NewsWare’s Trade Talk: Monday, May 2

S&P Futures turned lower after showing gains this morning. Friday's sell-off closed out the month of March with an 8.8% decline for April. The yield on the benchmark 10-year Treasury note edged up to 2.942% from 2.885% on Friday. The key economic event this week will be the announcement from the FOMC on monetary policy on Wednesday afternoon. Expectations are for a 50 basis point rate hike along with comments on reducing the Fed's balance sheet. This afternoon watch for earnings announcements from RMBS, CHGG, CC, CAR, CLX, MGM, EXPE, NXPI & LOGI.