The S&P 500 futures are 2.2% below fair value; the Nasdaq 100 futures are 2.9% below fair value; and the DJIA futures are 1.5% below fair value
Key factors driving the futures market:
Worries about the Fed taking an even more aggressive rate-hike path in wake of the May CPI report
Massive selling in cryptocurrency market, fueled in part by concerns that crypto lender Celsius has paused withdrawals and transfers
Festering growth concerns with reports noting Shanghai and Beijing are seeing renewed lockdowns due to detection of new COVID cases
Flattening yield curve (2s10s spread briefly inverted overnight) piques recession worries
National average gasoline prices exceed $5.00/gallon
FOMC meeting, which will produce updated economic and interest rate projections, to be held June 14-15
Bank of England to hold policy meeting on Thursday (25 basis point hike is expected)
Tesla (TSLA) files for 3-for-1 stock split
Choice Hotels (CHH) to acquire Radisson Hotel Group Americas for $675 million