S&P futures vs fair value: -7.1. Nasdaq futures vs fair value: -8.0.

Within the last 15 minutes the monthly ADP employment report showed that only an estimated 48,000 new private jobs were created in July, the lowest since July 2003. Since that equates to roughly 73,000 nonfarm jobs, which is well below the 135,000 economists are forecasting the Labor Dept. to show on Friday, the weak data prompted a knee-jerk reaction to the downside in futures trading. However, since the ADP report lacks credibility compared to the more closely-watched and well-established government data, both the S&P 500 and Nasdaq 100 futures are bouncing back somewhat, but not nearly enough to suggest a recovery from yesterday's sell-off as the underlying tone remains bearish amid ongoing subprime concerns.