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Stock market today: Stocks cap another winning month, S&P 500 logs best May since 2020

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Investors waited for the release of the Fed's preferred inflation data, seen as a potential turning point for a market gripped by rate-cut jitters.

US stocks wrapped the last trading day of the month on a high note, notching the sixth positive month in the last seven for all three major indexes. The blue-chip Dow Jones Industrial Average rose 1.5%, shaking off two days of sharp losses. The S&P 500 rose 0.8%, while the tech-heavy Nasdaq Composite overcame earlier losses and finished just below the flatline. The major indexes all broke records for the month. The S&P achieved its best May since 2020.

Investors also reacted to an update to the Personal Consumption Expenditures price index, which was seen as pivotal for stocks headed for a losing week. The "core" PCE index, which is closely watched by the Fed and strips out the cost of food and energy, rose 0.2% in April, slowing from the 0.3% increase seen in March. Still, the index showed that price increases remained sticky last month.

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