After a month in which the S&P 500 briefly touched bear-market territory and the Dow Jones Industrial Average snapped its longest weekly losing streak since 1923, the two stock averages finished May just about where they started.
U.S. stocks fell Tuesday to wrap up a tumultuous month of trading. The Dow finished 0.04% higher in May, and the S&P 500 was up 0.01%. The Nasdaq Composite lost around 2%.
"People are taking this downturn pretty seriously. They certainly pulled in their horns in terms of speculation," Jack Ablin, Cresset Capital founding partner and chief investment officer, said.
Investors waded through a flurry of financial crosscurrents in the past month, including the Federal Reserve's rate-hiking cycle, persistent inflation, disappointing corporate earnings reports, the war in Ukraine and Covid outbreaks in China.
On Wednesday, quantitative easing is slated to begin, as the Fed trims its balance sheet in another effort to address inflation.
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