May Toolkit

Citadel

Scott Rubner

Research

18 Pages

Citadel Securities examines why the S&P 500’s 13% rally since March 31 has been powerful but narrow. Earnings, buybacks, and retail flows have helped, yet only 28 of 503 names account for more than half of recent returns.

Key Takeaways

Earnings Stay Supportive: Roughly 75% of companies have reported, with 85% beating EPS and 79% beating revenue through Q1 results.
Rally Remains Narrow: Only 22% of S&P 500 names outperformed the index over 30 days, reaching a 30 year low for participation.
Retail Reaccelerated Fast: Net retail buying last week reached the 98th percentile since 2019, while April flows hit the 87th percentile monthly.
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