NewsWare’s Trade Talk: Tuesday, September 5

S&P Futures are trading lower this morning as the market is concerned with the weak PMI figures from China and the EU. Goldman lowered its odds for a recession in the next 12 months due to recent labor and inflation data. Traders will be paying attention to Fed Speak this week ahead of the quite period that starts on Saturday. CME's Fed Watch tool indicate only a 7% chance of a rate high at the Sept FOMC meeting which takes place in two weeks. European stocks are lower this morning and Oil prices are weakening due to the drop in China's services PMI.