U.S. Stock Futures Are Lower Following the Worst Monthly Performance Since March 2020
U.S. stock futures are lower: Primary equity indexes are starting May following the worst monthly performance since March 2020. Treasury rates were up on Friday across the curve. The 10y treasury edged up to 2.91% from 2.88% and the 30y closed above 3% - highest since March 2020. Yields are up slightly this morning. Investors’ primary focus is the Federal Reserve meeting this week, with the official announcement on Wednesday at 2. The Fed is widely expected to increase benchmark rates by 50 bps and is anticipated to provide an update on its balance sheet portfolio runoff program. Earning’s season is still in motion with nearly a 1/3 of the S&P companies are set to release financial results this week. According to Refinitiv, 80% of the companies that have reported earnings have exceeded consensus estimates. International markets are lower.