What happened

Hyatt Hotels (NYSE:H) shareholders outperformed a strong market last month. The stock rose 18% compared to a 13% increase in the S&P 500 index, according to data provided by S&P Global Market Intelligence.

The broader sentiment is negative, though, as shares remain lower by over 40% so far in 2020.

Towels laid out on a hotel bed.

Image source: Getty Images.

So what

Hyatt's stock rose with the market last month after having been among the hardest hit during the sharp sell-off in March. Investors in April chose to focus on encouraging news that might portend a slow march back toward normal business trends for the hotel industry as the pandemic threat fades in major economies like China and the U.S.

Now what

Hyatt will announce its fiscal first-quarter results on Thursday, May 7. The report runs through March 31, which means it includes just a few weeks of aggressive lockdown measures in the United States.

That timing means the worst of the COVID-19 impact is likely still to come, especially in the company's fiscal second-quarter report.

As a result, look for management to focus on metrics like liquidity, debt, and costs this week rather than attempt to predict how consumer discretionary trends might evolve over the short term.