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

Here's what traders are talking about ahead of the opening bell, from Dave Lutz, head of ETFs at JonesTrading:

Good Morning! Election Results in Japan has the Yen getting slammed as Abe's hand is strengthened for more stimulus - Nikkei ripped 4% higher overnight. Eminis got 1point away from all-time highs despite Oil continuing to fall overnight. Right now US Futures are up 40bp as the DAX jumps 1.3% on the back of Industrials (Autos ripping) and Materials. Banks are lagging across the continent, which has Italy trading basically near unchanged. FTSE is up 80bp as lagging Energy shares offset the Banks and Housebuilders rebound. Volumes are pacing light tho, with most exchanges trading 30% light as Europeans head off for summer Holidays. Over in Asia, China added 30bp - Aussie ripped 2% as a coalition government was formed, while all AM Asian markets ripped 1%+ higher despite the Dollar climbing overnight.

Bunds touched -20bp overnight before reversing, helping the US 10YY climb 3bp and getting upside 1.38% early. Weakness in Euro and Yen has the DXY thru 200dma and nearing 4month highs, while the British Pound is rebounding from expectations the BoE is gearing to cut Thursday, as Political stability approaches with Theresa May about to become Prime Minister. With the stronger $, interesting there is a bid across the board in Metals, but that Energy Complex is getting whacked again. WTI is off 1.5% and under $45 as Asian refiners are cutting orders and Iran increases discounts. Natty Gas is seeing some heavy covering tho, with the spot contract climbing nearly 2% early after last week's weakness.

Ahead of us today, we get Labor Market Conditions Index Change at 10, right when Fed's George (Biggest Hawk, Voter) Speaks in Lake Ozark, Missouri. At 1pm today, the US Treasury is selling $24B in 3Y notes. At 2pm we get Brazil's Trade Balance. At 8:30 tonight, Fed's Mester (Hawk, Voter) Speaks at Sydney Banking and Financial Stability Conference. Focus now turns to the second-quarter U.S. earnings season, which gets under way with 14 reports this week - AA tonight and Major Banks Thursday and Friday.