- Stocks finished with a muddled close, pushing the Dow and S&P 500 to new record closing highs while the Nasdaq and Russell 2000 drifted lower.
- Outside of the relative weakness among smallcaps, the session was quiet as evidenced by the S&P 500 spending the entire trading day in a seven-point range.
- Perhaps ironically, the headline indexes hit new highs despite a contracting Q1 GDP and today's report of an unexpected slowdown in consumer spending in April.
- Treasurys alternated between gains and losses, but ultimately settled flat with the 10-year yield at 2.47%, ending the biggest monthly price gain since January for bonds.
- For the month, the Nasdaq jumped 3.1% and the S&P climbed 2.1%, while the Dow and Russell each added 0.8%.