Market Recap Week Ending April 30

The week in review…Dow (169) or (0.49%), Nasdaq (54) or (0.38%), and the S&P +1 or +0.02%. It was another week of consolidation in the markets despite incredibly positive economic data and as a result, a slight uptick of the 10-year Treasury yield (ended the week at 1.625%, up 6.5 bp from last week’s close of 1.56%). Tech earnings crushed expectations in general, but the markets were more inclined to “sell the news” rather than add to positions at these valuations. Overall, of the S&P companies that have reported, 87% have beaten expectations and earnings are growing by more than 46% according to Refinitiv…Despite the lackluster results of the last two weeks, the Dow, Nasdaq and S&P finished up 2.7%, 5.4% and 5% respectively for the month of April. Will May continue the trendline or will “sell in May and go away” (said due to the fact that historical data supports that the best performing rolling six-month period on average in the markets has been from November to April) prevail and lead to some weakness in the markets?