The S&P 500 futures are 0.3% above fair value; the Nasdaq 100 futures are 0.4% above fair value; and the DJIA futures are 0.4% above fair value
Key factors driving the futures market:
Sense that market is oversold on short-term basis and due for a bounce
Better-than-expected earnings report and outlook from Oracle (ORCL), which is up 12% in pre-market action
Fed funds futures market now pricing in 95.3% probability of 75-bais point rate hike on Wednesday (versus 3.9% a week ago)
Cryptocurrency volatility persists amid liquidity concerns and worries about further selling due to margin calls
Bitcoin down 6.8% to $22,098.10; Ethereum -3.2% to $1176.89
Bank of Japan ramps up bond purchases in bid to maintain yield cap
Beijing Covid cases at three-week high, fueling concerns about extended shutdowns
President Biden reportedly asking USTR to look at some goods for possible exclusion from China tariffs