S&P 500 futures 0.9% above fair value; Nasdaq 100 futures 1.2% above fair value; DJIA futures 0.9% above fair value
Key factors driving the futures market:
S&P 500 closing in correction territory (down 10%+ from prior high) has triggered buy-the-dip interest
Belief that market, and many individual stocks, have gotten oversold and are due for a bounce
Speculation that Russia-Ukraine situation won’t escalate to worst-case scenario
Secretary of State Blinken cancels meeting with Russian Foreign Minister Lavrov; Ukraine declares state of emergency
Treasury yields rise on inflation/rate-hike worries
2-yr note yield +6 bps to 1.61%; 10-yr note yield +2 bps to 1.97%