Wall Street Ends May with Mixed Results Amid Tariff Uncertainty

As of May 30, 2025, the US stock markets concluded the month with mixed results, influenced by ongoing tariff uncertainties and economic data.

Market Performance Overview

On the final trading day of May, the major indices showed the following movements:

• S&P 500: Decreased by 0.48 points, closing at 5,911.69.
• Dow Jones Industrial Average: Increased by 54.34 points (0.1%), ending at 42,270.07.
• Nasdaq Composite: Fell by 62.11 points (0.4%), finishing at 19,113.77.

Despite the day’s minimal changes, May marked the best monthly performance for Wall Street since 2023, with all major indexes posting weekly gains. The S&P 500 and Nasdaq were on pace for their best month since November 2023, while the Dow was set for a near 4% monthly advance. Source

Impact of Tariff Developments

Investor sentiment was notably affected by a federal appeals court’s decision to reinstate most of President Donald Trump’s tariffs, which had previously been blocked. This development added uncertainty to the market, despite an overall strong performance for equities in May. Stocks initially rallied following a Court of International Trade ruling that curbed tariff implementation, but optimism waned after the appeals court reinstated them, pending further legal responses by early June. Source

Sector Highlights

Several sectors and companies experienced notable movements:

• Technology: Nvidia dipped 0.7% despite strong earnings, and Marvell Technology lost 3.9% despite positive forecasts.
• Retail: Ulta Beauty gained 8.6% after raising its annual profit forecast, and Zscaler advanced 3.2% on upbeat results and revised forecasts.

Economic Indicators

Investors awaited key inflation data through the Personal Consumption Expenditure report, which could influence Federal Reserve policy. President Trump also met with Fed Chair Jerome Powell, urging interest rate reductions. Traders anticipated at least two rate cuts by year-end. Source

In summary, while May 2025 concluded with strong monthly gains for major US stock indices, the reinstatement of tariffs and upcoming economic data releases have introduced elements of caution among investors.