Global markets rebounded sharply in May, with the exception of commodities, based on a set of ETF proxies. Otherwise, gains dominated the major asset classes afterYear-to-date performances for the major asset classes continue to reflect mixed results. In the winner’s circle, US stocks continue to lead with a robust 10.2% advance. Commodities , thanks to a weakness in May, have been demoted to second-place status for 2024 with a 9.4% gain.
The Global Market Index posted a solid recovery in May, rising 4.1% — the benchmark’s strongest month to date in 2024. GMI is an unmanaged benchmark that holds all the major asset classes in market-value weights via ETFs and represents a competitive benchmark for multi-asset-class portfolios. Year to date, GMI is up 6.5% — only US stocks and commodities are enjoying stronger rallies in 2024.