The Market In 5 Minutes: The Market Wakes Up To The Trump Tax Plan

IN THE NEWS

Benzinga

• Foreign automakers have long been disincentivized to sell in China, where imports see a 25-percent tax and locally produced cars must be sold through 50/50 joint ventures with domestic entities. But the Chinese government, prioritizing a shift from fossil-fuel to electric vehicles, is reportedly considering a loophole: Link
• Teva Pharmaceutical Industries Ltd (ADR) TEVA shareholders have had an extremely volatile couple of months: Link

Wall Street Journal

• President Donald Trump and GOP leaders proposed sharply reducing tax rates on businesses and many individuals, kicking off a major legislative push to overhaul the nation’s tax code this year: Link
• Hugh Hefner, the founder of Playboy magazine who revolutionized publishing and helped usher in the sexual revolution with a vision of beauty, sophistication and the libertine lifestyle that reflected the desires of the postwar generation, died Wednesday at the age of 91: Link

Reuters

• Executives from Facebook Inc FB , Alphabet Inc GOOG GOOGL Google and Twitter Inc TWTR have been asked to testify to the U.S. Congress in coming weeks as lawmakers probe Russia’s alleged interference in the 2016 U.S. election, committee sources said: Link
• Four U.S. senators have asked the Senate Judiciary Committee to launch an investigation into a deal drugmaker Allergan Plc AGN struck with a Native American tribe to protect some of its patents from generic challenge, according to a letter seen by Reuters: Link

Bloomberg

• President Donald Trump’s plan to slash the corporate tax rate may not provide the sustained job growth that he and Republican leaders want, some economists say — that’s a point of longstanding and unsettled debate: Link
• The munchies are driving up fast-food sales in states where marijuana is legal: Link

ECONOMIC DATA

• Continuing, Initial and 4-Week Avg. Jobless Claims will be released at 8:30 a.m. ET.
• FOMC Member George is set to speak at 9:45 a.m. ET.
• FOMC Member Stanley Fischer is set to speak at 10:15 a.m. ET.
• The Federal Reserve Bank of Kansas City will release Manufacturing and Composite Index figures at 11:00 a.m. ET.
• The Treasury will auction 7-year notes at 1:00 p.m. ET.

ANALYST RATINGS

• Longbow upgraded McDonald's MCD from Neutral to Buy
• KeyBanc upgraded Aaron's AAN from Sector Weight to Overweight
• PiperJaffray upgraded Potbelly PBPB from Neutral to Overweight
• Raymond James downgraded DexCom DXCM from Outperform to Market Perform
• Morgan Stanley downgraded Trivago TRVG from Overweight to Equal-Weight
• Loop Capital downgraded Pier 1 Imports PIR Buy to Hold

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.