The S&P 500 futures are 0.4% below fair value; the Nasdaq 100 futures are 0.8% below fair value; and the DJIA futures are 0.2% below fair value
Key factors driving the futures market:
Micron (MU), citing a weakened demand environment for smartphones and PCs, issues fiscal Q4 revenue and EPS guidance well below consensus estimates
Eurozone inflation hits record high 8.6% year-over-year in June
General growth concerns
Senator McConnell tweets that there will be no bipartisan USICA (semi manufacturing, China competitiveness bill) if Democrats pursue a partisan reconciliation bill
FDA says new booster shot vaccines for fall should target the BA.4 and BA.5 Omicron variants
Franchise Group ends acquisition talks with Kohl’s (KSS)
American Airlines (AAL) offers pilots pay raises totaling 17% under new contract proposal, according to CNBC
Taiwan Semi (TSM) is seeing major clients reduce orders, according to Digitimes