S&P futures vs fair value: -6.8. Nasdaq futures vs fair value: -10.8.

A day after rising interest rates sparked a wave of profit-taking activity, such concerns now also weighing heavily on stocks overseas is carrying over into domestic trading this morning. In anticipation of a 25-basis point rate hike by the ECB, which came to fruition 15 minutes ago, the major European bourses are down 1.0% on average. Even though the ECB's benchmark rate now stands at 4.00%, still well below the 5.25% fed funds rate in the U.S., the upward trend in rates globally is contributing to a very negative disposition in the futures market as investors look to keep questioning equity valuations.