All 50 States open..

all 50 states in one way shape or form are reopening as Connecticut becomes the last state to do so …Florida reporting new cases increased 1.1% vs 7-day Average of 1.6%(Mizuho) IRS reporting employees can return to work in three states Kentucky,Utah and Texas beginning early June (Politico).Tests in the U.S.,over the last week have averaged 350K a day(Morning dispatch) traders optimism outweighs pessimism.

Commentary from Morgan Stanley

Macro: Lows in Growth Are in. ‘U’ Is Fine, ‘W’ Is Not
We think April saw the lows for growth in this cycle, and data will
now start to improve from that low base. In this early phase of the
cycle, we think rate of change matters more than level; a ‘W’ is the
problem, not a ‘U’. Our cycle model is in ‘repair’, and suggests better
risk asset performance once the data lows are in
. “Factor exposure – long value, neutral on momentum: Our trade portfolio has a value bias and
is short momentum.”

Bloomberg financial conditions appear to be showing a “V” shaped recovery as metric moves closer to positive territory

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