The S&P 500 (SPX) and the S&P 100 (OEX) both fell for a third consecutive month in April, while the Nasdaq and Nasdaq 100 (QQQ) avoided that fate with minimal gains in April. For the SPX and the OEX, it was the first three-month decline since the August to October 2023 correction. We will again note that all the major indices traced out huge bullish hammer candlesticks during the past month; while not common, these candlesticks can indicate a market that is bottoming. In April, the SPX lost 0.8% and the OEX fell 0.6%, while the Nasdaq rose 0.9% and the QQQ gained 1.6%. Information Technology (XLK) led the 11 SPX sectors, rising 1.9%. Consumer Staples (XLP) came in second with a 0.2% rise. Utilities (XLU), Industrials (XLI), and Consumer Discretionary (XLY) were flat. The worst sector, by far, was Energy (XLE), plunging 14%, with Healthcare (XLV) next, down 4%. It was XLE's worst month since June 2022, in the last bear market. The best stock performers in April from the SPX were dominated by IT names, with Palantir (PLTR) soaring 40%; CrowdStrike (CRWD) up 22%; GE Vernova (GEV) and Netflix (NFLX) up 21%; ServiceNow (NOW) up 20%; and Cadence Design (CDNS) up 17%. The worst performers were ENPH, plunging 28%; APA, off 25%; SWK, GPN, and HAL, all down 22%; and CRL, ARE and UNH, all off 21%. Bitcoin (+15%) and gold (GLD +5%) provided some alpha, although gold lost some of its luster since its April 21 all-time high. Silver fell 4%, WTI (USO) plunged 18%, and natural gas (UNG) lost 23%. The dollar (UUP) was weak, falling 4%, while bonds (TLT) did little. (Mark Arbeter, CMT)

Bank of America is one of the largest financial institutions in the United States, with more than $3.2 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily US-focused.

The 1Q25 EPS season is under way, launched, as usual by the earnings reports from the big banks. Next week, the floodgates will open with Consumer, Healthcare, and Industrial companies all releasing their quarterly results. Information Technology and Energy companies generally report later in the EPS period, and then the retailers wrap things up by late May. Consensus EPS estimates for 1Q25 growth range from low-single-digits to high-single-digits. This follows 17% growth in 4Q24 EPS and 9% growth in 3Q24, according to LSEG I/B/E/S. Leading sectors for 1Q25 are expected to be Healthcare (+38% EPS growth year over year) and Information Technology (+16%). Growth from the so-called Magnificent 7 is expected to outpace overall growth, as the group's earnings are forecast to grow 18%. On the downside, earnings from the Energy sector are expected to decline 15% and Materials 7%. Drilling down, revenue is expected to increase 4%, led by IT (+11%) and Healthcare (+4%). The balance of earnings growth will come from margin improvement and share buybacks. For 2025, our full-year earnings estimate is $276, implying low double-digit growth from 2024 level. Remember, companies generally exceed earnings expectations. Last quarter, three quarters of companies exceeded consensus expectations, compared to the historical average of 67%. Some complain that the U.S. SEC, by forcing companies to report quarterly profits, places too much emphasis on short-term results. But the system generates the most-transparent market in the world, as companies not only report results, but management teams also discuss those results and the outlook ahead. That's important today, when there is so much uncertainty over the direction of the global economy.

ROBERT HALF INC has an Investment Rating of HOLD; a target price of $58.000000; an Industry Subrating of Low; a Management Subrating of Medium; a Safety Subrating of Medium; a Financial Strength Subrating of Medium; a Growth Subrating of Low; and a Value Subrating of Medium.