The Market In 5 Minutes: This Is Our Independence Day

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 slightly lower in early pre-market trade. Futures for the Dow Jones Industrial Average dropped 3 points to 17,816.00, while the Standard & Poor’s 500 index futures fell 1.40 points to 2,088.80. Futures for the Nasdaq 100 index declined 4.50 points to 4,404.00.

The eurozone's jobless rate declined to 10.1 percent in May, versus 10.2 percent. Japanese consumer prices dropped 0.4 percent year-over-year in May, while China's official manufacturing PMI dropped to 50.0 in June, compared to 50.1 a month ago.

Oil prices traded lower as Brent crude futures declined 0.60 percent to trade at $49.38 per barrel, while US WTI crude futures also fell 0.54 percent to trade at $48.04 a barrel.

U.S. stock markets will be closed Monday for the Independence Day holiday.

BZ News Desk Focus

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

8-K from Micron MU Shows Q3 EPS $(0.21), Sales $2.9B vs $2.96B Est.
Franklin Covey FC Reports Q3 EPS $(0.07) vs $0.08 Est., Sales $44.7M vs $49.8M Est.

Sell-Side's Most Noteworthy Calls

Credit Suisse downgraded SolarCity SCTY to Neutral.
Evercore downgraded Qualcomm QCOM to Hold.
Wedbush upgraded Square SQ to Neutral.
Citi upgraded Genesis Energy GEL to Buy.
Canaccord initiated coverage of Netflix NFLX at Buy.
Stifel started Aldeyra Therapeutics ALDX at Buy.

Deal Talk

Sources told Benzinga FireEye FEYE has multiple bidders and said discussions are ongoing.

Hershey HSY on Thursday rejected a $23 billion takeover bid by Mondelez MDLZ that would seek to expand the latter's limited U.S. footprint and create the world's largest confectioner.

Apple AAPL is in talks to acquire Tidal, a streaming-music service run by rap mogul Jay Z, people familiar with the matter told Wall Street Journal. Apple is exploring the idea of bringing on Tidal to bolster its Apple Music service because of Tidal’s strong ties to popular artists such as Kanye West and Madonna.

In The News

Three members of a major cocaine trafficking ring that used Duane Reade stores to conduct sales over the past year were indicted Thursday in a takedown that also included 18 customers. Chipotle's CMG chief creative and development officer Mark Crumpacker was among the name indicted.

U.S. auto-safety regulators are investigating what is believed to be the first fatal crash involving a Tesla TSLA car that was driving itself, an incident that is likely to ratchet up scrutiny of a technology that has been evolving with little oversight.

New Jersey Gov. Chris Christie and former House Speaker Newt Gingrich are among the finalists to be Donald Trump's running mate, sources confirmed to CNN. Christie has received the official paperwork for the vetting process, according to a source with knowledge of events. Gingrich is being "seriously considered" for the job, a Trump adviser said.

Blogosphere

Check out this thread: Why did the media cover the 2-day Brexit stock fallout like crazy but has been silent today as the market has made an almost full dramatic recover in 3 days.

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