Stocks drifted lower for the second straight week, searching for the next catalyst that will push prices higher. The S&P 500® index slid 0.4 percent last week, following the 1.4 percent decline of the previous week. The index has now treaded water since the middle of April. Investors are no longer surprised by the strength of first quarter earnings, well aware of the improving Covid-19 outlook, although not everywhere, a little nervous regarding the Fed, curious about the volatility in cryptocurrencies, and uncertain about the negotiations around the President’s infrastructure bill. This mix has led to a market that is unsure of its next move. At the same time, the S&P 500 has shown a certain resiliency. At its weakest, the brief decline at the start of the week of May 10 took prices down by just 4.0 percent, and they have since recovered half of that pullback. And the spike in volatility during that brief selloff has since receded.