S&P 500 futures 1.7% above fair value; Nasdaq 100 futures 2.1% above fair value; DJIA futures 1.5% above fair value
Key factors driving the futures market:
Reports that Russia says it has started pulling back some troops from Ukraine border
Short-covering activity
Intel (INTC) buying Tower Semi (TSEM) for $5.4 bln, or $53.00 per share, in cash
Marriott (MAR) tops Q4 earnings estimate by wide margin, speaking to pickup in travel interest
WTI crude prices down 3.4% to $92.24/bbl, but natural gas prices +3.7% to $4.35/mmbtu
Bank of Japan Governor Kuroda says easy monetary policy still warranted; PBOC injects $100 bln yuan into financial system
10-yr note yield +3 bps to 2.03%; 2-yr note yield -1 bp to 1.58%