The Market In 5 Minutes: Summer Stocks, Jobless Claims, David Einhorn And More

IN THE NEWS

It seems there’s a new tariff being threatened or applied on a weekly basis. For investors who need a recap of the trade turmoil, here’s a 2018 tariff timeline: Link

On Wall Street, the month of July has a reputation for low market volume and a lack of big news headlines: Link

For years, David Einhorn’s investors didn’t seem to mind his unusual ways—the aloofness toward clients, midday naps, unpopular stock picks, late nights on the town. Until the billionaire hedge-fund manager fell into a slump: Link $

Friday is the date when the world’s two largest economies are due to slide deeper into a trade conflict that’s roiled markets and cast a shadow over the global growth outlook: Link $

A ship carrying U.S. soybeans is steaming toward northern China in a race to beat a 25 percent tariff: Link $

ECONOMIC DATA

• USA ADP Employment Change for Jun 177.0K vs 190.0K Est; Prior 178.0K
• US Initial Jobless Claims for Jun 30 231.0K vs 231.0K Est; Prior 227.0K. Continuing Claims for Jun 23 1.74M vs 1.72M Est; Prior 1.71M
• US Services Purchasing Managers' Index for June is schedule for release at 9:45 a.m. ET.
• The ISM non-manufacturing index for June will be released at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.
• The Federal Open Market Committee will issue minutes of its meeting at 2:00 p.m. ET.
• Data on money supply for the latest week will be released at 4:30 p.m. ET.

ANALYST RATINGS

• KeyBanc upgrades Qorvo QRVO from Neutral to Buy
• Credit Suisse upgrades Brookfield Infrastructure BIP from Neutral to Outperform

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.