The S&P 500 had a strong performance in May, driven in part by the performance of tech companies such as Apple and SanDisk, as well as easing oil prices. However, there are also reports of market volatility, with the S&P 500 retreating at some point due to a fresh escalation in the Middle East. The overall trend appears to be positive, with some outlets suggesting that strong earnings and a decrease in the CBOE VIX index indicate a return to a "risk-on" trade.