The Market In 5 Minutes: No Interest Rate Hike...Yet

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

Stocks edged higher on Wednesday, after the Federal Reserve announced it would leave benchmark interest rates unchanged. FOMC officials acknowledged the improvements in the economy and job market, leading analysts and investors to conceive a rate hike this year as a more likely event.

Oil prices traded higher as Brent crude futures gained 0.77 percent to trade at $47.19 per barrel, while US WTI crude futures also rose 0.99 percent to trade at $45.79 a barrel.

USA Initial Jobless Claims for Sep 16 252.0K vs 262.0K consensus estimate. The prior reading was 260.0K.

• Data on existing home sales for August is schedule for release at 10:00 a.m. ET.
• The index of leading economic indicators for August will be released at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on natural gas stocks will be released at 10:30 a.m. ET.
• The Kansas City Fed manufacturing index for September is schedule for release at 11:00 a.m. ET.
• Data on money supply for the recent week will be released at 4:30 p.m. ET.

BZ News Desk Focus

• Bed Bath & Beyond BBBY Reports Q2 $1.11 vs $1.16 Est, Sales $2.988B vs $3.05B Est
• Jabil JBL Reports Q4 Core EPS $.28 vs $0.25 Est, Rev $4.4B vs $4.27B Est
• Red Hat RHT Reports Q2 EPS $0.55 vs. Est. $0.54, Rev. $600M vs. Est. $593M
• AutoZone AZO Reports Q4 EPS $14.30 vs $14.25 Est., Sales $3.4B vs $3.43B Est.
• Rite Aid RAD Reports Q2 Adj. EPS $0.03, Inline, Sales $8B vs $8.17B Est.

Sell-Side Themes

Nomura and RBC raised their price target on Apple AAPL to $135 and $125, respectively.

Sell-Side's Most Noteworthy Calls

• Tesley downgraded CBS CBS to Market Perform.
• Citi upgraded SeaWorld SEAS to Buy.
• Argus upgraded Amazon AMZN to Buy.
• JPMorgan started Churchill Downs CHDN at Neutral.
• KeyBanc started Columbia Sportswear COLM at Sector Weight.

Deal Talk

Lennar LEN and WCI Communities WCIC reported a deal for Lennar to buy all outstanding shares of WCI for $23.50 per share.

According to the New York Times, Apple has displayed an interest in acquiring San Francisco startup, Lit Motors, which has developed a electric self-balancing motorcycle. The company has already hired many former Lit Motors engineers. There were also reports that Apple was interested in acquiring McLaren, but the latter denied those rumors.

In The News

Hillary Clinton is maintaining her edge over Republican rival Donald Trump despite recent campaign setbacks, but the 2016 presidential race continues to tighten going into the homestretch, a new Wall Street Journal/NBC News poll has found.

One person was shot during protests in uptown Charlotte that turned violent Wednesday night. The person is on life support, in critical condition, the City of Charlotte said on Twitter, correcting its earlier tweet that the person had died. The shooting was “civilian on civilian."

Protests had remained peaceful in uptown on Wednesday, after the fatal police shooting of Keith Lamont Scott. But the scene turned chaotic after 8:30 p.m., when protesters went from Marshall Park to the EpiCentre dining and entertainment complex and the Omni on Trade Street.

Blogosphere

A FT report that banks face a $5 billion hit to research teams as asset managers cut spending is blowing up on Reddit.

Plastics? "A company building one of the world's biggest oil refineries might be expected to bank on robust demand for gasoline, diesel and heating oil. Production of those products accounts for about three-quarters of the output of U.S. oil refiners and blenders."

Trending

BABA AMZN YHOO SAEX EGLT AZO RHT BBBY WCIC SFLY SKX RAD JBL PCLN NKE

#FirstDayOfFall

August, die she must, The autumn winds blow chilly and cold;

September I'll remember A love once new has now grown old.

Guess This Chart

• Rumors surfaced, and were squashed, this week about this company being taken over by Allergan AGN.
• The stock hit an all-time high in June of 2015, and has been likened to "the Apple of biotechs."
• Sympathy plays include Pfizer PFE, Johnson & Johnson JNJ and Bristol-Myers Squibb BMY.