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The S&P 500 futures are down 18 and are trading 0.3% below fair value, the Nasdaq 100 futures are down 91 point and are trading 0.5% below fair value, and the Dow Jones Industrial Average futures are down 90 points and are trading 0.2% below fair value.

Contracts linked to the S&P 500, the Nasdaq 100, and the Dow had been trading higher earlier, but trade lower now on the final day of this turbulent week. There's not a lot of conviction from buyers or sellers as participants wait to see how stocks react at the open.

Pre-open gains in mega caps and chipmakers have provided a measure of support so far. The positive price action in semiconductor-related names is in response to TSMC (TSM) reporting a jump in sales in July.

The stock market could settle this week roughly unchanged with the Nasdaq Composite and S&P 500 sitting on declines of 0.5% and 0.7%, respectively, since last Friday. Meanwhile, the Treasury market looks poised to settle the week with losses. The 10-yr note yield is at 3.95%, which is 16 basis points higher than last Friday. The 2-yr note yield is at 4.04%, which is 17 basis points higher than last Friday.

The selling in Treasuries this week has been a welcome indication that recession fears may have been overblown. There is no top-tier US economic data today that could shift that thinking.