Summary

• The S&P 500 index rose 10.4% in April, its best month since November 2020, while the Nasdaq gained 15.3%, its strongest month since April 2020.
• Leading the way was an increasingly important sector of the market, semiconductor stocks. The PHLX Semiconductor Index rose 38.4% in April, while the iShares Semiconductor ETF (SOXX) rose 40.4%, its largest monthly return in the fund’s 25-year history.
• Earnings growth is the key ingredient that keeps stock prices going ever higher - growing earnings leads to growing company values. This quarter, earnings growth has been rather strong.
• Today, Insider Sentiment has dimmed. As market prices surged in April, it is not too difficult to reason that insiders are no longer finding value dislocations at the rate they once did when the S&P 500 was meaningfully down on the year.

Parabolic. The S&P 500 index (SP500) rose 10.4% in April, its best month since November 2020, while the Nasdaq (NDX) gained 15.3%, its strongest month since April 2020. Leading the way was an increasingly important

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