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

Dave Lutz, the head of exchange-traded funds at JonesTrading, has an overview of what traders are talking about right now. In brief:

• US stock futures gave up much their overnight gains and are marginally higher ahead of the opening bell. Target shares are tumbling after the retailer lowered its fourth-quarter and full-year guidance.
• Bonds are weaker ahead of a speech from Federal Reserve Chair Janet Yellen at 3 p.m. ET. Before that, the consumer price index will be released at 8:30 a.m. ET, and homebuilder sentiment at 10 a.m. The Bank of Canada also releases its interest-rate decision at 10.

Here's Lutz:

Good Morning! S&P has surrendered overnight gains as Transports under pressure with CSX and UAL, while retail weaker with TGT off a quick 3% as they slash forecasts. Fins are rebounding into Goldie and Citi tho - that seems to be helping the spoos. Sea of red across continental Europe, with DAX off small as Fins and Industrials get whacked, offsetting gains in the Tech sector. FTSE holding green despite Media getting slammed on Pearson, as Staples and HC leap higher. Volumes across the continent are solid, with Germany trading 20% heavy and London 50% heavy to normal trends. Quiet in Asia - Nikkei closed 40bp higher as Yen reversed yesterday's gains - Hang Seng closed up 1.1% - Shanghai basically unch, while Tech-Heavy Shenzhen lost 50bp on IPO jitters - Aussie barely stays green for 2017 as Banks get smoked, while MSCI EM Index closes up near 2month highs.

Yields are reversing yesterday's weakness on some hawkish remarks by Fed's Williams overnight, but all eyes on Yellen at 3pm as she discusses "The goals of monetary policy and how we pursue them". Dollar recovering from 1M lows as Sterling reversing some of yesterday's ripsaw and Euro slides from 1.07. Both the Lira and Peso both under some good pressure again. Ore lost 60bp in China, snapping a 7day win streak, hitting copper small this AM. Gold is making a solid effort to stay green for the 8^th session in a row despite the bid under the greenback - while the Energy complex is all red: Oil under pressure on chatter from Davos on significant Shale production increases - Natty reversing some of yesterday's rip higher, and Gasoline is off 1%.

Very Busy day of Catalysts today - With US CPI and Hourly Earnings at 8:30, followed by Industrial Production at 9:15. 9:50 brings the Bank of England Bond-Buying Operation Results, just before the 10am Bank of Canada Rate Decision, right when US NAHB Housing Market Index hits. Focus then shifts to the Fed, as Kashkari Speaks on Economy at 11 and the Beige Book is released at 2pm. 2:30 we see VIX Contracts roll, then all eye on San Fran as Yellen discusses "The goals of monetary policy and how we pursue them" at 3pm. Total Net TIC Flows hit at 4pm - then after the close we get API data for Crude at 4:30. KMI reports tonight, but FANG in focus with NFLX's Numbers.