8:55AM: S&P futures vs fair value: -17.0. Nasdaq futures vs fair value: -19.0. Still a solidly negative bias to the pre-market tone. Note that the June Consumer Price Index (CPI) -- a measure of inflation -- rose an in-line 0.1%. The as expected number should do little to impact today's market activity as inflation is currently a secondary concern at best. Also note that the trade deficit increased to a record $37.6 billion, a bit wider than the $35.3 billion consensus.