Equities continued to stage a small rebound to end the month of April after pulling back on bets that the Fed would keep interest rates higher for longer. Stronger than expected earnings is one reason as early results suggest over 80% of companies are beating expectations. Earnings for the first quarter are now on track to increase 4.7% YoY compared with the 3.8% estimate.

The S&P 500 is slightly above the 5,100 level while the 10 Year Treasury Yield remains above 4.6%. We have key economic data and events this week, the first being Jerome Powell & Co. The speech the Chairman gives will ultimately be more important than the decision, one that will almost certainly keep interest rates unchanged. Investors will be looking for more insight on when the Fed expects to cut rates, their views on the recent stickiness in inflation, and first quarter GDP miss.

We are seeing fewer negative readings across the board as the rate of change in scores is positive. This is a sign of a bounce off of oversold levels and we will monitor closely if it is the start of a new trend or just a blip. Large Value sits on top followed closely by Mid Caps and Foreign Developed. Bonds are still weak. Financials, Industrials, and Utilities are on top while Communications, Real Estate, and Materials are at the bottom.