S&P futures vs fair value: -11.1. Nasdaq futures vs fair value: -9.8

Durable Orders fell for the first time since January, checking in with a larger than expected decline of 2.8% for May (consensus -1.0%) given a decline in aircraft orders. Non-defense capital goods orders excluding transportation, which provide a clearer read on business capital investment, fell 3.0%. Futures trade has dipped further below fair value following the weak data, signaling an even lower start for the cash market. Bonds, though, have strengthened as the 10-year note is now up 10 ticks to yield 5.03%.