The Market In 5 Minutes: We're Gathered Here To Get Through This Thing Called Life

Below 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. Apply for daily AM access by clicking here or email minutes@benzinga.com.

Macro Focus

U.S. stock futures traded higher. On Monday, Fed Chairwoman Janet Yellen assured interest rates will not be raised until the economic outlook becomes more certain.

USA Nonfarm Productivity (QoQ) for Q1 -0.60% vs -0.60% consensus estimate. USA Unit Labor Costs (QoQ) for Q1 4.50% vs 4.00% consensus estimate. Consumer credit data for April will be released at 3:00 p.m. ET.

Futures for the Dow Jones Industrial Average jumped 59 points to 17,974.00, while the Standard & Poor's 500 index futures rose 6.75 points to 2,115.00. Futures for the Nasdaq 100 index surged 17 points to 4,542.50.

In Asian markets, Japan's Nikkei Stock Average rose 0.58 percent, Hong Kong's Hang Seng Index rose 1.42 percent, China's Shanghai Composite Index climbed 0.07 percent and India's BSE Sensex gained 0.87 percent. The Reserve Bank of India kept its policy interest rate unchanged at 6.50 percent.

BZ News Desk Focus

Some of last night's and this morning's notable earnings:

Valeant VRX Reports Q1 Adj. EPS $1.27 vs $1.37 Est., Sales $2.4B vs $2.38B Est.
United Natural Foods UNFI Reports Q3 EPS $0.76 vs $0.66 Est., Sales $2.13B vs $2.16B Est.
Caseys General Stores CASY Reports Q2 EPS $1.19 Vs Est $1.22, Sales $1.58B Vs Est $1.57B, SSS Up 7.4%
Michaels Cos. MIK Reports Q1 Adj. EPS $0.36 vs $0.35 Est., Sales $1.16B vs $1.17B Est.

Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.

Sell-Side Themes

Citi looked at the iron ore sector, upgrading Rio Tinto RIO and maintaining a Neutral rating on BHP Billiton BHP.

Sarepta SRPT rallied 30 percent as the FDA requested dystrophin data prior to making decision on eteplirsen. A few analysts weighed in positively on the issue.

Sell-Side's Most Noteworthy Calls

Morgan Stanley downgraded Relypsa RLYP to Underweight.
Goldman Sachs downgraded Jabil Circuit JBL to Sell.
Wedbush upgraded Sarepta to Outperform.
Barclays upgraded Zillow ZG to Overweight.
Cowen initiated coverage on General Electric GE at Market Perform.
BMO Capital initiated IAC/InterActive IAC at Outperform.

Deal Talk

Yahoo YHOO is expected to receive a bid for its internet properties from Verizon VZ, but it may not necessarily be pleased with the offer. The Wall Street Journal, citing "a person familiar with the matter," reported Verizon plans to submit a second-round bid for Yahoo's internet properties of around $3 billion. Verizon told Yahoo it may end up paying more or less based on a few overhangs and concerns.

In The News

Hillary Clinton clinched the Democratic presidential nomination Monday, according to multiple delegate and superdelegate counts, and will become the first woman in the 240-year history of the United States to lead the presidential ticket of a major political party.

Commodities entered a bull market on Monday, ending a five-year rout, as supply constraints drive up prices in everything from soybeans to zinc, and help the asset class outperform bonds, currencies and equities so far in 2016.

The heavy infrastructure requirements for the Silk Road economic belt in Eurasia (and a maritime version that would extend from Southeast Asia to the Suez Canal) could soak up the overcapacity in China’s steel and construction industries and stimulate new trade flows. Chongqing may be a big beneficiary.

Blogosphere

The job market slump started a long time ago. But when exactly?

Time to invest in stocks, not the stock market. The current market risk characteristics encourage investors to be stock pickers rather than passively investing in the market.

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