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  • Major U.S. and international stock markets rose on the month as volatility continued to hit historically low levels
  • The S&P 500 finished the month at a new all-time high, while posting a 2% gain
    • Top Sectors: Technology (+4.4%), Utilities (+4.4%)
    • Bottom Sectors: Energy (-3.4%), Financials (-1.2%)
  • 70% of the S&P 500’s return last month came from the technology sector and 25% came from four stocks:
    • Facebook, Amazon, Netflix, and Google
    • 23% of the S&P 500’s weight is now in technology stocks, the highest since 2001
  • Growth continued to outperform Value in May by 4%, and leads by 11.4% year-to-date
  • International developed countries increased 1% last month on the back of positive economic momentum
  • Emerging markets continued to perform strongly, rising 2% on the month and 17.7% YTD
  • Long-Term Treasury yields dropped on the month, the 10-year Treasury yielded 21% at month end
    • This resulted in long-term Treasury bonds beating the S&P 500 last month


  • The economy created 138,000 jobs in May, leading to a 3-month average of just 121,000
  • The unemployment rate dropped to a new low of 4.3%
    • However, average hourly earnings continue to grow at a sluggish pace
  • The Fed’s preferred measure of inflation, Core PCE, continues to drift lower
    • Currently it sits at 1.5%, well below the Fed’s 2% inflation target
Asset Performance 5/31/2017**

*Merrill Lynch**Bloomberg***Wall Street Journal. Charts are shown for illustrative purposes only. Respective services provided by ARGI Investment Services, LLC, a Registered Investment Adviser, ARGI CPAs and Advisors, PLLC, ARGI Business Services, LLC, and Advisor Insurance Solutions.  All are affiliates of ARGI Financial Group.