NewsWare's Trade Talk: Wednesday, May 1

S&P Futures are slightly lower this morning as the market is preparing for a negative commentary on interest rate by the Fed this afternoon. The economic calendar is highly active this morning, but the key datapoint for today will be the Fed announcement. CVS lowered full year guidance, JNJ is looking to spin litigation risk for talc powder lawsuits into a new fund. There were a host of key earnings announcements last night and after the bell today QCOM, DASH, ALL, EBAY & Z are scheduled to report. In Europe markets are mostly closed for the Labor day Holiday. Oil prices are falling with stockpile data in focus.