NewsWare’s Trade Talk: Thursday, May 5

S&P Futures are giving back some of yesterday's gains. Technology stocks will likely give back some of yesterday's gains after the opening bell, as traders assess the implications of the Fed's most move. The Federal Reserve hiked its benchmark interest rate by 50 basis points in a widely-expected move yesterday. Chairman Powell's comments that the Fed is not actively considering raising rates by 75 basis points send shares soaring. BofA said in a note, believes the Fed has pivoted to an appropriately hawkish stance and is likely done surprising markets for a while. We recommend focusing more on the data flow going forward, especially around labor and inflation. The economics calendar turns to weekly jobless claims ahead of Friday's nonfarm payrolls report. A wave of corporate earnings is due out after the bell today from SQ, ILMN, MCK, MNST, NET, DASH, ZG, DBX, BCC, and others.