Stocks meandered around a flatline in a busy week of corporate earnings, ending the trading week slightly lower.
The Dow Jones Industrial Average slid 0.50%, while the Standard & Poor’s 500 was flat (+0.02%). The Nasdaq Composite index surrendered 0.39%. The MSCI EAFE index, which tracks developed overseas stock markets, rose 0.18%.1,2,3
Seeking Direction
Though the S&P 500 and Nasdaq established new record highs at the start of the week, stocks struggled to find traction as the week wore on.4
Investor sentiment was dampened by rising COVID-19 infections in India and Japan, along with mounting inflation worries. Stocks finally caught some lift from strong quarterly reports issued by two big technology companies and an upbeat first-quarter Gross Domestic Product growth number, sending the S&P 500 to a fresh record high.5
Once again, though, stocks failed to follow through, as the market retreated in the final day of trading to close near where it began the week.
Earnings Top Expectations
Last week was the biggest week of the first quarter’s earnings season with a third of S&P 500 companies reporting, including six of the largest companies.6
With expectations high, businesses generally topped Wall Street analysts’ estimates; Big Tech companies posted especially noteworthy earnings. Coming into last Friday, with 40% of S&P 500 index companies reporting, earnings-per-share growth (EPS) is now estimated to be 29.3%, well ahead of the 12.2% EPS growth rate that analysts had expected at the start of the year.7
This Week: Key Economic Data
Tuesday: Factory Orders.
Wednesday: ADP (Automated Data Processing) Employment Report. ISM (Institute for Supply Management) Services Index.
Thursday: Jobless Claims.
Friday: Employment Situation Report.
Source: Econoday, April 30, 2021
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
This Week: Companies Reporting Earnings
Tuesday: CVS Health Corporation (CVS), Pfizer, Inc. (PFE), Dominion Energy (D), Prudential Financial (PRU).
Wednesday: Paypal Holdings (PYPL), General Motors (GM), Twilio, Inc. (TWLO), Etsy, Inc. (ETSY), Cognizant Technologies (CTSH).
Thursday: Square, Inc. (SQ), Roku, Inc. (ROKU), Albemarle Corporation (ALB), Regeneron Pharmaceuticals, Inc. (REGN), Booking Holdings (BKNG), Expedia Group (EXPE), Kellogg Company (K).
Friday: Berkshire Hathaway (BRK.A), EOG Resources (EOG), Cigna Corporation (CI), Draftkings, Inc. (DKNG).
Source: Zacks, April 30, 2021
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
Errors to Avoid When Filing Your Extended Tax Return
If you filed an extension on your tax return, it’s important to avoid some common errors to ensure your return is processed as quickly as possible. Avoiding these mistakes will help you ensure that your tax return is complete and accurate:
- Missing or Inaccurate Social Security Numbers: Make sure your return has your correct SSN. It should match what is printed on your Social Security card.
- Misspelled Names: This seems like a simple issue to look for, but mistakes happen. Or, if you go by another name, make sure you use the name that is printed on your Social Security card.
- Filing Status: Claiming the wrong filing status can deny your return. Make sure to choose the right option (electronic filing software can help prevent this). The Interactive Tax Assistant Tool can also help determine your filing status and any relevant credits you should (or shouldn’t) be claiming.
- Math Errors: Even simple addition and subtraction mistakes can delay your return. Consider using an electronic filing software that does math like this automatically to avoid mistakes.
- Incorrect Bank Account Information: If you opt to receive your refund via direct deposit, make sure you list the correct bank account information. Listing an incorrect account number can delay your refund even further.
- Unsigned Forms: Lastly, you should double-check that all sections of your forms are signed. Missing signatures can delay your return.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov8
