Leading into the New York market open on May 23, 2025, cross-asset models showed mixed signals for the S&P 500 index, initially indicating a modest gain of 0.06% before shifting to a projected loss of 0.69% as futures declined by 1.36%. Commodity signals were the most bullish early on, while global equities and rates showed weaker sentiment. Over the preceding 20 days, the S&P 500 consistently outperformed risk-correlated global asset signals by approximately 4.33% to 5.05%. Market breadth remains strong, with 84% of MSCI country equity indices trading above both their 50-day and 200-day moving averages. In the Q1 2025 earnings season, 78% of S&P 500 companies have beaten earnings per share (EPS) estimates, surpassing the five- and ten-year averages of 77% and 75%, respectively. However, only 63% of companies have beaten revenue estimates, which is below the five- and ten-year averages of 69% and 64%. Eight companies have withdrawn or failed to update their annual EPS guidance, though more than half have maintained their previously issued guidance for fiscal year 2025. Globally, equities excluding the U.S. have reached new all-time highs with solid country breadth, suggesting a breakout phase following a recent market shakeout.