NewsWare’s Trade Talk: Tuesday, May 3

S&P Futures are higher after pointing lower earlier this morning. The FOMC meeting starts today with an announcement tomorrow afternoon. The market is anticipating a 50 basis point rate increase and guidance on the Fed's plans for balance sheet reduction. Markets are likely to remain weak as we head into tomorrow's announcement. Treasury 10-year yields are now hovering around 3%, levels that we haven't seen since 2018. After the bell today, we have earnings announcements from AMD, ABNB, SBUX, AIG, PRU, MTCH, PAYC, LYFT, CRUS, and others.