The Market In 5 Minutes

IN THE NEWS

BENZINGA

The WannaCry virus that hit over the weekend reportedly infected more than 230,000 devices in over 150 countries. Concern over the virus has cybersecurity stocks and the PureFunds ISE Cyber Security ETF HACK surging this week while Americans try to do whatever they can to protect themselves from the threat: Link

Whispers of a potential impeachment of President Trump have gotten louder this week as reports surfaced of a memo written by former FBI head James Comey outlining a meeting in which Trump asked him to drop the FBI’s investigation into Trump’s ties with Russia: Link

Those famously loyal Apple Inc. AAPL customers became even more devoted in April, with 92 percent of iPhone customers somewhat or extremely likely to upgrade their phone in the next 12 months, Morgan Stanley said Wednesday: Link

THE WALL STREET JOURNAL

A wave of new petroleum production from countries like Canada and Brazil is adding a new problem for oil traders who until now had been primarily preoccupied with U.S. output and an OPEC-led coalition cutting supply: Link

The Trump administration’s administration’s often-stated goal to review the line between commercial and investment banking activities may be very different—and less onerous for big banks—than the industry fears: Link

REUTERS

A bill proposed in Congress on Wednesday would require the U.S. National Security Agency to inform representatives of other government agencies about security holes it finds in software like the one that allowed last week's "ransomware" attacks: Link

Michael Flynn and other advisers to Donald Trump’s campaign were in contact with Russian officials and others with Kremlin ties in at least 18 calls and emails during the last seven months of the 2016 presidential race, current and former U.S. officials familiar with the exchanges told Reuters: Link

BLOOMBERG

Brazilian markets plunged in early trading as a fresh political crisis ensnared President Michel Temer and threatened to derail a reform agenda that had helped restore confidence in the embattled South American nation: Link

The world’s richest people lost $35 billion Wednesday when global equity markets were rocked by political turmoil in the U.S., according to the Bloomberg Billionaires Index: Link

NY POST

The former Federal Reserve chairman Ben Bernanke scolded a roomful of hedge fund moguls and bankers on Wednesday for ignoring the dangers Washington politics can have on their portfolios — just minutes before the market set out on what would turn out to be its biggest sell-off since September: Link

ECONOMIC DATA

• US Initial Jobless Claims for May 12 232.0K vs 240.0K estimate; Continuing Claims for May 5 1.90M vs 1.96M estimate.
• Philadelphia Fed Manufacturing Index for May 38.80 vs 19.50 consensus estimate. The prior reading was 22.00.
• The index of leading economic indicators for April will be released at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on natural gas stocks for the U.S. is schedule for release at 10:30 a.m. ET.
• Cleveland Federal Reserve Bank President Loretta Mester is set to speak in Minneapolis at 1:15 p.m. ET.
• Data on money supply for the recent week will be released at 4:30 p.m. ET.

ANALYST RATINGS

• Keybanc Upgraded Pentair PNR from Hold to Overweight
• Citigroup Upgraded Bank of Montreal BMO From Neutral to Buy
• Wedbush Upgrades Shake Shack SHAK From Neutral to Outperform
• Raymond James Downgraded Expedia EXPE from Outperform to Market Perform
• Jefferies Downgraded Stratasys SSYS from Buy to Hold
• Baird Downgrades First Solar FSLR From Outperform To Neutral

This 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. To get the full version of this note every morning, click here or email minutes@benzinga.com.