S&P futures vs fair value: -1.2. Nasdaq futures vs fair value: -4.8.

Early sentiment continues to weaken as S&P 500 futures join the Nasdaq 100 futures below fair value. The flight to quality in Treasuries is again readily apparent as lingering credit concerns continue to foster a more risk-averse mindset. The yield on the 2-year note slipping below 4.00% amid hopes of a Fed rate cut now leaves the curve between 2 and 10-year notes with their widest spread since May 2005. Equity investors are also weighing reports that The Bank of England's lending facility to banks was tapped for the first time in about a month while U.S. foreclosure filings rose 9% from June to July and soared 93% year/year.