Jun E-mini S&Ps (ESM17 -0.08%) this morning are trading slightly lower as the markets look ahead to the 2-day FOMC meeting that begins today and this coming Sunday’s French presidential election. European stocks are trading mildly higher by +0.22% after Monday’s holiday on positive earnings and a negotiation breakthrough on Greece. BP rallied more than 1% today after reporting favorable earnings. The UK FTSE is up +0.45% this morning on a +3.1 point increase to a 3-year high of 57.3 in the Markit April UK manufacturing PMI, which was stronger than market expectations for a -0.2 point decline to 54.0.

China’s Shanghai Composite index today fell -0.35% on continued concern about the government’s crackdown on leverage and on news that the China April Caixin manufacturing PMI fell by -0.9 to 50.3, which was weaker than market expectations of +0.1 point to 51.3. The Chinese markets were closed on Monday for the May Day holiday. However, the Nikkei index today rallied by +0.70% as the yen continued to fade on reduced safe-haven demand. Other Asian stock markets today closed mostly higher: Hong Kong +0.33%, Taiwan +0.70%, Australia -0.10%, Singapore +1.12%, South Korea +0.85%, India +0.01%.

The dollar index (DXY00 +0.01%) this morning is slightly lower by -0.04%, still consolidating near the lower end of the sell-off seen in the latter half of April. EUR/USD (^EURUSD) is up +0.0020 (+0.18%) and USD/JPY (^USDJPY) is up +0.39 at 112.23 (+0.35%). Jun 10-year T-note prices (ZNM17 -0.06%) this morning are down -2.5 ticks. T-note and T-bond prices continue to see weakness after Treasury Secretary Mnuchin on Monday said it “could absolutely make sense” for the U.S. to sell ultra-long bonds.

Key U.S. news today includes: (1) 2-day FOMC meeting begins, (2) Apr total vehicle sales (expected 17.10 million, Mar 16.53 million).

Notable S&P 500 earnings reports today include: Apple (consensus $ 2.02), Mastercard (0.95), Allstate (1.06), Cummins (1.81), ADM (0.62), CVS (1.10), Pfizer (0.67), Merck (0.83), Coach (0.44), PG&E (0.83), Emerson Electric (0.58).

U.S. IPO’s scheduled to price today: none.

Equity conferences: Deutsche Bank Health Care Conference on Wed-Thu, Macquarie Group Ltd Business Services Conference on Thu.

Cognex (CGNX +0.34%) lost nearly 2% in after-hours trading after it said it sees Q2 revenue of $ 165 million-$ 170 million, below consensus of $ 171.8 million.

Texas Roadhouse (TXRH -1.92%) jumped 10% in after-hours trading after it reported Q1 revenue of $ 567.7 million, higher than consensus of $ 560.7 million.

Luminex (LMNX +0.53%) rallied 16% in after-hours trading after it reported Q1 adjusted EPS of 28 cents, well above consensus of 16 cents, and then said it sees full-year revenue of $ 300 million-$ 310 million, above consensus of $ 301.4 million.

Span-America Medical Systems (SPAN -0.18%) surged 35% in after-hours trading after it was bought by Savaria for $ 80.2 million or about $ 29 a share.

Exelixis (EXEL +3.35%) rose 4% in after-hours trading after it reported an unexpected Q1 profit of 5 cents per share, better than consensus for a loss of -1 cent per share.

Chegg (CHGG +1.66%) climbed nearly 9% in after-hours trading after it reported Q1 adjusted EPS of 6 cents, double consensus of 3 cents, and then said it sees full-year Ebitda of $ 38 million-$ 40 million, higher than consensus of $ 34.6 million.

Taylor Morrison Home Corp (TMHC +4.55%) lost 3% in after-hours trading after it announced the commencement of an underwritten public offering of 10.0 million shares of its Class A common stock.

Corcept Therapeutics (CORT +1.36%) rallied over 8% in after-hours trading after it boosted its 2017 revenue outlook to $ 125 million-$ 135 million from a prior view of $ 120 million-$ 130 million.

Tenet Healthcare Corp (THC -2.04%) jumped 13% in after-hours trading after it reported a Q1 adjusted EPS loss of -27 cents, narrower than consensus for a loss of -52 cents, and then said it sees full-year adjusted EPS of $ 1.05 to $ 1.30, the midpoint above consensus of $ 1.13.

Harmonic (HLIT unch) tumbled over 15% in after-hours trading after it said it sees full-year EPS of 2 cents-16 cents, well below consensus of 24 cents.

Advanced Micro Devices (AMD +2.41%) dropped 9% in after-hours trading after it reported Q1 revenue of $ 984 million, weaker than consensus of $ 984.5 million.

Community Health Systems (CYH +0.12%) rose over 6% in after-hours trading after it reported Q1 adjusted EPS from continuing operations of 8 cents, higher than consensus of 6 cents.

Angie’s List (ANGI +0.17%) surged 40% in after-hours trading after IAC bought the company for $ 500 million, or $ 8.50 a share.

Jun E-mini S&Ps this morning are trading slightly lower. Monday’s closes: S&P 500 +0.17%, Dow Jones -0.13%, Nasdaq +0.83%. The S&P 500 on Monday closed higher on the tentative Congressional agreement on a $ 1.1 trillion spending bill through the end of September, which averts a government shutdown. There was also strength in technology stocks that sent the Nasdaq Composite up to a new record high. Stocks were undercut by the U.S. Mar personal spending report of unchanged (weaker than expectations of +0.2%) and the -2.4 point drop in the Apr ISM manufacturing index to 54.8 (weaker than expectations of -0.7 to 56.5).

Jun 10-year T-note prices this morning are down -2.5 ticks. T-note and T-bond prices continue to see weakness after Treasury Secretary Mnuchin on Monday said it “could absolutely make sense” for the U.S. to sell ultra-long bonds. Monday’s closes: TYM7 -8.00, FVM7 -4.50. Jun 10-year T-notes on Monday closed lower on reduced safe-haven demand with the rally in stocks and the Congressional agreement to keep the U.S. government open through September.

The dollar index this morning is slightly lower by -0.04%, still consolidating near the lower end of the sell-off seen in the latter half of April. EUR/USD is up +0.0020 (+0.18%) and USD/JPY is up +0.39 at 112.23 (+0.35%). Monday’s closes: Dollar index +0.026 (+0.02%), EUR/USD +0.0004 (+0.04%), USD/JPY +0.35 (+0.31%). The dollar index on Monday closed slightly higher on the increase in T-note yields, which boosts the dollar’s interest rate differentials. The dollar also received a boost from yen weakness, which fell on reduced safe-haven demand.

June WTI crude oil prices are up +0.40 (+0.82%) at $ 49.24 as the market looks for Wednesday’s weekly EIA report to show a large -3.25 million bbl decline in U.S. oil inventories. June gasoline prices are up +0.0243 (+1.59%), and June heating oil is up +2.02 (+1.36%). Monday’s closes: Jun crude -0.49 (-0.99%), Jun gasoline -0.0209 (-1.35%). Jun crude oil and gasoline on Monday closed lower with Jun gasoline at a 2-month low. Crude oil prices were undercut by increased crude output in Libya after Libya’s National Oil Corp said Libya’s crude production rose to more than 760,000 bpd, the highest in 2-1/3 years. There was also negative carry-over from Friday’s data from Baker Hughes that showed a 9-rig increase in U.S. active oil rigs to a 2-year high of 697 rigs.