May 2020 Middle Market Monitor

Economic indicators deteriorated in April, with a large increase in unemployment and declines in consumer confidence and the Consumer Price Index.  The public markets saw a positive, albeit highly volatile, month in April.  The S&P 500 and Dow Jones Industrial Averages gained 12.7% and 11.1% respectively, recovering partially from the losses experienced in March. Volatility was down from March but remained high compared to historical levels. The Dow Jones Industrial Average saw a single day gain of 7.7% and a single day loss of 4.4% in the month. M&A activity declined during April for both domestic and cross-border transactions.