Market Overview

The Market In 5 Minutes

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The Market In 5 Minutes

IN THE NEWS

Benzinga

Gordon Johnson, managing director of Axiom Capital Management, attributed the steel stocks weakness on Wednesday to President Donald Trump’s Tuesday announcement delaying the imposition of steel import tariffs: Link

Having raised a record-setting $5.2 billion in the second quarter of 2017, fintech startups are on track to surpass their previous annual record of $14.1 billion, according to research by CB Insights: Link

Facebook Inc (NASDAQ: FB) briefly passed its all-time high following a second-quarter earnings beat after Wednesday's market close: Link

Wall Street Journal

Despite high-profile stumbles, Samsung’s record earnings position the company to top Apple (NASDAQ: AAPL) in quarterly profits: Link

Wall Street brokerages are pushing customers to take out billions of dollars in loans backed by stocks and bonds, a trend that yields lucrative fees for the firms but poses risks for borrowers: Link

Reuters

U.S. Senate Republicans begin their final push on Thursday to unravel Obamacare, seeking to wrap up their seven-year offensive against former Democratic President Barack Obama's signature healthcare law that extended insurance coverage to millions: Link

The publisher of iconic marijuana enthusiast magazine, "High Times," plans to take the company public in the fall, two sources familiar with the situation told Reuters this week, as an increasing number of U.S. states legalize the drug: Link

Bloomberg

Libor, the benchmark underpinning more than $350 trillion of financial products, will be phased out by the end of 2021, as U.K. regulators and banks look to replace the scandal-tarred indicator with a more reliable system: Link

The House is set to leave for its August recess without having taken the first essential step to overhauling the U.S. tax code: agreeing on a 2018 budget resolution: Link

New York Post

On Friday, we might know whether there’s a reason Janet Yellen is acting concerned: Link

ECONOMIC DATA

  • USA Initial Jobless Claims for Jul 21 244.0K vs 241.00 consensus estimate. The prior reading was 233.0K.
  • USA Durable Goods Orders (MoM) for Jun 6.50% vs 3.00% consensus estimate. The prior reading was -0.80%.
  • USA Chicago Fed National Activity Index for Jun 0.13 vs 0.35 consensus estimate. The prior reading was -0.26.
  • The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
  • The Kansas City Fed manufacturing index for July will be released at 11:00 a.m. ET.
  • The Treasury is set to auction 7-year notes at 1:00 p.m. ET.
  • Data on money supply for the recent week will be released at 4:30 p.m. ET.

ANALYST RATINGS

  • JP Morgan upgraded Rockwell Automation (NYSE: ROK) from Underweight to Neutral
  • Credit Suisse upgraded Boeing (NYSE: BA) from Neutral to Outperform
  • Deutsche Bank upgraded DDR (NYSE: DDR) from Hold to Buy
  • Telsey Advisory downgraded Buffalo Wild Wings (NASDAQ: BWLD) from Outperform to Market Perform
  • Jefferies downgraded Sprouts Farmers Market (NASDAQ: SFM) from Buy to Hold
  • Wells Fargo downgraded F5 Networks (NASDAQ: FFIV) from Outperform to Market Perform

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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