Rampant Retail & Hormuz Hopes Spark Stocks Best Win-Streak Since 2023; Oil's Biggest Monthly Drop In A Year

Tl;dr: A sustained retail bid combined with hopes of a deal to reopen Hormuz sent oil prices notably lower in May (WTI's worst month since Apr 2025), providing further support for the AI-led surge in stocks (S&P up 9 weeks in a row). Bonds were mixed with the long-end outperforming (inflation angst lifted short-end and rate-hike odds). Gold was modestly lower in May (3 months in a row) with the dollar stronger and bitcoin down.

Oil