US stocks meander in May but small-cap Value bias persists

Like most major indexes, US large- and small-cap stocks wobbled in May, ending the month with modest gains. The Russell 1000 rose 0.5%, barely ahead of the Russell 2000’s 0.2% gain ‒ snapping the latter’s winning streak since the global reflation rally began last November.

The outperformance of US stocks versus the rest of the world this year has ebbed from its peak in late April, with both US large- and small-cap indexes trailing the FTSE All-World ex US advance of 2.1% in May.

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