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 Focus

The S&P 500 came just a points shy of its highest close ever. The index ended Friday's session at 2,129.90, just below the all-time high of 2,130.82 it made in March 2015. Markets were buoyed by a strong job's report on Friday morning.

The U.S. economy bounced back in a major way in June by adding 287,000 jobs, well above consensus expectations of 175,000. The unemployment rate rose slightly more than expected to 4.9 percent. DriveWealth's Brian Dolan said this month’s blowout jobs number will get the Federal Reserve talking.

"On the whole, [Friday's] report has the potential to put a Fed rate hike back on the table," said Dolan, "and I would expect to see markets begin to price back (again) in the possibility of a Fed move later this year."

BZ News Desk Focus

The second-quarter reporting season kicks off this week, and as usual the big banks are among the first to take their turns in the earnings spotlight. In particular, reports are expected from Citigroup C, JPMorgan JPM and Wells Fargo WFC.

Gun makers such as Smith & Wesson and a slew of other related stocks surged on Friday following the tragic shooting of five police officers in Dallas. If history is any indication, the stocks won't give back Friday’s gains anytime soon. In the one month following the five most-recent mass shootings, Sturm Ruger RGR has delivered an average gain of 8.7 percent, while Smith & Wesson SWHC stock has surged an average of 16.1 percent.

Sell-Side Themes

SunTrust's Bob Peck, one of the more prominent tech analysts, stepped to the sidelines on two big names this morning: Twitter TWTR and Yahoo YHOO were both downgraded to Neutral.

Sell-Side's Most Noteworthy Calls

Wells Fargo downgraded Viacom VIAB to Underperform.
BMO Capital downgraded Monster Worldwide MWW to Market Perform.
Jefferies upgraded Baker Hughes BHI to Hold.
JPMorgan downgraded ConocoPhillips COP to Neutral.

Deal Talk

UFC has been sold for $4 billion in a deal expected to be officially announced Monday. The new owners will be talent agency WME-IMG, its owner Silver Lake Partners, Kohlberg Kravis Roberts and MSD Capital, the investment firm of Michael Dell.

Hewlett Packard Enterprise HPE is said to be considering selling some of its software assets, according to sources as reported by Bloomberg on Friday. Some of the assets under consideration for a sale are Autonomy, Mercury Interactive and Vertica Systems.

Imperva IMPV will explore strategic options and is said to be hiring an investment bank to assist in the process, according to sources as reported by Reuters on Friday. The move comes following pressure from from activist investor Elliott Management Corp, who reported an approximately 10 percent stake in Imperva and announced its was speaking to the company about strategic opportunities, the sources said.

In The News

A new smartphone game -- Pokemon Go-- has fans chasing Pokémon characters through real-life city streets, turned into an unexpected craze and added $9 billion worth of market value to Nintendo NTDOY in just a few days.

Andrea Leadsom has pulled out of the contest to become the next Conservative Party leader and UK Prime Minister - with Theresa May now set to succeed David Cameron.

Interested in what Elon Musk is up to? Here's what he Tweeted Sunday afternoon: "Working on Top Secret Tesla Masterplan, Part 2. Hoping to publish later this week."

Blogosphere

The dominance of THIS investment category is impossible to ignore.

Trending

DGLY TASR TWTR DK COP OZRK HMNY CAR BNO UPS BCE AG VMW [Stocktwits]

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