“You Retire Once… I Help People Retire Everyday”
Markets reminded investors in April just how quickly sentiment can shift—and why discipline continues to matter. After a fragile and volatile March, the S&P 500 needed only nine trading days to fully recover its losses before pushing to new all-time highs and delivering its strongest monthly performance since late 2020. For those who stayed invested, it was yet another example of resilience being rewarded.
Beneath the surface, the story is even more compelling. This rally hasn’t been driven by speculation or stretched valuations—it’s been powered by earnings. As highlighted in the report, forward earnings for the S&P 500 have surged over the past year, with broad-based growth expected across most sectors. In fact, the entirety of the market’s year-to-date gain has come from earnings expansion, reinforcing the importance of fundamentals in driving long-term returns .
At the same time, the investment landscape is evolving. Market concentration remains elevated, the influence of passive investing continues to grow, and the rise of artificial intelligence is reshaping capital allocation decisions. While these forces create opportunity, they also introduce new risks—making selectivity and diversification more important than ever.
There’s also a timely discussion around the well-known “Sell in May” narrative. While seasonality suggests softer returns ahead, recent history tells a different story, with markets showing surprising strength through the summer months in recent years .
This month’s Market Perspectives dives deeper into these themes—breaking down what’s driving markets today, what’s changing beneath the surface, and how investors should be thinking about the road ahead.
Click below to read the full edition of May Market Perspectives.
Thanks. AP
