Futures Ahead of the Open
S&P fair value: +0.20
NASDAQ fair value: +1.00

Europe volume will be limited with May Day holiday, however, the UK’s FTSE will be open for trading. Currently up 0.39%. UK Manufacturing PMI fell to 50.5 on a downwardly revised 51.9 for the prior month.

BP Plc (BP, quote) is trading lower on disappointing earnings results for the quarter.

In overnight action Japan's Nikkei was open for trade and closed down by -1.8%.

Company exports are citing rising yen is hindering margins. The Yen is currently trading around 79.8 Yen per U.S> dollar. TDK and Sharp were among the poorest performers last night.  Japanese auto makers all fell on the strength of the Yen surrounding concerns of slowing exports.

Nissan Motor (NSANY quote) closed flat on the day while  (TM, quote) was down -1.78%,

Even though China’s markets were closed, the government released the latest Manufacturing PMI of 53.3.  The print in nearly a year but still reminded below expectations.