Stock Market Update

The S&P 500 futures are down 198 points and are trading 4.4% below fair value, the Nasdaq 100 futures are down 907 points and are trading 5.6% below fair value, and the Dow Jones Industrial Average futures are down 1,074 points and are trading 3.2% below fair value.

The 2-yr yield briefly moved below the 10-yr note yield for the first time in about 2 years. Now, the 2-yr note yield is down 13 basis points to 3.74% and the 10-yr note yield is down eight basis points to 3.71%.

Shortly after the open, market participants receive the final July S&P Global U.S. Services PMI followed by the July ISM Non-Manufacturing Index at 10:00 ET.