The Market In 5 Minutes: Right To Try, Uber, Buffett, Jobless Claims And More

IN THE NEWS

President Donald Trump signed legislation Wednesday that give terminally ill patients the "right to try" experimental treatments not approved by the Food and Drug Administration, although observers say the cooperation of drug companies and affordability issues could limit the law's real-world application: Link

Sanofi SA (ADR) SNY fired back Wednesday after Roseanne Barr blamed its sleep aid Ambien for a racist tweet that drew public backlash and prompted ABC to cancel “Roseanne”: Link

Washington will announce plans to slap tariffs on EU steel and aluminum imports as early as Thursday morning, sources said, while the U.S. Commerce Secretary said any escalation of their trade dispute would depend on the bloc’s reaction: Link

Uber Technologies Inc is talking with Alphabet Inc’s GOOGL autonomous driving unit Waymo about using its technology on Uber’s ride-hailing app, Uber Chief Executive Dara Khosrowshahi said on Wednesday, signaling a possible thaw in relations between the firms: Link

Warren Buffett earlier this year offered to invest $3 billion in Uber, but the two sides couldn’t agree on the terms: Link $

The Federal Reserve proposed on Wednesday easing a rule designed to curb risky trading in the wake of the financial crisis, one of the most significant deregulatory measures for banks since President Donald Trump took office: Link $

A distillery in a small Spanish town has claimed it invented the original Coca-Cola KO recipe and now wants recognition: Link

ECONOMIC DATA

• Initial Jobless Claims For Week Ended May 25 221K vs 225K Economist Estimate, Down From 234K In Prior Week
• Personal Income Apr. Up 0.3%, Personal Spending Up 0.6%
• The Chicago PMI for May is schedule for release at 9:45 a.m. ET.
• The pending home sales index for April will be released at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories will be released at 11:00 a.m. ET.
• Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 12:30 p.m. ET.
• Fed Governor Lael Brainard will speak at 1:00 p.m. ET.
• Data on money supply for the recent week will be released at 4:30 p.m. ET.
• Federal Reserve Bank of Dallas President Robert Kaplan is set to speak at 8:30 p.m. ET.

ANALYST RATINGS

• Canaccord upgrades Biogen BIIB from Hold to Buy
• Morgan Stanley upgrades Corning GLW from Equal-Weight to Overweight
• Morgan Stanley downgrades Micron MU from Overweight to Equal-Weight
• Cantor downgrades HealthEquity HQY from Overweight to Neutral

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