🌅 Pre-Market Pulse

S&P Futures 7,255.25 ▲ +14.50 (+0.20%)	Nasdaq Futures 27,934.25 ▲ +92.25 (+0.33%)	Dow Futures 49,205.00 ▲ +79.00 (+0.16%)
10Y Treasury 4.45% ▲ +0.07%	US Dollar 98.49 ▼ -0.03 (-0.03%)	Bitcoin $80,849 ▲ +$1,008 (+1.26%)

Good morning! Tuesday, May 5th is shaping up to be one of those sessions where corporate strategy stories do more heavy lifting than any macro headline. Futures are modestly green across the board, with the Nasdaq leading the charge at +0.33%, while a fresh wave of earnings and company pivots gives traders plenty to chew on. Here is everything you need to know before the opening bell.

👀 What to Watch Today

The healthcare sector is front and center today after two major developments landed overnight. Pfizer (PFE) beat Q1 profit estimates on the back of strong demand for Eliquis, its blockbuster blood thinner, and the market will be watching to see whether that momentum holds when regular trading begins. Separately, UnitedHealth (UNH) announced it is slashing prior authorization requirements for 30% of its covered services, a meaningful shift that could reduce administrative friction and, potentially, medical loss ratios.

Over in consumer discretionary, Harley-Davidson (HOG) is rolling out a new strategic direction under CEO Artie Starrs, zeroing in on more affordable motorcycle models and tightening its dealer network relationships. Whether that is enough to reignite volume growth is the central question traders will be asking all session.

On the macro side, treasury yields continue to tick upward, with the 10-year sitting at 4.45% and the 30-year crossing 5.03%. Rising yields tend to create headwinds for growth-oriented stocks, so watch how the Nasdaq holds its pre-market gains once cash markets open.

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🌏 Overnight Recap

European markets are bracing for a softer open, driven in part by escalating Iran war tensions rattling investor sentiment across the region. ETFs tracking European equities including BBEU and DBEU are worth monitoring as geopolitical risk premiums stay elevated.

Meanwhile, there was notable corporate action out of Europe overnight. Italy's UniCredit reported a record first-quarter profit, handily beating estimates, and formally launched its long-anticipated takeover bid for Germany's Commerzbank (CRZBF, CRZBY). The deal faces political headwinds in Berlin, but the profit beat gave UniCredit (UNCFF) credibility heading into the bid.

In Asia, the Maersk (AMKBY) story grabbed attention as one of the shipping giant's vessels transited the Strait of Hormuz under U.S. military escort, underscoring the fragility of Persian Gulf trade routes. HSBC (HSBC) also reported overnight, posting a slight dip in pretax profit to $9.4 billion despite a 6% revenue gain, as higher credit losses weighed on the bottom line.

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📊 Pre-Market Movers

Notable stocks are making moves in pre-market trading.

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🔍 Today's Watchlist

1. PFE earnings follow-through: Watch whether Pfizer holds its pre-market gains after a Q1 beat driven by Eliquis demand
2. UNH prior auth rollback: UnitedHealth cutting approval requirements for 30% of services could reshape managed care sentiment sector-wide
3. HOG strategic pivot: Harley-Davidson's affordability push is a high-stakes turnaround bet, and the market will grade CEO Starrs quickly
4. 10-Year yield at 4.45%: Treasury yields are creeping higher and could cap any rally in rate-sensitive growth names today
5. Strait of Hormuz shipping risk: The Maersk military escort story is a quiet but important signal on energy supply chain vulnerability

🎯 The Morning Playbook

Morning actionable takeaway

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