Morgan Stanley: Analytikere i fuld gang med at nedjustere S&P 500-selskabernes overskud

Competing factors are at work, keeping the S&P 500 in the middle of our 5000-5500 near-term trading range. The recent reciprocal tariff pause and exemptions show that the administration is willing to show some flexibility on tariff policy—a positive as this was unknown 2 weeks ago. However, on the negative side, earnings revisions remain in a downtrend, the Fed remains on hold, back-end rates remain somewhat sticky and uncertainty around trade policy persists despite recent developments. (MS Wilson)