S&P 500 Whipsaws at End of Best May Since 1990: Markets Wrap

(Bloomberg) — Volatility gripped stocks in the last stretch of the month, with the market bouncing from its lows as Donald Trump said he expected to speak to Xi Jinping after accusing China of a trade-deal breach.

Following a slide that earlier reached 1.2%, the S&P 500 closed little changed. The gauge notched its best May since 1990, gaining more than 6%. Shorter-term bonds outperformed Friday, though Treasuries saw their first monthly drop this year. The dollar barely budged, while posting a fifth straight month of declines – the longest slide since 2020.

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“We expect the markets to remain headline-driven, especially headlines related to tariffs,” said Clark Bellin at Bellwether Wealth. “As we start to see more clarity on trade, we expect more traditional drivers of markets, like earnings and fundamentals, to lead the way and drive sentiment.”

Corporate Highlights:

• Taiwan Semiconductor Manufacturing Co. is evaluating building an advanced production facility in the United Arab Emirates, according to people familiar with the matter.
• Gap Inc. tumbled after the apparel retailer predicted a tariff impact of as much as $300 million, offsetting better-than-expected results at its biggest brands.
• Palantir Technologies Inc. climbed after the New York Times reported that the Trump administration has expanded the data-analysis software company’s work across the federal government in recent months.
• Marvell Technology Inc. fell as analysts said the company failed to meet expectations on artificial intelligence.
• Costco Wholesale Corp. posted better-than-expected earnings in the third quarter, a sign that the nation’s largest club chain is flexing its scale and devoted following to navigate tariffs and economic turbulence.
• Ulta Beauty Inc. surged after first-quarter results topped estimates, signaling that shoppers are buying up beauty products despite growing economic concerns.

Some of the main moves in markets:

Stocks

• The S&P 500 was little changed as of 4 p.m. New York time
• The Nasdaq 100 fell 0.1%
• The Dow Jones Industrial Average rose 0.1%
• The MSCI World Index was little changed
• Bloomberg Magnificent 7 Total Return Index fell 1%
• The Russell 2000 Index fell 0.4%

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro fell 0.1% to $1.1354
• The British pound fell 0.2% to $1.3471
• The Japanese yen rose 0.2% to 143.92 per dollar

Cryptocurrencies

• Bitcoin fell 1.5% to $104,577
• Ether fell 2.6% to $2,573.89

Bonds

• The yield on 10-year Treasuries declined two basis points to 4.39%
• Germany’s 10-year yield was little changed at 2.50%
• Britain’s 10-year yield was little changed at 4.65%

Commodities

• West Texas Intermediate crude was little changed
• Spot gold fell 0.7% to $3,294.76 an ounce

–With assistance from Andre Janse van Vuuren.

©2025 Bloomberg L.P.