The Market In 5 Minutes: Big Jobs Data Beat, Fannie And Freddie, Tariffs And More

IN THE NEWS

Snap Inc SNAP is down nearly 50 percent from its year-to-date high. It’s suffered poor publicity and posted weak earnings, and amid all that, it’s racked up short interest of 110 million shares. Naturally, it has a fan in contrarian Citron Research: Link

June is almost here and if history repeats, the arrival of the sixth month of the year isn't good news for equities. Over the past 20 years, the S&P 500 has averaged June declines of 0.5 percent, making June the fourth-worst month of the year for the benchmark domestic equity gauge: Link

The U.S. made friends with metalworkers Thursday, but not with anyone else: Link

Life isn’t getting any easier for Athenahealth’s ATHN Jonathan Bush. As the health care CEO fends off a takeover attempt by activist investor Elliott Management, Bush is being forced to face a second allegation of his mistreatment of women: Link

U.S. opens criminal probe into trading in Fannie, Freddie Bonds: Link $

Trump to grant lifeline to money-losing coal power plants: Link $

ECONOMIC DATA

1. Nonfarm Payrolls for May 223.0K vs 189.0K Est; Prior 164.0K. Private Payrolls for May 218.0K vs 183.0K Est; Prior 168.0K
2. US Unemployment Rate for May 3.80% vs 3.90% Est; Prior 3.90%
3. The manufacturing PMI for May is schedule for release at 9:45 a.m. ET.
4. Data on construction spending for April will be released at 10:00 a.m. ET.
5. The ISM manufacturing index for May is schedule for release at 10:00 a.m. ET.
6. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

ANALYST RATINGS

• Stifel Upgrades UDR UDR from Hold to Buy
• Imperial Upgrades American Airlines AAL from In-Line to Outperform
• Imperial Downgrades Southwest Airlines LUV from Outperform to In-Line
• JPMorgan Downgrades Scotts Miracle-Gro SMG from Neutral to Underweight

This is a tool used by the Benzinga News Desk each trading day — it's a look at everything happening in the market, in five minutes. To get the full version of this note every morning, click here.