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

Dave Lutz, head of Exchange Traded Funds at JonesTrading, has a quick overview of what traders are watching on Wednesday.

In brief:

• Stock futures are lower. Apple is down 3% pre-market after the company reported another quarterly drop in iPhone sales and shrinking shipments across all the company's key product lines.
• Crude oil is at a three-week low. The American Petroleum Institute's weekly report on US inventories showed a huge build on Tuesday.
• The advance goods trade balance and wholesale inventories will cross at 8:30 a.m. ET. New home sales data will be released at 10 a.m. Microsoft is expected to unveil new Windows hardware at an event starting at 10 a.m. ET. Tesla will report earnings after the closing bell.

Here's Lutz:

Good Morning! US Futures under some pressure this AM with the Spoos off 40bp and QQQs 50bp as AAPL Earnings and falling Oil Weigh. Over in Europe, a sea of red with the DAX off 1% with Energy companies leading to downside, and all sectors in the red despite Luxury doing well on heels of Kering #s. London is off 1% as Lloyds weighs on the FTSE, while miners weak as Antofagasta gets whacked for 8%. Volumes are pacing pretty decent, with the Periphery trading heavy, and London seeing 25% heavier turnover than norm. Over in Asia, Hang Seng lost 1% - Shanghai lost 40bp - Aussie whacked for 1.5% as exporters and staples were hit, while Japan was the lone bright spot as "the BoJ appeared to be buying in the pm session" noted our desk in Kauai.

We are seeing good selling of Sovs early, with Germany's 10YY climbing 4bp, dragging US Yields back towards y'days peaks. The DXY is weaker - Euro higher despite Weaker Consumer confidence data from Germany, GBP struggling to hold 1.22 and the Yen catching a bid, offsetting losses by commodity currencies led by the Aussie $, which is getting whacked as weaker CPI posts down under. Turkish Scrap jumped 2% again and Ore in China added another 50bp - but all other base and precious metals are weaker. Crude is Hitting a 3-Week Low as API showed a huge build and rising production in Nigeria, while Natty gas continues to get pummeled into Expiry tomorrow.

Ahead of us today, we get Advance Goods Trade Balance and Wholesale Inventories at 8:30 - 9:45 brings Markit US Services PMI, just before Bank of England Bond-Buying Operation Results at 9:50. 10am brings New Home Sales for September, then the Energy complex awaits DOE data at 10:30. Last night's API showed a build of 4.75mm, well above the 1.75M build expected. Focus then turns to US Treasury Auctions, with a $5B 2Y floater at 11:30, followed by a $34 Bln 5-Year Note auction at 1. Yesterday's 2Y auction was weaker than anticipated, with Dealers holding over 50% of the bag. Earnings continue to roll, with focus on names like ABX, TSLA, TXN, WDC tonight.