Here's a super-quick guide to what traders are talking about ahead of a ton of economic data

Dave Lutz, head of Exchange Traded Funds at JonesTrading, has a quick overview of what traders are watching right now:

• Here comes economic data. The third estimate of third-quarter GDP, initial jobless claims, and personal consumption and income numbers all cross early in Thursday's trading session.
• Trading is expected to be slow again, as Wall Street thins out for the holidays. "Volumes are horrific," Lutz writes. Futures are lower but little changed as Dow 20,000 watch continues.

Here's Lutz:

Good Morning! US Futures are slightly lower ahead of a Ton of data today as things get pulled forward from tomorrow. Mixed bag across Europe, with Basic resources and Tech leading to upside - while Fins are slightly higher as Monte gets a state bailout in Italy, helping the MIB jump 70bp early. London lagging as base metal prices weigh on Miners, hitting the FTSE for 20bp. Volumes are horrific, with the DAX and FTSE trading 50% their normal Volumes. Subdued trading in Asia, where Hong Kong lost 80bp - China gained 10bp - Nikkei lost 10bp led by Fins, and Aussie climbed 50bp to fresh 2016 peaks led by Fins. Emerging stocks hit a one-month low as South Korea's Won and Taiwan's Dollar hit multi-month lows, and Turnover quiet as Markets in Tokyo will be closed on Friday for the Japanese Emperor's birthday.

Yields are breaking higher, with Bund Yields finally rising as the ECB wound down their buy-program yesterday - Helping Treasury yields move back over 2.55%. The DXY is drifting off small, as Euro continues to retrace as Buba calls for ECB hikes, while eyes remain on that Aussie$ as it resumes retreat on Trump Trade appointments. Commodities having a rough morning, with Copper hit for 1% to 1month lows - following Ore which dropped 5% in China as high inventories weigh. Oil breaking down a touch from 1+ highs with Gasoline leading to downside as Libya output and profit-taking weigh - but Natty is adding small to its 8% ripper yesterday. Softs are all weaker early - Some concerns building about Navarro and his China Stance weighing on US Ag Exports.

Ahead of us today, we get GDP (3^rd Estimate Q3); Chicago Fed Index; Core PCE; Durable Goods Orders and Weekly Jobless Claims at 8:30 - FHFA House Price Index hits at 9 - Personal Income and Spending; Leading Index; PCE Deflator all post at 10am - at 10:30, Natty Gas Inventory data in focus after the rip higher yesterday. 11am brings Kansas City Fed Manf. Activity, and at 1pm the US Treasury holds an Auction of $14 Bln 5-Year TIPS in a Reopening.