The Market In 5 Minutes: Markets Trading Near Record-High Levels

Below 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. Apply for daily AM access by clicking here or email minutes@benzinga.com.

Macro Focus

U.S. stock futures traded lower. Futures for the Dow Jones Industrial Average dropped 48 points to 17,946.00, while the Standard & Poor’s 500 index futures fell 7.25 points to 2,110.25. Futures for the Nasdaq 100 index declined 13.75 points to 4,505.00.

Oil prices traded lower as Brent crude futures dropped 1.03 percent to trade at $51.97 per barrel, while US WTI crude futures also declined 0.86 percent to trade at $50.78 a barrel. The EIA's weekly report on natural gas stocks is scheduled for release at 10:30 a.m. ET.

BZ News Desk Focus

Some of last night's and this morning's notable earnings:

Restoration Hardware RH Reports Q1 Adj. EPS $(0.05) vs $0.05 Est., Sales $455.5M to $452M Est.
Vail Resorts MTN Q3 EPS $4.23 vs $4.20 est, Revenue $647M vs $653M est
JM Smucker SJM Q4 EPS $1.86 vs $1.20 est, Revenue $1.81B vs $1.75B est

USA Initial Jobless Claims for Jun 3 264.0K vs 270.00 consensus estimate. USA Continuing Claims for May 27 2.10M vs 2.17M consensus estimate.

Sell-Side Themes

Analyst started to weigh in on Lululemon LULU after the stock rose following its earnings report. Meanwhile, Restoration Hardware was almost universally downgraded.

Sell-Side's Most Noteworthy Calls

Brean downgraded Qualcomm QCOM to Hold.
RBC downgraded Chesapeake Energy CHK to Underperform.
Baird upgraded SolarCity SCTY to Outperform.
RBC upgraded LinkedIn LNKD to Outperform.
Wedbush initiated Fitbit FIT at Outperform.
Goldman Sachs initiated Vale VALE at Neutral.

Deal Talk

Erickson EAC engaged Imperial Capital to explore strategic alternatives.

PPG Industries PPG announced it has reached a definitive agreement to acquire U.S.-based coatings services business, MetoKote. The transaction is expected to close in Q3 of 2016.

Olam International bought U.S.-based Peanut Sheller for $85 million.

In The News

A battle that's been raging on Wall Street for nine months is finally nearing its conclusion.

Larry Page has personally funded Zee.Aero since its launch in 2010 while demanding that his involvement stay hidden from the public. Zee.Aero, however, is just one part of Page’s plan to usher in an age of personalized air travel, free from gridlocked streets and the cramped indignities of modern flight.

Elon Musk, the billionaire CEO of Tesla TSLA and founder of SpaceX just met with the U.S. Secretary of Defense Ash Carter and high level officials at the Pentagon. The topic of conversation however won't be disclosed, for obvious reasons. However, the conversations did focus on "innovation," at least according to a Defense Department spokesperson who spoke to CNN. Musk's SpaceX already has a close relationship with the government and has an $82 million contract with the Air Force.

Blogosphere

WeChat dominates the Chinese market. Is Facebook FB jealous?

Trending

KMPH SCTY RH SJM LNKD MTN FXCM UVXY TLRD HMNY ACAD CLMT FCEL SPY JPM MU [StockTwits]

In a reversal of roles, the Cavaliers dominated the Warriors 120-90 in Game 3 of the NBA Finals. The Warriors leads the series 2-1.