1106 ET - Competing factors are keeping the S&P 500 in a peculiar position. Morgan Stanley analysts note that the S&P is somewhere in the middle of their 5000 to 5550 near-tear trading range. On the one hand, the recent reciprocal tariff pause and exemptions show that the administration is willing to show some flexibility on tariffs, the analysts say. But earnings revisions remain in a downtrend, the Federal Reserve remains on hold and uncertainty around trade policy persists despite recent developments, they add. "We recommend looking for quality stocks in industries where the set up is more de-risked and offer tools for idea generation," the analysts say. (denny.jacob@wsj.com; @pennedbyden)

(END) Dow Jones Newswires

April 21, 2025 11:06 ET (15:06 GMT)

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