Market Overview

The Market In 5 Minutes

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The Market In 5 Minutes

IN THE NEWS

BENZINGA

Massive tech giants have created a “valuation air pocket” in the market, according to Goldman Sachs analyst Robert Bouroujerdi: Link

Warren Buffett is best known for not making notable changes to his investment philosophy over the decades. Investors looking to coat-tail his value investment strategy should take a look at some of the statistics compiled by Goldman Sachs' strategist Ben Snider: Link

German Chancellor Angela Merkel, who grew up on the oppressive side of the Berlin Wall, shared a message with Mexico’s president that also took a shot at President Donald Trump: Walls create more problems than they solve: Link

THE WALL STREET JOURNAL

The Federal Reserve’s interest-rate increases aren’t having the desired effect of cooling off Wall Street’s hot streak: Link

The Trump administration will recommend limits on the U.S. consumer-finance regulator and a reassessment of a broad range of banking rules in a report to be released as early as Monday, according to people familiar with the matter: Link

Attorney General Jeff Sessions will testify Tuesday before the same Senate committee that heard from former FBI Director James Comey last week, keeping national attention on a Russia investigation that White House officials have been trying to push to the background: Link

REUTERS

Oil rose on Monday to break a three-day losing streak, after futures traders increased their bets on a renewed price upswing even though physical markets remain bloated, especially from a relentless rise in U.S. drilling: Link

The Uber Technologies Inc board of directors voted unanimously to adopt all recommendations from a report stemming from allegations of sexual harassment at the company and other employee concerns, a board representative said on Sunday: Link

BLOOMBERG

A selloff in U.S. technology stocks spread through Asia and Europe, battering shares from South Korea to the Netherlands. The pound retreated as an embattled Theresa May fought to survive the fallout from the British general election: Link

President Emmanuel Macron expanded his control of French politics as voters put his party on track to a sweeping majority in the National Assembly in the first round of legislative elections, ousting establishment stalwarts in the process: Link

NY POST

David Rubenstein’s Carlyle Group is ceding control of its big nursing home chain, HCR ManorCare, The Post has learned — one of the biggest stumbles for the Washington private equity firm and its high-profile boss: Link

ECONOMIC DATA

  • The Treasury is set to auction 6-month bills and 3-year notes at 11:30 a.m. ET.
  • The Treasury will also auction 3-month bills and 10-year notes at 1:00 p.m. ET.
  • The U.S. Treasury budget report for May is schedule for release at 2:00 p.m. ET.

ANALYST RATINGS

  • Cowen upgraded CACI International (NYSE: CACI) from Market Perform to Outperform
  • Cowen upgraded Digital Realty Trust (NYSE: DLR) from Market Perform to Outperform
  • Stifel upgraded Ultra Petroleum (NASDAQ: UPL) from Hold to Buy
  • Mizuho downgraded Apple (NASDAQ: AAPL) from Buy to Neutral
  • Pivotal Research downgraded Adobe Systems (NASDAQ: ADBE) from Hold to Sell
  • Raymond James downgraded American Tower (NYSE: AMT) from Strong Buy to Outperform

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.

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