Major Indices Set to Open Lower
S&P futures vs fair value: -10.30. Nasdaq futures vs fair value: -32.50. Wall Street is set to take a breather at the open with the S&P 500 futures trading 10 points, or 0.4%, below fair value.In corporate news, General Motors (GM 36.90, +2.17) is up 6.3% in pre-market trading after the company guided its fiscal 2018 and 2019 earnings above consensus.U.S. Treasuries extend morning gains, pressuring yields. The 2-yr yield is down four basis points to 2.53%, and the 10-yr yield is down three basis points to 2.70%. The U.S. Dollar Index is down 0.1% to 95.46, and WTI crude is now down 1.4% to $51.87/bbl.Separately, the Consumer Price Index (CPI) for December was right in-line with the Briefing.com consensus estimates that called for a 0.1% month-over-month decline in total CPI and a 0.2% increase in core CPI, which excludes food and energy.The key takeaway from the report is that it supports the Fed's born-again belief that it can be patient with its policy approach given that the core inflation trend is stable around the longer-run target at a time when data here and abroad is revealing some softening in economic activity.