This Rally is No Joke - Kuby's Commentary 04.05.2021

The S&P 500 crossed over the 4,000 threshold on April Fools' Day to set another record, finishing up +1.14%. Small caps were not joking around, with the Russell 2000 gaining +1.46%, and the Tech sector pranked its detractors by bouncing +3.15%. The most significant economic release was the jobs report, which was reported on Friday when the stock market closed for the holiday. It was a very strong number. Saturday marked the first time the country reported more than four million Covid-19 vaccine doses in a single day. Earnings season is right around the corner, and analysts have increased estimates during the first quarter for S&P 500 earnings by 6% to $39.86, marking the largest increase in the bottom-up EPS estimate during a quarter since FactSet began tracking the quarterly bottom-up EPS estimate in 2002.