The Market In 5 Minutes: We're Waiting For You, Mrs. Yellen

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 surged 76 points to 18,123.00, while the Standard & Poor’s 500 index futures gained 9 points to 2,140.25. Futures for the Nasdaq 100 index rose 24.75 points to 4,823.50.

Oil prices traded higher as Brent crude futures gained 1.77 percent to trade at $46.69 per barrel, while US WTI crude futures also rose 1.91 percent to trade at $44.89 a barrel.

Japan’s central bank overhauled its stimulus program in an unexpected step, introducing an interest-rate target for 10-year government bonds to keep yields at current levels—near zero—to stoke inflation.

The Energy Information Administration’s weekly report on petroleum inventories will be released at 10:30 a.m. ET.

The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.

Fed Chair Janet Yellen will hold a press conference at 2:30 p.m. ET.

BZ News Desk Focus

• Adobe ADBE Reports Q3 EPS $0.75 vs. Est. $0.72, Rev. $1.46B vs. Est. $1.45B
• KB Homes KBH Reports $0.42 Vs. Est $0.39, Revs $913.3M Vs Est. $944.6M
• FedEx FDX Reports Q1 EPS $2.90 vs. Est. $2.81, Rev. $14.7B vs. Est. $14.6B
• General Mills GIS Q1 EPS $0.67 vs $0.75 est, Revenue $3.91B vs $3.91B est
• 8point3 Energy CAFD Reports Q3 EPS $0.38 vs. Est. $0.38, Rev. $26.11M vs. Est. $23.2M

Sell-Side Themes

Jefferies started Altria Group MO at Hold and Reynolds American RAI at Buy.

Sell-Side's Most Noteworthy Calls

• JPMorgan downgraded Wells Fargo WFC to Neutral.
• Morgan Stanley downgraded Skechers SKX to Equal-Weight.
• Raymond James upgraded Petrobas PBR to Market Perform.
• Credit Suisse upgraded Clovis CLVS to Outperform.

Deal Talk

Some traders attributing after-hours upside in Clovis to a Janney Capital analyst comment during a Bloomberg interview, saying there are "many suitors" for the company, Including Eli Lilly LLY, Roche RHHBY and Merck MRK. A Clovis spokesperson told Benzinga it's company policy not to comment on rumors.

Allergan AGN acquired Akarna Therapeutics global rights to AKN-083 for up-front payment of $50 million. This came just hours after Allergan bought Tobira Therapeutics TBRA for upfront Payment of $28.35 share in cash, up to $49.84 per share in CVRs.

In The News

The Justice Department filed charges late Tuesday against bombing suspect Ahmad Khan Rahami, saying that he ordered many of his explosive components online and raged in a journal against what he viewed as U.S. attacks on Muslims.

The Federal Reserve isn't likely to raise short-term interest rates at its policy meeting this week, but could send signals about where borrowing costs are headed in the months and years ahead.

Blogosphere

Biotech risk: "When everyone believes something is risky, their unwillingness to buy usually reduces its price to the point where it’s not risky at all. Broadly negative opinion can make it the least risky thing, since all optimism has been driven out of its price."

Trending

JNUG ARIA EXEL TBRA GLD CLVS ADBE GOOGL GILD CRBP GIS KBH KITE

Angelina Jolie has filed for divorce from husband Brad Pitt, bringing our 12-year #Brangelina journey to an end...

Guess This Chart

• This company was moving in a positive direction after hours on Tuesday after they announced an increase to their quarterly dividend.
• They made a $26.2 billion acquisition earlier this year.
• Sympathy plays include International Business Machines IBM and Apple AAPL