Record Highs on the Back of Earnings and AI. Will Inflation Prove Sticky and Derail the Rally?

All Three Major Indices Close May at Record Highs Despite rising global yields and renewed inflation concerns, equities moved higher in May on the back of a strong US earnings season and continued momentum in AI-related stocks. The tech-heavy Nasdaq Composite gained 8.4% for the month, while the S&P 500 rose 5.