S&P futures vs fair value: -5.5. Nasdaq futures vs fair value: -9.0.

The S&P 500 and Nasdaq 100 futures are still signaling a noticeably lower start for the cash market as investors digest data that suggest a slight softening in the tight labor market. Within in the last 15 minutes the monthly ADP employment report showed that an estimated 97,000 new private jobs, or roughly 123,000 nonfarm jobs, were created in May. However, the ADP report lacks credibility compared to Friday's more closely-watched and well-established May nonfarm payrolls, which is expected to check in around 135,000.