3 May 2021 - Week Ahead, April Wrap | SkyCity Update Global markets were lower on Friday (S&P 500 index -0.7%) as traders assessed corporate earnings and hawkish remarks from a Federal Reserve official. For the month, the US market notched a 5% gain (S&P 500 index), while the NZ market was up 1.4%, and the Australian index was up +3.5%. Breaking ranks with Fed Chairman Jerome Powell, Robert Kaplan, president of the Dallas Fed, said signs of excess risk-taking in markets show it’s time to start debating a reduction in bond purchases. In stock news, Twitter fell 15.2% as the social media company posted a sluggish start to the year in its advertising business. As we move through US earnings season, company profits look solid. Earnings wise, of the 301 S&P 500 companies that have reported, 88% have beaten earnings estimates (vs 71% last year) and 11% missed (vs 23% a year ago). On revenues, 68% have beaten while 11% missed (vs 45% and 26% respectively)....