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 brief guide to what traders are talking about on Friday.

In brief:

• Stock futures are higher ahead of the Q3 GDP report due at 8:30 a.m. ET. The heavy sell-off in government bonds on Thursday, which took US Treasury yields to their highest level since May, has subsided a bit.
• Energy commodities are weaker across the board as investors await earnings results from Chevron and Exxon.

Here's Lutz:

Good Morning! Spoos are bouncing from the bottom of their 4month range as the heavy selling in Sovs subsides. The S&P is up 20bp, but eyes remain on that Russell, lagging the move despite being pummeled the last few sessions. Mixed Bag in Europe, with the DAX down 5bp as Staples get whacked led by food and beverage shares on Inbev, and Fins weaker as investors digest UBS and BNP #s. London is unchanged as almost every sector is showing a slight bid with the Pound dropping. Volumes are decent, with the Periphery trading heavy. Mostly red in Asia - Hang Seng lost 70bp - Shanghai lost 20bp with Tech Heavy Shenzhen off nearly 1% - Aussie fell 20bp, wrapping its worst week since June, while Nikkei bucked the mood, adding 60bp as the Yen fell thru $/Y105.

Ahead of US GDP, the US 10YY remains near yesterday's peaks as German Bunds ripped towards 22bp overnight before reversing, while JGB's hit -3bp overnight on CPI data. The DXY is basically flat, with Euro bid as Economic Sentiment jumps, but Sterling remains weaker and Yen holds near yesterday's lows. Iron ore is rallying as coal prices jump, helping Base metals add to the week's gains, but Gold and Silver are both slightly lower. Energy complex weak across the board, as Natty drops almost 1% and Oil drifts under $50 as we await reports from Oil Majors this AM. Softs look mixed to marginally weaker early.

Relatively quiet day of Catalysts today - with GDP, Personal Consumption, and Core PCE at 8:30 - - U. of Mich. Sentiment at 10 - then the Energy complex awaits the Baker Hughes Rig Count at 1. 3:30 brings the "Commitment of Traders" data. Focus away from earnings remains on those Sovereign Bonds - The Fed, Bank of Japan and Bank of England all deliver their latest policy decisions next week.