The NFIB Small Business Optimism Index, which was holding at around 105 for the past couple of years, appears to have hit bottom in April and is now on its way up as eight out of 10 components rose in May, which means the index has now recovered a quarter of the decline suffered since February. For instance, sales expectations shot up 18 points. But as the Wells Fargo Economics Group pointed out, "it's hard not to increase from such a low base, and most firms still expect sales to fall."

 
In addition hiring plans rose solidly but the Uncertainty Index increased as a result of fears of a renewed outbreak of COVID-19, uncertainty over changing consumer behavior and an evolving policy landscape according to the economics group, which added, "this report is a step in the right direction, but small businesses face a long and arduous recovery, with many likely still at risk.  To that last point, the PPP rules keep changing, but they're getting better, boosting economic expectations."
In response, the Nasdaq Composite hit a fresh record high above 10,000.