S&P 500 futures are 24 points lower, or about 0.5%. The decline is similar in the Nasdaq and will erase about half of yesterday's gain.
The index is on a three-day winning streak after the rough outing on Monday.
One line of thought is that the latest bounce is all about option flows. We'll find out in the days ahead as the clock is reset today and heavy volumes of index options run off.
