| WEEKLY UPDATE Dear Leah,
Since 1950, April has been the second strongest-performing month of the year. The S&P 500 has gained an average 1.55% in April. Unfortunately, the S&P 500 appears to be bucking the trend this year, as it’s down about 4% this month. But when you consider all the curveballs thrown at Wall Street in the past month – an escalating conflict in the Middle East, rising oil prices, and delayed interest rate cuts – a 4% haircut isn’t that bad. In fact, this month’s weakness could have been much worse, but first-quarter earnings are coming to the rescue. According to FactSet, analysts expect year-over-year earnings for S&P 500 companies to hit 0.5%, the third-straight quarter of gains. And of course, earnings growth is the key long-term driver of financial returns.
Since 1950, roughly 56% of annual stock market returns have come from real earnings growth and reinvested dividends. Inflation made up just 31%, while multiple expansion contributed 13%. However, the first quarter’s rosy averages hide a stark truth... So, in today’s Fry’s Investment Report weekly update, Thomas Yeung will discuss the first-quarter earnings season, our two-pronged strategy, where gains are located, as well as our usual company updates. Click here or on the button below to read the update.
Weekly Update Regards, | 
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