1) For stocks, momentum is on the upside. The Dow Jones Industrial Average is at a new high despite lousy U.S. growth data and earnings that are somewhat better than expected, yet still weak overall.
The nonfarm payroll numbers received much discussion overnight, with bulls emphasizing the Federal Reserve's statement that economic activity had picked up in recent months. Apparently, the Fed seems to believe that most of the underlying weakness in the past few months is almost entirely due to the weather. Bulls also pointed to lines like "sufficient underlying strength in the broader economy."
This morning, personal income and spending for March were both stronger than expected. The savings rate was 3.8 percent, however, the lowest since January of 2013, so if you don't see a pickup in income spending will definitely slow.
That dovetails with the poor gross domestic product (GDP) report for Q1, which did show a pickup in personal spending despite a lousy 0.1 percent rise in overall GDP.
Separately, the 1st of May is a light one for global markets. Most Asian and European markets closed for the May Day Holiday. Japan ends up 1.2 percent.
2) MasterCard earnings and revenues checked in above expectations. Transactions were up 14 percent— a solid number—and purchase volume growth was generally strong as well:
MasterCard (Purchase Volume Growth)
U.S. up 8.8 percent above
Europe up 11.0 percent below
Asia/Pacific up 18.6 percent below
L.America up 21.7 percent above
--By CNBC's Bob Pisani