Markets Are Going Nowhere

It's a quiet morning in the markets as we enter the dog days of summer.

Right now, U.S. stock and bond futures are flat.

French, Spanish, and Italian stocks are up marginally, while London and Germany are down marginally.

In Asia, the Nikkei closed Tuesday up 1 percent and the Shanghai Composite rose 0.5%, but the Hong Kong Hang Seng fell 1.3%.

Major economic data releases this morning include Italian Q2 GDP figures, due out at 5 AM ET, and German factory orders data for June, due out at 6 AM.

Then, at 8:30, we get June data on the U.S. trade balance.