The S&P 500 futures are 1.9% below fair value; Nasdaq 100 futures are 2.5% below fair value; and DJIA futures are 1.5% below fair value
Key factors driving the futures market:
Multiple central banks — Fed, Swiss National Bank, Bank of England, and Brazil — raise their key lending rate
Swiss National Bank surprised with a 50 bps increase, its first rate hike in 15 years
Concerns about economic and earnings growth prospects
Disappointment over inability to build on yesterday’s gains
Atlanta Fed’s GDPNow model estimates no growth in real GDP in Q2 versus prior forecast for 0.9% growth
Japan posts its biggest trade deficit in eight years
Samsung Electronics temporarily halts procurement orders and seeks shipment delays from suppliers due to excess inventories, according to Nikkei
Tesla (TSLA) raising prices across entire vehicle lineup, according to Reuters
Revlon (REV) files for Chapter 11 bankruptcy protection