The Market In 5 Minutes: #TrumpSoPoor And More

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 in early pre-market trade. Futures for the Dow Jones Industrial Average jumped 69 points to 17,780.00, while the Standard & Poor’s 500 index futures rose 10 points to 2,084.25. Futures for the Nasdaq 100 index surged 22.25 points to 4,412.25.

Germany's ZEW measure of economic expectations increased to 19.2 in June, compared to 6.4 points in May.

Oil prices traded lower as Brent crude futures dropped 1.20 percent to trade at $50.04 per barrel, while US WTI crude futures also declined 1.13 percent to trade at $48.81 a barrel. The API's crude oil inventory report for the recent week will be released at 4:35 p.m. ET.

BZ News Desk Focus

Federal Reserve Chair Janet Yellen is scheduled to testify before the Senate Banking Committee in Washington at 10:00 a.m. ET, while the Federal Reserve Gov. Jerome Powell is scheduled to speak in New York at 2:30 p.m. ET.

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

Lennar LEN Reports Q2 EPS $0.95 vs $0.79 in Same Qtr. Last Year, Sales $2.75B, Deliveries Up 12%, New Orders Up 10%
CarMax KMX Reports Q1 EPS $0.90 vs $0.92 Est., Sales $4.13B vs $4.19B Est.

Sell-Side Themes

Goldman Sachs rearranged its ratings in the oil pipeline sector.

Credit Suisse looked at some medical research names.

Sell-Side's Most Noteworthy Calls

Bank of America downgraded Lear LEA to Neutral.
Deutsche Bank downgraded Prologis PLD to Hold.
Morgan Stanley upgraded Marathon Oil MRO to Equal-Weight.
Oppenheimer initiated coverage on Vivint Solar VSLR at Perform.
Canaccord started coverage on Cirrus Logic CRUS at Buy.

Deal Talk

Impax IPXL reports deal to buy Generic Products from Teva TEVA and affiliates of Allergan AGN for $586 million.

McKesson MCK is said to have had discussions about a merger of its IT unit with Change Healthcare.

In The News

The U.S. Senate on Monday failed to reach an understanding on gun sales and rejected four measures that would have restricted the sale of guns. Gun violence has been a hot topic in recent memory and intensified over the past week after a shooter pledged allegiance to the terrorist group ISIS and massacred 49 people, injuring dozens more at a gay nightclub in Orlando, Florida. Gun stocks were trading relatively flat Tuesday morning despite headline news appearing to be a bullish sign for the gun manufacturers.

A study comparing hospital admissions in “wet” versus “dry” counties in Texas found that people living in dry counties, where sales of alcoholic beverages are prohibited, had a higher risk of being hospitalized for a heart attack or congestive heart failure than people living in wet counties, where such sales are allowed. Residents of wet counties were at elevated risk for a heart rhythm disorder called atrial fibrillation.

According to POLITICO, Apple AAPL CEO Tim Cook will be hosting a fundraiser with House Speaker Paul Ryan next Tuesday, June 28. Cook and Gary Wipfler, the company’s treasurer, will be raising cash for Ryan and other House Republicans at a private breakfast in California.

Blogosphere

"Bitcoin is still mainly a gimmick favored by geeks who want to revolutionize the world and do away with central banks -- or by people in China wishing to take money out of the country," Gadfly says. "But of late, its appreciation suggests more investors may be seeing the unit as a store of value, one of the requirements for economists to start calling it a real currency."

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