A.M. Update

S&P futures are down -0.5%.  Pressures include a continued rise in crude oil futures (+1.25% to $120.87), a Q2 profit warning from Credit Suisse (CS -7.65%), a 10-year note yield back above 3.00% (currently +5 bps to 3.02%), and another weak mortgage applications report, which featured a 7% wk/wk decline in purchase applications. Plus we…