U.S. stock market futures are indicating a rough opening on Wall Street, with the S&P 500 futures down 55 points as of the latest reports. The decline follows a period of gains during the overnight session, where futures had been up as much as 0.5% before sliding to a loss of 0.7% around 4 AM ET. This sell-off trend has resulted in a total loss of approximately $700 billion from the S&P 500 futures since their pre-market high. The current market activity coincides with quad witching, a phenomenon that occurs when stock options and futures expire simultaneously, often leading to increased volatility in the markets.