Skip to main content

Market Overview

The Market In 5 Minutes: Markets Continue Rally From Friday's Near-Record Close

The Market In 5 Minutes: Markets Continue Rally From Friday's Near-Record Close

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

Macro Focus

The S&P 500 came just a points shy of its highest close ever. The index ended Friday's session at 2,129.90, just below the all-time high of 2,130.82 it made in March 2015. Markets were buoyed by a strong job's report on Friday morning. S&P 500 futures continued higher in Monday's pre-market session.

The U.S. economy bounced back in a major way in June by adding 287,000 jobs, well above consensus expectations of 175,000. The unemployment rate rose slightly more than expected to 4.9 percent. DriveWealth's Brian Dolan said this month’s blowout jobs number will get the Federal Reserve talking.

"On the whole, [Friday's] report has the potential to put a Fed rate hike back on the table," said Dolan, "and I would expect to see markets begin to price back (again) in the possibility of a Fed move later this year."

BZ News Desk Focus

The second-quarter reporting season kicks off this week, and as usual the big banks are among the first to take their turns in the earnings spotlight. In particular, reports are expected from Citigroup (NYSE: C), JPMorgan (NYSE: JPM) and Wells Fargo (NYSE: WFC).

Gun makers such as Smith & Wesson and a slew of other related stocks surged on Friday following the tragic shooting of five police officers in Dallas. If history is any indication, the stocks won't give back Friday’s gains anytime soon. In the one month following the five most-recent mass shootings, Sturm Ruger (NYSE: RGR) has delivered an average gain of 8.7 percent, while Smith & Wesson (NASDAQ: SWHC) stock has surged an average of 16.1 percent.

Sell-Side Themes

SunTrust's Bob Peck, one of the more prominent tech analysts, stepped to the sidelines on two big names this morning: Twitter (NYSE: TWTR) and Yahoo (NASDAQ: YHOO) were both downgraded to Neutral.

Sell-Side's Most Noteworthy Calls

Wells Fargo downgraded Viacom (NASDAQ: VIAB) to Underperform.
BMO Capital downgraded Monster Worldwide (NYSE: MWW) to Market Perform.
Jefferies upgraded Baker Hughes (NYSE: BHI) to Hold.
JPMorgan downgraded ConocoPhillips (NYSE: COP) to Neutral.

Deal Talk

UFC has been sold for $4 billion in a deal expected to be officially announced Monday. The new owners will be talent agency WME-IMG, its owner Silver Lake Partners, Kohlberg Kravis Roberts and MSD Capital, the investment firm of Michael Dell.

Hewlett Packard Enterprise (NYSE: HPE) is said to be considering selling some of its software assets, according to sources as reported by Bloomberg on Friday. Some of the assets under consideration for a sale are Autonomy, Mercury Interactive and Vertica Systems.

Imperva (NYSE: IMPV) will explore strategic options and is said to be hiring an investment bank to assist in the process, according to sources as reported by Reuters on Friday. The move comes following pressure from from activist investor Elliott Management Corp, who reported an approximately 10 percent stake in Imperva and announced its was speaking to the company about strategic opportunities, the sources said.

In The News

A new smartphone game -- Pokemon Go-- has fans chasing Pokémon characters through real-life city streets, turned into an unexpected craze and added $9 billion worth of market value to Nintendo (OTC: NTDOY) in just a few days.

Andrea Leadsom has pulled out of the contest to become the next Conservative Party leader and UK Prime Minister - with Theresa May now set to succeed David Cameron.

Interested in what Elon Musk is up to? Here's what he Tweeted Sunday afternoon: "Working on Top Secret Tesla Masterplan, Part 2. Hoping to publish later this week."


The dominance of THIS investment category is impossible to ignore.



On July 11, or 7-Eleven Day, convenience store customers can enjoy a free small Slurpee drink of any flavor at participating stores from 11 a.m. to 7 p.m. This year, the world-famous Slurpee celebrates its 50th year in existence.


Related Articles (BHI + C)

View Comments and Join the Discussion!

Posted-In: Market in 5 minutesNews Global Top Stories Pre-Market Outlook Markets Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at