The Market In 5 Minutes

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 News

U.S. stock futures traded higher in early pre-market trade. Futures for the Dow Jones Industrial Average jumped 88 points to 17,389.00, while the Standard & Poor’s 500 index futures rose 9.50 points to 2,038.25. Futures for the Nasdaq 100 index climbed 22.75 points to 4,304.75.

Oil prices traded higher as Brent crude futures gained 0.64 percent to trade at $48.90 per barrel, while US WTI crude futures also rose 0.71 percent to trade at $48.18 a barrel. The Energy Information Administration’s weekly report on petroleum inventories will be released at 10:30 a.m. ET.

BZ News Desk

USA Personal Income (MoM) for May 0.20% vs 0.30 consensus estimate. USA Personal Spending (MoM) for May 0.40% vs 0.40% consensus estimate.

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

Nike NKE Reports Q4 EPS $0.49 vs $0.48 Est., Sales $8.2B vs $8.28B Est.
General Mills GIS Reports Q4 Adj. EPS $0.66 vs $0.60 Est., Sales $3.9B vs $3.86B Est.
Monsanto MON Reports Q3 Adj. EPS $2.17 vs $2.40 Est., Sales $4.189B vs $4.49B Est.

Sell-Side Themes

A slew of analysts downgraded Esperion Therapeutics ESPR after the stock fell more than 30 percent Tuesday.

BMO Capital initiated coverage on a ton of pharmaceutical names, including Valeant VRX.

Sell-Side's Most Noteworthy Calls

Goldman Sachs downgraded PBF Energy PBF to Neutral.
Barclays downgraded Aegon AEG to Underweight.
JPMorgan upgraded Oracle ORCL to Neutral.
Citi upgraded Dynegy DYN to Buy.
Bernstein initiated coverage on Biogen BIIB at Outperform.

Deal Talk

Lionsgate LGF and Starz STRZA merger is falling apart over financing issues caused by the Brexit vote, according to the New York Post.

Apollo Global APO is nearing a deal to buy Diamond Resorts DRII for about $2 billion, Wall Street Journal reported.

Wal-Mart WMT could increase stake in JD.Com JD to 10 percent, which would give Wal-Mart "observer status," Dow Jones has reported.

Energy Transfer Equity ETE announced that it has terminated its merger agreement with Williams Companies WMB.

In The News

The Federal Reserve will release the second part of its annual bank stress tests featuring capital-return plans on Wednesday. Last Thursday, the Fed said all 33 big banks cleared the Stress Test bar for capital requirements. Thirty-three banks collectively had loan losses of $385 billion under a severe economic scenario.

Arizona Cardinals President Michael Bidwill said on PFT Live that he expects an online video distributor like Amazon AMZN, Netflix NFLX or YouTube will some day out-bid the traditional television companies to broadcast NFL games.

Hillary Clinton has picked a side as part of her newly unveiled technology platform. The striking thing is how closely her position mirrors comments from Apple AAPL CEO Tim Cook. Clinton’s statement reads in part, "Hillary rejects the false choice between privacy interests and keeping Americans safe." Cook, in an interview with ABC, said "It's not just about privacy but it's also about public safety."

Blogosphere

Nassim Nicholas Taleb: What do you think of him?

-

-

-

-

-

-

-

-

-

-

-

-

-

-