While the first day of May could have been - and probably should have been - a worse result than what the nightly news reports, signs for a continued decline in stocks overall are ominous.
The Dow remains far from all-time highs set in January, and, with earnings season winding down, traders will have a difficult time conjuring up reasons to have faith in equities over the near term.
With many stocks wickedly overvalued, the short-covering rally of Tuesday is likely to be short-lived, though the market still appears to be slightly oversold in the very short term.
April showed the market trading in a sideways direction, though the tilt to the downside is evident and wearing on Wall Street's general optimism. Any little thing could set off a panic, exacerbated by programmed trading and those silly algorithms and ETFs that bounce stocks around like rubber balls on concrete.
After the bell on Tuesday, Apple (AAPL) reported earnings for the most recent quarter that beat analyst estimates.
The company posted earnings of $2.73 per share on $61.1 billion of revenue. Analysts were looking for $2.64 per share on $60.9 billion of revenue, so, it wasn't exactly a blowout quarter, something that will surely be a cause for concern going forward. Apple is supposed to beat every quarter, and usually by leaps and bounds, but the company - which hasn't produced a new product in years - seems to be living more on reputation, and record stock buybacks, than innovation.
Dow Jones Industrial Average May Scorecard:
| Date | Close | Gain/Loss | Cum. G/L |
| 5/1/18 | 24,099.05 | -64.10 | -64.10 |
At the Close, Tuesday, May 1, 2018:
Dow Jones Industrial Average: 24,099.05, -64.10 (-0.27%)
NASDAQ: 7,130.70, +64.44 (+0.91%)
S&P 500: 2,654.80, +6.75 (+0.25%)
NYSE Composite: 12,493.02, -22.34 (-0.18%)
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