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“Wise and humane management of the patient is the best safeguard against infection.” – Florence Nightingale

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

US equity futures are up roughly 1% ahead of today’s open after President Trump announced that a trade deal between the US and UK would be announced shortly.  Along with the tariff news, yesterday the market managed to not trade lower after Fed Chair Powell’s press conference as it normally does.

We’ve gotten a huge number of earnings reports this week as well, and the results have been largely positive.  So far in May, we’ve seen a positive reversal in guidance trends.  In April, we were seeing many more companies lowering guidance than raising guidance, but that has flipped this month.  Of the nearly 800 companies that have reported month-to-date, 69 have raised guidance compared to just 45 that have lowered guidance.  You don’t expect to see such positivity when there’s such an “extremely elevated level of uncertainty” as Fed Chair Powell described in his FOMC comments yesterday.

Based on where it’s trading in the pre-market, the S&P 500 ETF (SPY) is set to test last week’s highs when it opens this morning.