The market is rallying after Trump announced the new trade deal with the UK which will results in UK’s tariffs declining 64% and U.S. tariffs ultimately going to 10% from 3.4%.

Markets are paced by older momentum darlings with many getting a boost from earnings results.

Health Care (XLV) is the only sector in red, led lower by Cencora (COR), which is reacting poorly to earnings results. Energy (XLE) is the leading sector and getting a boost from oil prices rising.

Notably, 1-year inflation expectations per the NY Fed Consumer survey were flat in April at 3.6%.