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The S&P 500 futures are up five points and are trading 0.1% above fair value, the Nasdaq 100 futures are up seven points and are trading 0.1% above fair value, and the Dow Jones Industrial Average futures are up 89 points and are trading 0.2% above fair value.

Contracts linked to the S&P 500, Nasdaq 100, and Dow Jones Industrial Average are trading flattish. The muted action this morning follows record closing highs last week for the S&P 500 and Nasdaq Composite.

There's also some hesitation in play in front of market-moving events. Namely, earnings season starts later this week when large cap banks like JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) report results.

This week's calendar also features a fresh read on inflation in the form of the June Consumer Price Index and Producer Price Index.

In corporate news, Boeing (BA) will plead guilty in the criminal case involving 737 MAX crashes, according to The Wall Street Journal. 

Paramount Global (PARA) & Skydance Media signed a merger definitive agreement. PARA class a stockholders will receive $23/share in cash/stock election, class b stockholders will receive $15/share in cash/stock election.

The 10-yr note yield is up one basis point to 4.28% after hitting 4.31% earlier and the 2-yr note yield is up two basis points to 4.62%.