The North American Income Trust PLC Fund Data

US equities rose in May. A rally in technology stocks, driven by investors' continued enthusiasm for artificial intelligence (AI), and increased optimism that the US and Iran were close to ending their conflict, supported the equity market. The best-performing stocks were largely concentrated in technology and AI-related companies. Energy stocks fell for a second straight month as oil prices eased amid expectations that the US and Iran were close to agreeing a peace deal that would reopen the Strait of Hormuz. Minutes from the US Federal Reserve (Fed)'s April meeting underpinned expectations that policymakers may keep interest rates higher for longer. Economic data was generally positive and highlighted the continued resilience of the US economy. First-quarter GDP growth was revised down to an annualised 1.6% from a previous estimate of 2.0% and following 0.5% expansion in the fourth quarter of 2025. However, consumer price rises increased to a slightly stronger-than-anticipated 3.8% year on year in April, which was a near three-year high and followed a 3.3% rise in March, largely due to the energy shock from the Middle East conflict.

US equities rose in May. A rally in technology stocks, driven by investors' continued enthusiasm for artificial intelligence (AI), and increased optimism that the US and Iran were close to ending their conflict, supported the equity market. The best-performing stocks were largely concentrated in technology and AI-related companies. Energy stocks fell for a second straight month as oil prices eased amid expectations that the US and Iran were close to agreeing a peace deal that would reopen the Strait of Hormuz. Minutes from the US Federal Reserve (Fed)'s April meeting underpinned expectations that policymakers may keep interest rates higher for longer. Economic data was generally positive and highlighted the continued resilience of the US economy. First-quarter GDP growth was revised down to an annualised 1.6% from a previous estimate of 2.0% and following 0.5% expansion in the fourth quarter of 2025. However, consumer price rises increased to a slightly stronger-than-anticipated 3.8% year on year in April, which was a near three-year high and followed a 3.3% rise in March, largely due to the energy shock from the Middle East conflict.