- Markets rebounded in May from March lows as investors looked to economic reopenings following lockdowns to contain the spread of coronavirus.
- Investors continued to pile into some of their favourite stocks, in sectors including technology, entertainment, and food.
- Here are the top five stocks traded on the social and investing platform eToro in May, the company told Business Insider.
- Read more on Business Insider.
Markets continued to grind higher in May as investors looked more favourably on the US economic reopening from sweeping lockdowns to curb the spread of coronavirus.
All three major US indexes gained in May. The S&P 500 rose 4.5%, and the Dow Jones industrial average gained 4.3%. The tech-heavy Nasdaq posted the best performance of the group – it gained nearly 7% during the month, and in early May erased its losses year to date.
The Nasdaq’s outperformance is because tech stocks have largely led the market rally from March lows. Investors seem confident that technology companies are well poised to outperform both during the coronavirus-induced lockdowns that began in March, and the ensuing economic downturn.
On eToro, a social trading and investing platform, some of the broader market trends played out with retail investors. Three out of the top five stocks that were traded globally on the platform in May belonged to the technology sector, the company told Business Insider.
Read more: Famed economist David Rosenberg says investors are falling into a classic market trap that’s historically preceded a further meltdown – and warns ‘there’s not going to be much of a recovery’
Here are the top five most popular stocks traded on platform eToro in May, ranked in order of least to most popular.
% change in May: +21%
% change in May: +8.4%
Industry: Internet retail
% change in May: -1.3%
2. Beyond Meat
Industry: Packaged foods
% change in May: +30%
% change in May: +2.3%