S&P futures vs fair value: -22.6. Nasdaq futures vs fair value: -26.0.

Early sentiment continues to deteriorate heading into the opening bell as the bears uncover more catalysts to take stocks lower. The underlying credit concerns now have the fed funds futures pricing in a 100% chance of rate cut at the next FOMC meeting (Sep. 18) while the ECB has reportedly injected nearly 95 bln euros into money markets to help ease the worst of credit jitters. American International Group (AIG) saying residential mortgage delinquencies/defaults are spreading, fellow Dow component Home Depot (HD) saying current conditions may force it to reduce the pending $10.3 bln purchase price of its supply business, and a batch of weaker than expected July same-stores sales figures are also contributing