Here’s a super quick guide to what traders are talking about right now

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York
Thomson Reuters

Here’s a quick guide to what traders are talking about right now, from Dave Lutz at JonesTrading:

Good Morning! Sea of red out there – Yen ripping, IMF warning on Global Growth, weaker Oil and EU data missing the target all factors. S&P Futures are currently off 70bp, recovering slightly after being 1% lower earlier. It’s ugly in Europe, where the Resources sector weighs, and the Autos are getting whacked in Germany hitting the DAX for 2.2% as Germany’s factory orders drop sharply. Banks are being clubbed globally, as IMF’s Lagarde says “Negative Interest Rates Benefit Global Economy.” The FTSE is outperforming, despite Miners getting clubbed in London for 5%+. Over in Asia, Nikkei lost 2.4% as banks got smoked on increased negative rate chatter from Kuroda, while Aussie was hit for 1.4% as commodities weakened and their Central Bank warned on the economy. India was hit for 2% as their cut disappointed, and all EM Asia seemed to be under sharp pressure. The one bright spot was China, where upon return from their 3day weekend, Shanghai popped 1.5% towards a 3month high.

Big Haven flows early, with the US 10YY breaking towards 1.7% as 10Y bunds break 10bp to downside, on their way to the zero-bound. The DXY is rebounding, making gains against Euro as Eurozone services sector comes in weaker, while Brexit concerns are weighing on Sterling. Heavy focus remains on Japan, where $/Y approaching 110, a 17month low despite Kuroda’s jawboning overnight. Despite the stronger $, Gold is jumping higher, while most metals are showing a sharp bid early. That said, copper remains in the red, adding to its 7day losing streak. The Oil slide continues, USO looking for its 10th straight session in the red – the longest streak (I think) in 16months+.

Ahead of us today, we get US Trade Balance at 8:30 – then Markit US Services PMI at 9:45 just before the 10AM release of the “official” ISM Services reading. After the close, we get API data for Crude at 4:30. Down in Washington, EPA Administrator Gina McCarthy delivers remarks at 9am, FCC Chairman Tom Wheeler testifies before Senate Appropriations at 10:30 – President Obama, Vice President Biden meet with military leaders at the White House and tonight is the Republican, Democratic presidential primary in Wisconsin.