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The Market In 5 Minutes: Janet Yellen, Exact Sciences And Some Graduation Advice

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The Market In 5 Minutes: Janet Yellen, Exact Sciences And Some Graduation Advice

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 higher in early pre-market trade. Futures for the Dow Jones Industrial Average climbed 40 points to 17,612.00, while the Standard & Poor's 500 index futures rose 3 points to 2,069.50. Futures for the Nasdaq 100 index surged 7.50 points to 4,426.00.

Oil prices traded lower as Brent crude futures dropped 1.34 percent to trade at $49.16 per barrel, while US WTI crude futures also declined 1.07 percent to trade at $49.03 a barrel. The EIA's weekly report on petroleum inventories is scheduled for release at 10:30 a.m. ET.

The U.K. unemployment rate shrank to 5 percent in the three months to April, compared to 5.5 percent in the year-ago period. The eurozone exports increased 4.9 percent in April from March, while imports rose 2.6 percent. French consumer price index increased 0.4 percent in May, versus a 0.1 percent growth in April.

BZ News Desk Focus

The Federal Open Market Committee will announce policy decision at 2:00 p.m. ET, while Fed Chair Janet Yellen will hold a press conference at 2:30 p.m. ET.

USA Core PPI (YoY) for May 1.20% vs 1.00% consensus estimate. USA PPI (YoY) for May -0.10% vs -0.10% consensus estimate.

Sell-Side Themes

Exact Sciences (NASDAQ: EXAS) rallied nearly 30 percent after a report about the company may have been leaked. Goldman Sachs and BTIG commented that an important update on routine reimbursement could be enacted very soon.

Sell-Side's Most Noteworthy Calls

Credit Suisse downgraded Best Buy (NYSE: BBY) to Neutral.
Goldman Sachs downgraded Cisco Systems (NASDAQ: CSCO) to Neutral.
Deutsche Bank upgraded Abercrombie & Fitch (NYSE: ANF) to Hold.
Bank of America upgraded U.S. Steel (NYSE: X) to Neutral.
Jefferies initiated coverage on Procter & Gamble (NYSE: PG) at Buy.
Craig-Hallum started Square (NYSE: SQ) at Hold.

Deal Talk

Perrigo (NASDAQ: PRGO) shares spiked sharply high on Tuesday, following a report from StreetInsider that the OTC consumer goods and pharmaceutical products manufacturer was close to being acquired by an un-named UK company for approximately $20 billion.

Carbylan Therapeutics (NASDAQ: CBYL) and KalVista Pharmaceuticals announced that they, together with the shareholders of KalVista, have entered into a definitive share purchase agreement pursuant to which the shareholders of KalVista will become the majority owners of Carbylan. The deal is expected to be valued between $35-$40 million.

In The News

The world's biggest banks including Citi and Goldman Sachs will draft in senior traders to work through the night following Britain's referendum on EU membership, set to be among the most volatile 24 hours for markets in a quarter of a century.

Quantz are the only hedge fund group to boost stocking holdings this year, while other slow-moving funds missed out on energy's rally.

A parent's worst nightmare became reality at a Disney (NYSE: DIS) hotel in Orlando, when an alligator grabbed a 2-year-old and physically dragged him into a lagoon on Tuesday. The boy was waiting near the shore of a man-made lake in the luxury Disney resort before being dragged by the alligator. The father jumped into the water and tried to pull his son away from the alligator but failed to do so.

Blogosphere

Is Germany's EU dominance all a myth? Bloomberg's Leonid Bershidsky breaks it down.

The "Talented Blonde" and noted luxury retail expert Kristin Bentz said, "Ralph Lauren hiring management from Coach is like Chipotle hiring from Taco Bell."

Trending

EXAS DIS TWTR PN XIV MXL HCLP BAC FCEL QQQ SGY IBB UNG BOBE MS DUG OAS [StockTwits]

Have fun, kids. #GraduationAdviceIn3Words

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