S&P futures vs fair value: -4.5. Nasdaq futures vs fair value: -7.3.

Within the last 20 minutes, Lehman Brothers (LEH) handily topped Wall Street forecasts with record net revenues in all business segments. Unfortunately for the bulls, it's going to take more than today's only notable earnings report to get buying efforts back on track.

Bond yields are coming off their early highs but investors remain cognizant that an upcoming batch of influential economic data has the potential to help determine whether last week's sell-off was warranted.