The Market In 5 Minutes

IN THE NEWS

Benzinga

Bitcoin may have been the first cryptocurrency to get mainstream attention, but rival currency ether has gained more than 2,000 percent so far in 2017: Link

America’s debt is the largest for any single country in the entire world. Indeed, one of the more unsettling sights on the internet is the U.S. national debt clock, a running record of the increasing debt load in total, as well as how it breaks down per citizen: Link

June was event-filled as far as the PDUFA calendar was concerned. The month ushered in good tidings for the biotech sector, as most applications for approval pending before the FDA were favorably viewed: Link

Wall Street Journal

Volvo, the auto maker that spent 90 years polishing a reputation for safety, indicated Wednesday it is mounting an ambitious challenge to Tesla Inc TSLA’s electric cars: Link

For years Dish Network Corp. DISH Chief Executive Charlie Ergen has sought out deals and partnerships with just about every major telecom company, from Sprint to T-Mobile to AT&T —so far, to no avail. Enter a surprising new potential partner, Amazon AMZN: Link (Benzinga first reported on this partnership on June 8)

Reuters

One of the investors former drug company executive Martin Shkreli is accused of defrauding testified on Wednesday that Shkreli lied to him repeatedly, although he eventually made millions of dollars from the investment: Link

In the world of financial technology, where startups are the focus of M&A chatter, a $10 billion combination of two back-office processors whose roots date to the 1970s might seem unusual: Link

Bloomberg

What do watches, oil, uranium and screws all have in common? At one time or another they were argued to be critical to America’s national defense: Link

The Federal Reserve’s consensus about when to shrink its balance sheet and how to approach policy strategy in a time of low inflation is starting to fragment: Link

New York Post

Activist hedge fund Marcato Capital got everything it wanted out of Buffalo Wild Wings BWLD — except for a higher stock price: Link

ECONOMIC DATA

• USA Challenger Job Cuts for Jun 31.10K vs 51.70K prior reading.
• USA ADP Employment Change for Jun 158.0K vs 185.0K consensus estimate. The prior reading was 253.0K.
• Initial Jobless Claims for Jun 30 248.0K vs 243.0K estimate; Continuing Claims for Jun 23 1.96M vs 1.94M estimate.
• The services PMI for June is schedule for release at 9:45 a.m. ET.
• Federal Reserve Governor Jerome Powell will speak in Washington, DC at 10:00 a.m. ET.
• The ISM non-manufacturing index for June is schedule for release at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
• Data on money supply for the recent week will be released at 4:30 p.m. ET.
• Federal Reserve Vice Chairman Stanley Fischer is set to speak in Vineyard Haven, Massachusetts, at 7:30 p.m. ET.

ANALYST RATINGS

• Longbow Research upgraded Buffalo Wild Wings from Underperform to Neutral
• Goldman Sachs upgraded Microsemi MSCC from Neutral to Buy
• Morgan Stanley downgraded O'Reilly Automotive ORLY from Overweight to Equal-Weight
• Credit Suisse downgraded O'Reilly Automotive from Outperform to Neutral
• Morgan Stanley downgraded AutoZone AZO from Overweight to Equal-Weight

This 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. To get the full version of this note every morning, click here or email minutes@benzinga.com.