The Market In 5 Minutes: It's October 3rd

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

Futures for the Dow Jones Industrial Average rose 3 points to 18,222.00, while the Standard & Poor’s 500 index futures slipped 0.75 points to 2,160.25. Futures for the Nasdaq 100 index rose 0.50 points to 4,870.75.

Oil prices traded higher as Brent crude futures gained 0.60 percent to trade at $50.49 per barrel, while US WTI crude futures also rose 0.60 percent to trade at $48.53 a barrel.

British exporters benefited from a weakening of the pound after Prime Minister Theresa May pledged to begin the process of exiting the European Union in the first quarter of 2017. That sent the FTSE 100 Index up 1.2 percent, set to reach its highest level since May 2015.

• The Markit manufacturing PMI data for September is scheduled for release at 9:45 a.m. ET.
• The ISM manufacturing index for September is schedule for release at 10:00 a.m. ET.
• Data on construction spending for August will be released at 10:00 a.m. ET.
• The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
• Auto sales data will be released throughout the morning.

BZ News Desk Focus

The third quarter may have ended but Q3 earnings reporting season doesn't really get underway until next week. In the meantime, reports from Micron Technology MU and Yum Brands YUM are the highlights.

The consensus Wall Street forecasts call for per-share net losses from Micron. However, expectations are higher for the operator of the Taco Bell and KFC fast-food chains, with positive (though marginal) growth on the top and bottom lines anticipated. Note that some expect spin-off news to overshadow the results.

Sell-Side Themes

Deutsche Bank initiated coverage on a few gold names, with Barrick Gold ABX receiving a Buy rating.

Sell-Side's Most Noteworthy Calls

• BTIG downgraded Imperva IMPV to Neutral.
• UBS downgraded Citrix Systems CTXS to Sell.
• Societe Generale upgraded Halliburton HAL to Buy.
• Citi upgraded Dow DOW and Dupont DD to Buy.
• HSBC started coverage on Carnival CCL at Buy.

Deal Talk

Cabela's CAB and Bass Pro Shops struck a definitive deal through which the latter would buy the former for $65.50 a share in cash. This translates into an aggregate transaction value of about $5.5 billion.

McDonald’s MCD is looking to cut a deal to turn its 2,200-store empire in China—65% of which it owns and operates—into a cash machine. The franchising of its China operations is expected to fetch between $1.5 billion and $2 billion up front from investors, people familiar with the matter told the Wall Street Journal.

Janus Capital Group JNS and Henderson Group have agreed to an all-stock merger. The combined firm will have a market value of approximately $6 billion.

Twitter TWTR was trading higher on yet another report the company is close to selling itself. Bloomberg, citing "a person familiar with the arrangement," reported that Alphabet GOOG's Google unit is working with financial advisers with Lazard to explore a bid for the social media company.

In The News

Donald Trump racked up losses so huge in the early 1990s that he wouldn’t have had to pay federal or New York State income tax on nearly a billion dollars in income.

Kim Kardashian West was held up and robbed of millions of dollars worth of jewelry while visiting Paris on Sunday night, according to a judicial source and reports. The reality star's spokeswoman told NBC News that she had been held at gunpoint. Five individuals dressed as police officers went to a private mansion where Kardashian West was staying, according to a judicial source.

Tesla Motors TSLA announced over the weekend that it delivered 70 percent more cars in the third quarter compared to the second quarter. The stock rose more than 4 percent Monday morning.

Blogosphere

"I'm trying to forecast what the Canadian dollar will be valued at (compared to USD) at the end of the month. Any tools you recommend to make an educated guess?"

Trending

TSLA NTNC WYNN WFC AZZ AA PM STZ MACK EMR RHI DEPO BAC TWTR MRO

"It's October 3rd." Happy #MeanGirls Day!

Guess This Chart

• This company recently sold a $460 million stake in its Chinese business.
• Sympathy plays include Jack in the Box, Chipotle and McDonald's.