"In this cycle profits have not translated into hiring as it has in the past"

1. Jobless claims. Initial claims rose by 11k to 207k (vs. 215k est) in the week ending Apr 11 while continuing claims rose 31k to 1,818k (vs. 1,810k est) the week prior. Both remain consistent with a low-hire, low-fire labor market.

2. Corporate profits vs. payrolls. "In this cycle profits have not translated into hiring as it has in the past."

3. Retail favorites. "Retail traders are diving back into the action, as shares favored by mom-and-pop investors are on track for their best month relative to those preferred by mutual funds since November 2020."

4. SPX vs. April. “When April starts this strong the rest of the year was higher 20 of 24 years, 83.3%.”

5. South Korea exports vs. SPX EPS. "South Korean exports tend to lead U.S. forward earnings growth by roughly one month, largely due to the technology ordering cycle ... Given growth in AI and the CapEx spending boom that's resulted, this metric is particularly sensitive and showing very strong trends."

ICYMI