The Market In 5 Minutes

IN THE NEWS

BENZINGA

Following James Comey's testimony last week, during which he said there is "problematic" information about Jeff Sessions as it relates to Russia, Sessions spoke in front of congress yesterday: Link

Gene Munster of Loup Ventures shares his hypothesis that automakers are in a tough spot. "I would not want the job of being head of an automotive company right now," said Munster: Link

LeBron James is the first NBA player to appear in 7 straight NBA Finals. During this most recent run, James set 5 new NBA records: Link

THE WALL STREET JOURNAL

Wu Xiaohui transformed a provincial auto insurer into a symbol of China’s rising economic clout, but late last week, a special investigative unit looking at economic crimes detained Mr. Wu: Link

The Federal Reserve is likely to raise short-term interest rates by a quarter percentage point and could announce a plan to shrink its bond portfolio after its policy meeting concludes Wednesday: Link

REUTERS

Fire engulfed a 24-floor housing block in central London Wednesday morning, killing at least six people and injuring at least 50 others in an inferno that trapped residents as they slept: Link

President Donald Trump has given Defense Secretary Jim Mattis the authority to set troop levels in Afghanistan, opening the door for future troop increases requested by the commander: Link

BLOOMBERG

TPG Capital co-founder David Bonderman resigned from the Uber Technologies Inc. board after uttering a sexist comment during a meeting intended to address rampant internal gender bias: Link

NY POST

Last month, the hedge fund industry, which controls more than $3 trillion, gained a paltry 0.26 percent, marking a 4.4-percent rise against the S&P 500’s 6.8 percent: Link

The former Dos Equis pitchman, who lost his beer gig last year, has hitched his wagon to Astral Tequila owned by Davos Brands. “I told you I don’t always drink beer,” he declares in a new ad. Link

ECONOMIC DATA

• MBA Mortgage Applications +2.8%
• USA Core CPI (MoM) for May 0.10% vs 0.20% consensus estimate. The prior reading was 0.10%.
• USA Retail Sales (MoM) for May -0.30% vs 0.10% consensus estimate. The prior reading was 0.40%.
• Data on business inventories for April will be released at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.
• The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET.
• The Fed Chair Janet Yellen will hold a press conference at 2:30 p.m. ET.

ANALYST RATINGS

• Oppenheimer Upgrades Restaurant Brands International Inc QSR Common Shares to Outperform, Announces $70.00 Price Target
• Cowen & Co. Upgrades WNS Holdings WNS to Outperform
• UBS Upgrades ONEOK OKE to Buy, Announces $59.00 Price Target
• Barclays Downgrades Anadarko APC Petroleum to Underweight, Lowers Price Target to $42.00
• RBC Capital Downgrades Microsemi MSCC to Outperform, Lowers Price Target to $58.00
• RBC Lowers Citigroup C 2017 EPS Est from $5.17 to $5.10; 2018 EPS Est from $6.10 to $5.95

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.