The Market In 5 Minutes

IN THE NEWS

Benzinga

Hurricane Harvey, which slammed Houston and east Texas just before Hurricane Irma began bearing down on Florida, could cost an estimated $180 billion in damages, eclipsing the inflation-adjusted toll wrought by Katrina in 2005: Link

Just about as soon as the Apple Inc AAPL iPhone 8 announcement was made, there has been speculation of a possible production delay: Link

Wall Street Journal

Global stocks and the U.S. dollar edged higher Monday and haven assets retreated, as fears eased among investors about a standoff with North Korea and the impact of Hurricane Irma on the U.S. economy: Link

The havoc wreaked by major summer storms stands to deepen a global crude-supply glut that has depressed oil prices for more than three years: Link

Reuters

The UN Security Council is set to vote on Monday on a watered-down U.S.-drafted resolution to impose new sanctions on North Korea over its latest nuclear test, diplomats said, but it was unclear whether China and Russia would support it: Link

France, Germany, Italy and Spain want digital multinationals like Amazon.com, Inc. AMZN and Google to be taxed in Europe based on their revenues, rather than only profits as now, their finance ministers said in a joint letter: Link

Bloomberg

The U.S. is poised to experience its first annual decline in solar-panel installations, as a drop in rooftop demand slows growth in the world’s second-biggest market: Link

China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the $150 billion cryptocurrency market after the country outlawed initial coin offerings last week: Link

ECONOMIC DATA

• The Treasury is set to auction 3-and 6-month bills at 10:00 a.m. ET.
• The Treasury will auction 3-year notes at 11:30 a.m. ET.

ANALYST RATINGS

• Cowen upgraded Allscripts Healthcare MDRX from Market Perform to Outperform
• KeyBanc upgraded ABM Industries ABM from Sector Weight to Overweight
• Goldman Sachs upgraded WEX Inc WEX from Neutral to Buy
• Deutsche Bank downgraded Snap Inc SNAP from Buy to Hold
• Jefferies downgraded Seagate Technology PLC STX from Buy to Hold
• Credit Suisse downgraded GrubHub GRUB from Outperform to Neutral