Overall, the index returned 11.3 percent in the first five months of 2024, bringing the 12-month return of the index to 28.2 percent.

As Statista's Felix Richter reports, like last year's rally, the index's latest strength was largely fueled by the excitement surrounding artificial intelligence, as chipmaker Nvidia and Microsoft, a key investor in OpenAI, were the biggest contributors to the S&P 500's overall gains. The former, fueled by strong earnings reports and the announcement of a 10-to-1 stock split, single-handedly carried the market through the first months of 2024, accounting for 32 percent of the S&P 500's total year-to-date return.