Stock Market Update

Futures for the major indices continue to decline ahead of the open. The S&P 500 futures are down 25 points and are trading 0.7% below fair value. The Nasdaq 100 futures are down 70 points and are trading 0.7% below fair value. The Dow Jones Industrial Average futures are down 138 points and are trading 0.3% below fair value.

WTI crude oil futures are down 4.4% to $94.14/bbl. Natural gas futures are down 4.3% to $7.87/mmbtu. Unleaded gasoline futures are down 3.8% to $2.99/gal.

The Treasury market remains mixed ahead of the open. The 2-yr note yield is down two basis points to 2.88% while the 10-yr note yield is up one basis point to 2.65%.

As a reminder, the final July IHS Markit Manufacturing PMI report (prior 52.3%) will be released at 9:45 a.m. ET. The July ISM Manufacturing Index (Briefing.com consensus 52.5%; prior 53.0%) will follow hot on its heels at 10:00 a.m. ET.