Manufacturers are at the heart of the trade war and today’s ISM survey of the industry gave the market some solace: Orders aren’t collapsing.

Combine that with largely upbeat commentary from corporates as Q1 earnings roll out and the world is feeling better about the tariff war. I’d caution that could be premature but there are also indications that Trump is backing off on the trade war as the US calls China and gets set to announce a deal later today.

Next up is Friday’s non-farm payrolls report and there could be some volatility there but I just don’t see many companies talking about layoffs at the moment.

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