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SMF Notes S&P futures vs fair value: -10.10. Nasdaq futures vs fair value: -20.20.
Stiff selling has stock futures down sharply, such that the major equity averages look like they will return to the lows of the prior session. The negative tone comes mostly as a consequence of ongoing concerns about the state of finances and health of sovereign debt among countries in the eurozone periphery. That concern has also stirred selling in the euro and buying in the dollar, which is up 0.6% to trade at its best level more than in two months against a basket of competing currencies. Premarket participants haven't paid much attention to news outside of the sovereign debt story since corporate announcements have not had any broad implication and data has been limited to a home price report that produced little real surprise. The November Chicago PMI (9:45 AM ET) and the Consumer Confidence Index for November (10:00 AM ET) are on their way, though.
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