April's "Virtual Melt-Up" & What Fed Speak Means for Markets

• April saw a 'virtual melt-up' in equities, with the S&P 500 up +10.4% and NASDAQ-100 up +15.6%, marking the best single-month performance since 2020.
• Corporate earnings have been 'overwhelmingly good,' with an 81% beat rate and aggregate earnings growth of 28.4% for the S&P 500, even as CapEx concerns affect some hyper-scalers.
• Fed speakers' comments are largely discounted as 'snapshots' that can quickly change, with market focus shifting to crude oil prices and manufacturing data for short-term direction.

The discussion highlights a strong start to May with mixed futures, normalizing volatility, and a robust April market performance. Corporate earnings have been overwhelmingly positive, driving a 'virtual melt-up' in equities. While geopolitical headlines and economic data are watched, Fed speakers' hawkish comments are largely discounted, suggesting a continued bullish outlook.