Constant blue arrow and beeping while riding

I'm a new 530 owner and tried to take it for a ride today. I was constantly faced with the screen below: a blue arrow facing to the right and incessant beeping. I tried following a course, doing a timed workout, doing a distance ride... nothing helped. 

The GPS seemed to be working fine since it was actually showing me the right turn-by-turn directions. The hill climbing feature was working too - correctly showed me climbing the hill.

Any ideas? I cannot figure out how to get this to go away and it beeps about every 4-5 seconds while riding (!)