U.S. equity markets finished the week modestly lower - but held on to most of their April rally - as investors look ahead to a possible reopening of the U.S. economy.

Don't fight the Fed, or the Federal Government. Investors are hesitant to bet against equities amid wartime levels of fiscal spending and unprecedented levels of monetary support from central banks.

Nearly 30% above recent lows, the S&P 500 ended the week lower by 1.3%. Oil markets were at the center of the action following a historic crash in front-month contracts into negative territory.

A flurry of REIT and homebuilders reporting earnings this week and results so far have generally been solid. Despite this, REITs dipped nearly 5% on the week but remain 30% above recent lows.

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