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09:12 am : S&P futures vs fair value: -5.0. Nasdaq futures vs fair value: -9.5. Following Intel's (INTC) downside Q1 revenue guidance, futures trade has dropped. The Dow component cited weaker than expected demand and a slight market segment share loss. The cash market is now set to open sharply lower.
09:01 am : S&P futures vs fair value: -0.7. Nasdaq futures vs fair value: flat. The cash market remains poised to open in subdued fashion. There is little news to help set a more definitive trading tone. Only three companies are on today's earnings docket, and the economic calendar features just two items that are not likely to have much market-moving impact. The focus remains on the interest rate environment. Along with the uncertainty over the U.S. Fed's tightening cycle, the ECB's rate hike yesterday and growing expectations for an impending one in Japan exacerbate anxiety.
08:32 am : S&P futures vs fair value: +0.2. Nasdaq futures vs fair value: -1.0. Futures trade has ticked lower and now suggests a flattish start for stocks. Weakness in overseas markets, particularly Japan, may be starting to weigh on early domestic sentiment. The Nikkei dropped 1.6% overnight, following a 0.5% rise in Japan's core consumer price index. That was the third increase in the country's CPI, and feeds the growing sense of uncertainty that its central bank will soon abandon its ultra-loose monetary policy.
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