S&P futures vs fair value: -4.0. Nasdaq futures vs fair value: -2.8.

Early indications suggest some of yesterday's weakness will carry over into this morning's opening bell. Another jump in interest rates and fears they will continue to move higher, is casting a pall over the stock market. The yield on the 10-year climbed as high as 5.24% earlier, just shy of the fed funds rate, making bonds increasingly more attractive than an over-extended stock market.