The Market In 5 Minutes: Indexes Are At All-Time Highs

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 Dow Jones industrial average closed at a record high Tuesday, a day after the S&P 500 index did the same. The gains were led by energy, materials and finance companies. The Dow closed at 18,347.26, up 120 points. The S&P 500 closed at 2,152.14, up about 15 points from Monday's record close.

Oil production from the Middle East has climbed to a record while U.S. output slumps, the International Energy Agency said, in a sign that OPEC’s strategy of defending market share is succeeding. Middle Eastern output exceeded 31 million barrels a day for a third month in June amid near-record supply from Saudi Arabia, while U.S. oil production slid 140,000 barrels a day to 12.45 million

USA Export Price Index (MoM) for June 0.80 percent vs 0.40 percent Est. USA Import Price Index (MoM) for June 0.20 percent vs 0.50 percent Est.

The Federal Reserve Beige Book is due out 2:00 p.m. ET.

BZ News Desk Focus

AAR AIR Reports Q4 EPS $0.34 vs. Est. $0.47, Rev. $458.2M vs. Est. $452.4M
AngioDynamics ANGO Reports Q4 Adj. EPS $0.19 vs $0.16 Est., Sales $93.4M vs 88.4M Est.

After the close, Yum Brands YUM is expected to report quarterly earnings at $0.74 per share on revenue of $3.07 billion.

On Monday, Benzinga Pro reported option trading in NetSuite N suggested investors are betting on significant upside in the stock this week. On Tuesday, shares were up more than 12 percent amid rumors floating around Wall Street that Oracle ORCL may be acquiring the company.

Sell-Side Themes

Barclays weighed in on the oil sector, downgrading Phillips 66 PSX and Petrobas PBR while upgrading Murphy Oil MUR and a few others.

Goldman Sachs reinstated coverage on Williams Companies WMB (Buy) and Energy Transfer Partners ETE (Neutral).

Sell-Side's Most Noteworthy Calls

Wells Fargo downgraded Yelp YELP to Underpeform.
Baird upgraded Plains All American PAA to Neutral.
Piper Jaffray upgraded Pandora P to Overweight.
Bank of America initiated coverage on Diamondback Energy FANG at Buy.
Cowen started Carter's CRI at Market Perform.

Deal Talk

An 8-K from Abbott Labs ABT shows the company and St. Jude Medical STJ each received request for added information from the U.S. FTC for its proposed merger.

Helios and Matheson Analytics HMNY and Zone Technologies have signed a definitive agreement and plan of merger.

Diamondback Energy reported a purchase deal for leasehold interests and related assets in Southern Delaware Basin for $560 million.

In The News

Hillary Clinton and Bernie Sanders formally declared an end to their political rivalry Tuesday, joining forces to take on Donald Trump. "I have come here to make it as clear as possible why I am endorsing Hillary Clinton and why she must become our next president," Sanders said at a joint rally. "Secretary Clinton has won the Democratic nomination and I congratulate her for that."

Amazon AMZN closed down about 0.7 percent, or $5.57 per share, amid its Prime Day sale. The stock saw a sharp downturn midday after it was reported ChannelAdvisor said Prime Day sales were flat year over year.

"We believe investors are mis-interpreting ChannelAdvisor's reported data on Prime Day," Piper Jaffray's Gene Munster said in a mid-day note. "With Prime Day members up 40-50% y/y since last Prime Day, better press coverage, and much stronger brand/merchant engagement, we believe Prime Day will deliver 37%+ unit growth vs. 2015."

Blogosphere

Are the laws of finance being rewritten? "Science advances one funeral at a time. Portfolio theory, however, may require a mass grave."

Trending

SGY REN CLF WMGI P IHS DWRE N GSK NOK MET JUNO DDD AMZN ZION VZ [StockTwits]

Kansas City Royals first baseman Eric Hosmer was named All-Star MVP award after the American League's 4-2 victory in the 87th MLB All-Star Game. Boston Red Sox first baseman David Ortiz, retiring at the conclusion of the 2016 season, left to a rousing standing ovation after a walk in his second at-bat.