S&P futures vs fair value: -9.2. Nasdaq futures vs fair value: -12.8.

Pre-market sentiment continues to deteriorate as renewed debt concerns and the bulk of earnings reports continue to reflect the impact of sluggish economic growth. AT&T (T) posted a 61% jump in Q2 profits, but the activation of only 146,000 iPhone subscribers is being viewed as a disappointment. McDonald's (MCD) merely matching Wall Street expectations also leaves investors without a standout report like the one fellow Dow component Merck (MRK) delivered a day earlier.