Market Call

No news is good news. Every day that nothing terrible happens in the banking system is a good day for the stock market. That helps to explain last week's strong rally (up 3.5%) (chart). Yes, but this morning, there's bad news on the energy front as OPEC+ is cutting oil production sending oil prices higher.

That's good news for the S&P 500 Energy sector, which was actually the best performing sector last week with a 6.2% gain, though it was still down 5.6% ytd (table). For Q1, the S&P 500 rose 7.0% led by Information Technology (21.5%) and Communication Services (20.2%).