At the beginning of the first quarter corporate earnings reporting season, we noted the earnings bar probably wasn’t set low enough, given the abruptness of the shutdowns in March.
In spite of COVID-19 and weak economic data, the S & P 500 Index has rallied, and there are signs of improvement as the economy begins to reopen.
Stocks may have been due for a pullback after gains in late March through April and could potentially have further to fall.
As May began, investors continued to try to reconcile the strong rebound in stocks with the devastating economic damage from COVID-19.
The historically worst six months of the year have officially started, and combined with technical warnings, that suggests stocks may take a well-deserved break soon.
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