• Small and mid-size businesses are becoming more critical to our economic growth. Nearly 80% of job openings are now from businesses with fewer than 250 employees—a share that has steadily grown over the past five years. ₁

• The number of U.S. billionaires grew from 1,370 in 2021 to 1,990 in 2024—a 45% increase. The top 0.1% of households now hold 13.8% of U.S. wealth, up from 8.5% in 1990. ₂

• After an impressive rally last week, the S&P 500 has now jumped 14% from its April low. A further 8% gain would be needed to achieve a new market high above the previous high set back in February. _*3

• On May 4th, the Department of Education restarted involuntary collections on defaulted student loans. Of 42.7 million borrowers with $1.6 trillion in student debt, only 38% are current on payments. ₄

Sources:

1. Apollo - "Small Businesses are More and More Important"
2. The Irrelevant Investor - "Animal Spirits: The Most Confusing Rally of All Time"
3. Barrons - "The S&P 500 Has Erased ‘Liberation Day’ Losses. A Record High May Be Next."
4. MFS - "Beyond the News"

*Past performance is not indicative of future performance