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

Dave Lutz, the head of exchange-traded funds (ETFs) at JonesTrading, has an overview of what's happening in markets on Wednesday:

• US stock futures are little changed, with the Nasdaq adding to the closing high it hit on Tuesday. The FTSE in London is gunning for a 10th straight record high.
• Industrial commodities are rallying. Copper is adding to a three-month high, while crude oil is higher after two days of weakness and ahead of weekly inventory data from the Department of Energy.

Here's Lutz:

Good Morning! US Futures are marked slightly higher, with the QQQs adding to record close. A Mixed bag in Europe, where the DAX is up 10bp as discretionary and Energy rally, but thos Fins remain under pressure of profit-taking, hitting Italy for 25bp. In London, the FTSE going for 7,300 and a 10th consecutive day of record closes as Miners jump higher again, offsetting weakness in Discretionary. Volumes heavy across the continent, with the DAX and FTSE trading 40% heavier than average. Asian stock markets were broadly higher - Japan closed up 30bp as the Yen fell, China lost 80bp on concerns of heavy Chinese IPOs incoming, while Hong Kong rose for a 5^th session - Aussie climbed small on Energy shares, while India reclaims 27,000

Some Reversal in Bunds and Treasuries - they had been under pressure most of the morning, but are now leaping higher, pressing the US 10YY back under 2.37%. The DXY is bouncing from 102 - Euro hit towards 1.05 (and holding for now) - Sterling on 10week lows - while EM FX still weak: Lira fresh lows and Peso on record lows into the Trump Presser at 11amET. Bitcoin off 6% as China moves further against the currency. Industrial commods are mostly higher, with Copper adding to 3month highs as Ore has leapt 10% this week and Oil rebounding from a 2day whack into DOE inventories - headers chattering Saudi supply cuts to Asia outweighing heavier than expected US Inventory data. Interesting that GOLD is well bid despite the DXY rip - Positioning shows the street way short that yeller metal.

Quiet Economic Calendar today - we get Bank of England Bond-Buying Operation Results at 9:50, just before UK's NIESR GDP Estimate at 10. DOE data for Crude hits at 10:30 (Last night's API showed a 1.5mln build, with Gasoline stocks jumping 1.7mln - both slightly heavier than estimates). At 11am we get the Trump Presser (1^st Since Election) - then at 1pm we get a Auction of $20 Bln 10-Year Notes (Reopening). Small builder KBH (#13 ITB - not even in the XHB) reports after the close. Active day in Washington, as the Senate holds 3 confirmation hearings (supposed to be 5, 2 were delayed) and moves on ACA thru Budget Process.