The Market In 5 Minutes: Believeland

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 jumped 215 points to 17,766, while the Standard & Poor’s 500 index futures rose 28.10 points to 2,087.00. Futures for the Nasdaq 100 index surged 59 points to 4,418.50.

Oil prices traded higher as Brent crude futures gained 1.81 percent to trade at $50.06 per barrel, while US WTI crude futures also gained 1.65 percent to trade at $48.77 a barrel.

European markets were higher today, with the Spanish Ibex Index rising 3.07 percent, STOXX Europe 600 Index surging 3.68 percent and German DAX 30 index gaining 3.50 percent. The UK's FTSE index was trading higher by 3.27 percent, while French CAC 40 Index rose 3.48 percent.

BZ News Desk Focus

Adobe ADBE reports its Q2 results Tuesday. Wall Street expects the software company to report earnings of $0.68 per share on revenue of $1.35 billion, which would be about a 20 percent year-over-year increase.

FedEx FDX earnings also comes out Tuesday. The Street anticipates EPS of $3.26 on revenue of $12.3 billion. The shipping company’s stock hit a 52-week high earlier in June.

Blackberry’s BBRY latest quarterly results are due Thursday. The struggling phone company is expected to report a loss of $0.08 per share on revenue of $467 million.

Sell-Side's Most Noteworthy Calls

Deal Talk

Morgan Stanley downgraded CVS CVS to Equal-Weight.

Barclays downgraded SolarCity SCTY to Underweight.

Deutsche Bank upgraded Yelp YELP to Buy.

Credit Suisse upgraded Spirit Airlines SAVE to Outperform.

Bank of America initiated coverage on Sysco SYY a Neutral.

Citi initiated coverage on Corning GLW at Buy.

Deal Talk

Wal-Mart WMT is reportedly in talks to sell its Chinese e-commerce business to JD.com Inc JD.

Antitrust regulators are concerned about preservation of competition following the Anthem ANTM-Cigna CI Merger.

PE firms are said to have bid up to $3 billion for Thomson Reuters TRI Intellectual Property and Science Business.

In The News

LinkedIn LNKD used its data from more than 433 million members to craft the 40 Top Attractors, a ranking of the 40 most sought-after employers in America. Alphabet's GOOG Google claimed the top spot.

The Beijing Intellectual Property Court has accepted an appeal by Apple AAPL to review a ruling by the capital's patent office ordering the company to halt the sales of its iPhone 6 and iPhone 6 Plus in Beijing after finding the design too closely resembles a Chinese phone.

Politico report: In a dozen interviews, major Democratic donors in the financial services industry said they saw little chance that Clinton would pick the liberal firebrand as her vice presidential nominee. They warned that if Clinton surprises them and taps Warren, big donations from the industry could vanish.

Blogosphere

"The dinosaur that is television has a big weapon to fight back" in the advertising fight against Netflix NFLX, YouTube, Spotify and others.

"Our friends at Apple pride themselves on their keen understanding of China’s market," Wall Street Journal opines, "so maybe they weren’t surprised by a municipal tribunal’s injunction last month barring the sale of its iPhone 6 and 6 Plus in Beijing."

Trending

INO LABU CERS BP BAC VOD JD MKX BA HIMX GSK RIG IBB TZA XIV MS [StockTwits]

The Cleveland Cavaliers won a nail-biter in Game 7 of the NBA Finals. It's the city's first world championship in any sports since 1964, and is the first time a team was down 3-1 in the series to come back and win it all.