Futures up, UNH pivots, and a melanoma drug gets a second shot

🌅 Today's Morning Call

S&P Futures 7,590.25 ▲ +9.75 (+0.13%)	Nasdaq Futures 30,317.00 ▲ +56.25 (+0.19%)	Dow Futures 50,880.00 ▲ +113.00 (+0.22%)
10Y Treasury 4.44% ▼ -0.01%	US Dollar 99.06 ▼ -0.04 (-0.04%)	Bitcoin $73,129 ▼ -$384 (-0.52%)

Good morning! Friday, May 29th is here, and the pre-market tape is painting a quiet but constructive picture heading into the final session of the week. Futures across the board are nudging higher, with the Dow leading the charge at plus 113 points and the Nasdaq adding modest ground as well. Health care is generating some early conversation, and a biotech name is back in the spotlight after reaching a fresh agreement with the FDA. Here is your Friday morning rundown.

👀 What to Watch Today

Today being the last trading day of May means portfolio managers and fund shops will be squaring books ahead of the monthly close. That end-of-month rebalancing flow can create some unpredictable swings in the afternoon, so watch how volume develops after the open, particularly in large-cap ETFs.

On the economic calendar, traders will want to keep an eye on any final consumer sentiment or spending data crossing the wires this morning. Treasury yields are barely budging, with the 10-year sitting at 4.44% and the 30-year holding near 4.97%, suggesting the bond market is not flashing any major alarm signals heading into the session.

The dollar index at 99.06 and Bitcoin slipping just under one percent overnight round out the macro backdrop. Neither move is dramatic, but a softer dollar generally provides a mild tailwind for multinational earners and commodities alike, something worth tracking as equities open.

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🌏 Overnight Recap

Asian markets closed mixed overnight, with no single dominant theme driving the region. European bourses opened on steadier footing, helped in part by a broad calm in global bond markets and no major macro surprises crossing the wires during the overnight session.

The big international story worth noting is the Ocado announcement. The UK-based grocery technology firm confirmed a new partnership with Asda, one of Britain's largest supermarket chains. Starting in 2027, Ocado will bring its automation technology into Asda's physical store network, a meaningful contract win for a company that has been pushing hard to license its platform beyond its own grocery operation. Shares of OCDDY and OCDGF are worth watching as that story develops.

Stellantis also made overnight headlines with a recall announcement covering 419,035 vehicles in the United States due to a side airbag malfunction issue flagged by the National Highway Traffic Safety Administration. For STLA, which has already been navigating a challenging year on the production and demand front, another recall headline adds another item to an already crowded worry list.

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📊 Pre-Market Movers

UnitedHealth Group (UNH) is drawing early attention after announcing it will eliminate prior authorization requirements for a wide range of pediatric procedures and services. The move is a notable shift for a company that has faced sharp public and political scrutiny over its claims approval practices. Whether this reads as a goodwill gesture or a sign of regulatory pressure is the debate, but the stock will be in focus from the opening bell.

Replimune (REPL) is the small-cap biotech name to watch this morning. The company confirmed it has reached an agreement with the FDA on the resubmission pathway for its experimental melanoma treatment, following two previous rejection cycles. FDA resubmission agreements tend to give biotech investors a clearer timeline to work with, and that clarity alone can move a smaller-cap name meaningfully in pre-market trading.

Stellantis (STLA) is also on the radar after the airbag recall news out of NHTSA. At over 419,000 vehicles, this is not a small-scale issue, and recall-related headlines often weigh on automaker sentiment at least through the initial reaction period.

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🔍 Today's Watchlist

1. UNH: Watch how shares respond as the market digests the prior authorization policy rollback for pediatric care
2. REPL: Biotech traders will be sizing up the FDA resubmission path for the melanoma drug after Friday's announcement
3. STLA: The 419,000-vehicle airbag recall adds fresh pressure to an automaker already dealing with headwinds
4. OCDDY and OCDGF: The Asda automation partnership could be a meaningful catalyst for Ocado's licensing story
5. Month-end flows: Final day of May means rebalancing activity could distort afternoon price action across major indexes

🎯 The Morning Playbook

Heading into Friday's session, the setup is modestly constructive but not exactly screaming conviction. Futures are up across all three major indexes, yields are flat, and there are no obvious macro landmines on the calendar. That does not mean it will be a sleepy session, though, because month-end rebalancing has a way of creating volatility in the final hours of trading that catches people off guard.

The health care sector is the most interesting space to watch today. UNH's prior authorization pullback is a story with ripple effects across managed care names, and REPL's FDA development adds a biotech subplot worth tracking. If you are positioned in either space, today warrants closer attention than a typical quiet Friday.

As you head into the weekend, remember that markets closing slightly higher means very little on its own. What matters is where the conviction is building and where it is quietly fading. Stay curious, stay selective, and enjoy the start of your weekend.

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