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

Apr 5, 2016, 16:56 IST

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:

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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.

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