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

Thomson Reuters

Traders stand outside the New York Stock Exchange prior to the opening bell

Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.

• The S&P 500 is adding to its record close.
• Global markets are mixed this morning.
• Investors are looking ahead to the Fed's meeting on Wednesday.

Here's Lutz:

Morning! US Futures are adding to S&P's record close, with DJIA up 30bp on More Aerospace/Defense M&A, while QQQs lag due to Divvy payout. European markets are all higher, with the DAX adding 40bp as the Fins are up nearly 1% - but the Airlines weaker on Ryanair cut. The FTSE is lagging slightly, but seeing a rebound as Sterling stops ripping higher with every sector but Staples moving higher. Volumes are still in Holiday mode, with Germany's turnover 40% below 20d averages. Strong overnight in Asia - Hang Seng leaps 1.3% led by Chinese Property stocks - Shanghai up 30bp on brokerage shares - KOSPI adds 1.3% as Samsung leaps 4% - Aussie up 45bp as Banks jumped, and Japan was closed for Holiday

Ahead of the Fed Weds, Fed Funds rest at a 47% chance of a December hike, but all eyes are on details of the Balance Sheet winddown. 10YY getting upside 2.2% as Bunds get sold - while eyes are Portugal's 10YY collapsing as they get a upgrade from S&P. DXY is off small as the Pound drifts under $1.36 - Euro up small, and the Commodity Currencies like A$ and C$ are all lurching higher. Ore lost 3% before recovering to unch overnight, and Copper is seeing a rebound from last week's weakness, adding nearly 1%, while a haven retreat sees Gold and Silver under pressure. WTI holding 5month peaks as producers eyeball Maria's track, while Natty Gas is jumping 2% as NOAA predicts warmer than usual temperatures across the Eastern USA

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