The Market In 5 Minutes: More Trade Threats, July PDUFA Dates, Tesla's Goal And More

IN THE NEWS

Tesla Inc TSLA shares popped more than 6 percent Monday morning as traders took in a Sunday memo CEO Elon Musk sent to staff celebrating second-quarter self-imposed production achievements: Link

After one of its best years in recent history in 2017, the S&P 500 has delivered lackluster returns in the first half of 2018, gaining just 1.5 percent year-to-date. But there have been plenty of big winners in the market so far this year: Link

The crypto boom came to a screeching halt in 2018, with most major cryptocurrencies down more than 40 percent on the year. Investor fears over global regulatory crackdowns and dozens of cryptocurrency security breaches have spooked investors that were so enthusiastically buying last year: Link

For potential profit from volatility in the biotech space, stay tuned for the following PDUFA catalysts expected in the month of July: Link

The U.S. Chamber of Commerce, the nation’s largest business group and customarily a close ally of President Donald Trump’s Republican Party, is launching a campaign on Monday to oppose Trump’s trade tariff policies: Link

President Donald Trump said he sees his threat to impose global auto tariffs as his biggest weapon to extract concessions from trading partners, shedding more light on his broader trade policy strategy: Link $

ECONOMIC DATA

• The PMI manufacturing index for June is schedule for release at 9:45 a.m. ET.
• The ISM manufacturing index for June will be released at 10:00 a.m. ET.
• Data on construction spending for May will be released at 10:00 a.m. ET.
• The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
• The Treasury will auction 4-week bills at 1:00 p.m. ET.

ANALYST RATINGS

• Morgan Stanley upgrades Wells Fargo WFC from Underweight to Equal-Weight
• Raymond James upgrades DexCom DXCM from Market Perform to Outperform
• Cowen downgrades Nordstrom JWN Outperform to Market Perform
• Mizuho downgrades Walgreens WBA from Buy to Neutral

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.