Reply To: Traders Market Weekly: Memorial Weekend a Time for Reflection


S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: -32.20.

The futures for the major indices had been tracking higher, but there was an abrupt shift in tone a short time ago following a guidance update Microsoft (MSFT) provided in an 8K filing.

Specifically, Microsoft is lowering its fiscal Q4 EPS guidance to $2.24-2.32 from a prior range of $2.28-2.35, citing a larger than expected impact of foreign currency.

Shares of MSFT are down 2.0% in pre-market trading, which has had a disproportionate impact on the behavior of the Dow, S&P 500, and Nasdaq 100 futures, which are now pointing to a mixed start for the major indices.