The potential fed cuts are, IMO, playing a major role in equities right now. Powell's dovish comments earlier this week didn't hurt. We're hearing calls for 2-3 cuts this year.
MFG is showing softness now, (At least in part, Tariff related) with Factory Orders, particularly durable goods weak and ISM-MFG coming in at a tepid multi-year low of 52.1. (Caveat: ISM Services, measuring the much more significant Services at 60+% of the economy came in at a very strong 56.9). ADP showed a very weak 27K increase in private sector jobs for May
But, we are back in that place where bad news is good for equities. Should tomorrow's Employment Situation show weakness similar to ADP. I expect we'll see a decent rally in equities. Current consensus runs around 180k. Anything in that area will probably be shrugged off. Something in the 225 or higher range will probably result in a sell off as the "Fed Cut Bubble" will at least deflate.