling in the energy trade.
-0.20Ticker attribution
Model heads
The company announced a new three-year collaborative project on solid-state batteries.
Nissan is collaborating on a new cost-effective, resilient solid-state battery project.
The company is cited as the source of market analysis and data rather than being the subject of the news.
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