Here's a super quick guide to what traders are talking about this morning

Via Dave Lutz at JonesTrading, here's what traders are talking about before markets open on Tuesday.

Good Morning! US futures are rebounding from the S&P's five day, 2.9% losing streak. The S&P and Nasdaq are gaining 50bp as overnight headers grew less dire (Slew of M&A in EU, Earnings and China "only" losing 1.2%). EU markets are all higher, led by a 1.5% in the DAX after yesterday's smackdown. Luxury stocks Kering and Luxottica #s helping sentiment, as consumer discretionary leads the rally, gaining nearly 2% on average. Fins, HC, Materials and Industrials are all up 1%+, while only Tech is lagging the rally. Volumes are decent for a Summer Tuesday, with the DAX trading 40% heavier than normal. The one headache for Europe remains Greece, and we see their bonds getting hit again this AM as the GREK ETF takes out post-halt lows. Over in Asia, the Shanghai Composite is following up its biggest one-day fall since February 2007, with another 1.7% drop, having at one point been down 5% - with heavy buying of shares in state-owned banks helped pulling it off lows. Smaller caps fared worse, with Shenzen off 22%+ and the the tech-heavy ChiNext fells 3.8%. Tokyo's Nikkei 225 finished basically flat while Hang Seng rose 60bp. Aussie lost small, as Fins and Energy helped offset losses in the Miners

The Fed begins a two-day policy meeting Tuesday and will release its statement on interest rates at 2 p.m. EDT Wednesday (No Presser) - and the US 10YY has rebounded 4bp to test yesterday's pre-market highs, while bunds are seeing some pretty heavy pressure this AM. The DXY is rebounding, and giving the correlation with equities, helping the S&P recover. Gains are being made against both Euro and Yen, while growth proxies are having a better day - Aussie $ is in rally mode and Copper adding 1% early. Eyes remain on Gold, which has failed an upside $1100 break this AM as short-covering gets exhausted, and the stronger $ weighs. The Energy complex is showing no life, as Brent breaks further into a bear market, losing 1.5%, and driving both Brent and WTI towards a test of March lows.

Scheduled Catalysts today include S&P Case-Shiller at 9, followed by Consumer Confidence and Richmond Fed at 10. We get API inventories after the close. In Washington today, the Senate continues debate on highway bill; Senate Banking Cmte holds hearing on lifting crude oil export ban with Senate Energy and Natural Resources Cmte Chairman Lisa Murkowski at 9:30am; John Kerry and Jack Lew testify to House Foreign Affairs Committee on Iranian nuclear deal at 10 right when GOP leaders speak after having a closed conference