US Stocks Lead May Rally as Commodities Take a Breather

US markets drove a broad risk-on rally in May, led by US equities as measured by Vanguard Total US Stock Market (VTI), which jumped 5.2%—its strongest monthly gain in a year. Developed-market equities ex‑US (VEA) also rose strongly (+4.3%). US investment‑grade bonds (BND) and inflation‑linked Treasuries (TIP) edged higher, with TIPs outperforming BND year‑to‑date (1.7% vs. 0.5%). Commodities were the lone laggard: a broad commodities ETF (GSG) fell 7.5% in May despite commodities still being the best performing major asset class in 2026 (near +38% YTD). The Global Market Index (GMI), a multi‑asset benchmark, climbed 4.1% in May and has now won 13 of the past 14 months. Overall, the data point to continued equity leadership in the current cyclical upswing, a temporary commodity pullback, and modest gains in fixed income—supporting a cautiously bullish macro posture for risk assets into early June.