Investors remain focused on earnings and interest rates, with a marked shift in stock prices since the end of March reflecting increasing optimism about stocks more broadly. The S&P is experiencing one of its best earnings seasons in 20 years, with growth in the first quarter looking to exceed 28%.

New investment tools in the Exchange Traded Fund space continue to emerge chasing a variety of investment themes, but challenges remain as investment expense and trend-chasing obscure what’s right with what’s possible.

On the economic front, relative stability in the labor market belies broader concerns about the war and rising prices. The reminder remains: cautious balance remains a far more prudent path than trying to predict bursting bubbles.