S&P futures vs fair value: +6.70. Nasdaq futures vs fair value: +6.00. Stock futures are improved from earlier levels, but have pulled back from their morning highs. The overall tone in premarket trading remains rather tepid after stocks closed the prior session at fresh multiyear lows. Heading into this session, stocks are down roughly 7% for the week. Though short-term conditions are looking oversold, buyers appear slow to make a move as they digest the details of the February nonfarm payroll report. Nonfarm payrolls fell 651,000, in-line with expectations, but the unemployment rate climbed more than expected to 8.1%, which is the highest level seen in 25 years. Meanwhile, Wells Fargo (WFC) announced it is cutting its quarterly dividend to $0.05 per share from $0.34 per share. The decision was made in order to preserve capital and repay government funds as quickly as possible. The news is being treated positively as shares of WFC are trading higher in premarket action.