When the calendar flips to May, it can get people thinking about the Kentucky Derby, basketball playoffs, and the Indy 500. This year, none of those hallowed spring events will happen on time, a sad reminder of the pandemic’s impact.
For investors, there’s a little solace knowing that stocks rebounded nicely in April after a historically awful March. While there’s no clear sense of when things might get back to normal—particularly as to when the economy might start humming again—some political leaders say we’re at the “end of the beginning,” in the words of Winston Churchill.
The rebound so far reflects a few things, including huge injections of fiscal and monetary stimulus, as well as the market’s tendency to look way ahead. For instance, some analysts say participants are already starting to write off the entire 2020 earnings year as a lost cause and focusing on what many expect could be better 2021 results.
In May, earnings remain the focus, with tons of…