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

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

• US markets are trading near all-time highs after Doug Jones wins the special election in Alabama.
• The Fed is expected to raise interest rates at Wednesday's meeting.
• Oil is trading higher on Wednesday.

Here's Lutz:

Morning!   US Futures drifting just below all-time highs on the Roy Moore loss, intensifying need for Congress to wrap up taxes and a budget as GOP majority drops to 51-49 in the Senate.  Nasdaq is outperforming early, while Smalls are in the red slightly.   EU Markets are in the red, slowly losing ground as more US traders man their terminals.  DAX is off 25bp, with Consumer the only sector bid.   Volumes across Europe pacing 25% light, but France trading heavy.  The FTSE is flat, with gains in the FTSE offset by a drop in Staples and a pullback in the Oils.   In Asia, Nikkei retreated 50bp as the Yen jumped on Alabama Headlines - Hang Seng leapt 1.5% despite a lackluster rally in Tencent as Banks rallied - Shanghai added 70bp - KOSPI up 70bp as Travel stocks jumped, led by a 7% surge in Korea Air, while Aussie added small

Ahead of the anticipated Fed hike, the 2YY is on recent highs – The “Dots” will be important, as the Market is Pricing in 2 hikes in 2018, while Economists lookin for 3.  The DXY and 10YY took a small hit on the Moore loss, but have more than recovered that ground as Traders position for a “hot” CPI print this AM, with the 10YY on yesterday’s highs.  Sterling has a bid despite Weak UK Jobs Data, while Euro is under pressure despite better EU Industrial Production.   Gold is up small, but Copper up nearly 1% as Ore gains 60bp in China.   A Big Draw in Crude Stocks has WTI rebounding from yesterday’s weakness, while the bitter cold has traders buying up Natty after the last week’s shellacking. 

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