A.M. Update

S&P futures are down -1.1% and NASDAQ-100 futures are down -1.7%, which extends the flag consolidation. SPY (5m w/ afterhours) Futures are down following Microsoft’s (MSFT -3%) disappointing cloud growth expectations and fiscal third quarter guidance. An earnings miss by fellow Dow component Boeing (BA -2.5%) has added to the weakness. Microsoft beat earnings expectations…