S&P futures vs fair value: -12.5. Nasdaq futures vs fair value: -13.8.

The pre-market readings have taken a hit in the wake of the significantly weaker than expected headline figure for Non-Farm Payrolls which rolled in at -4K vs. the consensus of 110K. Note too that the payroll numbers for June and July were revised down by a combined 81K. Despite the unexpected declines, these numbers do raise the probability that the Fed will ease on Sep 18. The unemployment rate and Average Work/Week were in line with expectations at 4.6% and +0.3%, respectively.