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

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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 10, 2016.

Brendan McDermid/Reuters

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 10, 2016.

Dave Lutz, head of Exchange Traded Funds at JonesTrading, has an overview of what's happening in markets on Tuesday:

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  • US stock futures are green, but little changed, with the small-cap Russell 2000 lagging behind after ending a 15-day streak of gains on Monday.
  • Crude oil is down by 2% as uncertainty builds over whether OPEC members can reach an agreement on output levels at their meeting this week. Gold is under some pressure as the dollar gains. The metal is down about 1%, or $10.78 an ounce, to $1,184.48.
  • The second estimate of third-quarter US GDP will be released at 8:30 a.m. ET.

Here's Lutz:

Good Morning! US Futures are slightly higher, with the S&P up 20bp but Russell lagging behind after snapping it's 15day winning streak yesterday. Mixed bag in Europe, with the DAX up small as a recovery in Italian banks jump ahead of this weekend's referendum, helping EU Banks outperform - but the FTSE is getting hit for 60bp as declines in the basic resources and oil and gas stocks weigh heavily. Volumes are way light tho, with most exchanges across the continent trading 20-30% light to trend. Quiet overnight in Asia, where the Nikkei fell 30bp as banks dropped, Hong Kong lost 40bp, Shanghai had small gains to close near YTD highs, while Aussie lost small.

Despite the continued bid in Bunds, US Treasury Yields are slightly higher early. The DXY is trending higher as it makes gains against Euro and Yen, while the South Korea Won shrugged off headers that President Park offered to step down and Commodity FX under pressure. There was a Huge hit in Shanghai Steel Futures, losing 8% and hitting Ore for 4.5% and Copper for 1.6%, and Gold under pressure as the DXY rallies - but All eyes on OPEC discord, which is weighing on WTI for 2% into tomorrow's announcement. Natty gas remains bid as weather forecasts turn colder.

Ahead of us today, we get US GDP (2nd Estimate) at 8:30 - S&P CoreLogic Case-Shiller hits at 9, just before Fed's Dudley Speaks on Puerto Rico Economy at 9:15 - at 9:30 the SEC Equity Market Structure Advisory Committee meets - at 9:50 we get Bank of England Bond-Buying Operation Results - and at 10am we get US Consumer Confidence Index. Fed Governor Powell Speaks at 12:40, and after the close we get the API data for Crude. Throughout the session we will get headers from day 2 of the Robin Hood Conference.

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