US shares had another great month with the S&P 500 index rising 5.1% in May. However, only three out of 11 sectors were up for the month, with a 15.9% gain from the dominant tech sector driving the overall market up. Other markets were strong too, with emerging market shares continued their stellar run and rising 9.5% in May. That sees them up 24.8% year-to-date and up 49.7% in the past 12 months! The local NZX 50 finished May 2.6% higher, its first positive month in three and the strongest since September 2025.