Those who simply sold this May to go away missed out on a decently strong month. The strength was most pronounced in the Russell 2000 and the Nasdaq, two indices with broad-based membership known for their leadership status in markets, adding 4.5% and 4.3% respectively. The S&P and Dow trailed, tacking on 2.6% and 2.2% gains respectively.
The most notable move across markets was the rise in yields on the long end of the Treasury curve. The 30-year Treasury yield started the month of May at 3.15% and closed the month at 3.27% (this rise has since continued into June).