The Market In 5 Minutes

IN THE NEWS

Benzinga

After all the hype and pomp-filled presentations, the tech community is taking a sobering second look at Apple Inc. AAPL’s new smartphones, and the reviews are pretty mixed for the ballyhooed phone of the future: Link

Federal Home Loan Mortgage Corp FMCC and Federal National Mortgage Association FNMA shares have caught fire Thursday, jumping more than 11 percent each after a new letter to Treasury Secretary Steven Mnuchin and Federal Housing Finance Agency director Mel Watt demonstrated that Congress hasn’t forgotten about Fannie Mae and Freddie Mac: Link

Wall Street Journal

An explosion hit a London subway train on Friday, injuring 18, in what U.K. police were treating as terrorism. Witnesses described a burst of flames and scenes of panic as people tried to flee amid the crowded morning rush: Link

North Korea fired a missile over Japan early Friday local time for the second time in a month, defying rising international efforts to force it to abandon course: Link

Reuters

U.S. Senator Elizabeth Warren said on Friday she has begun an investigation into Equifax EFX’s massive data breach and, along with 11 other Democratic senators, will introduce a bill to give consumers the ability to freeze their credit for free: Link

As U.S. consumer outrage grows over prescription drug prices, state authorities and patient advocates in Maryland are preparing to enforce the nation’s first law designed to punish drugmaker price-gouging: Link

Bloomberg

After conquering grocery deliveries, Alibaba Group Holding Ltd. BABA is setting its sights on a new part of China’s $4 trillion retail sector: department stores: Link

Canada and Mexico bristled at an idea by the U.S. to include a five-year sunset provision in the North American Free Trade Agreement that would force partners to reconsider the deal or terminate it: Link

ECONOMIC DATA

• USA Retail Sales (MoM) for Aug -0.20% vs 0.10% Est; Prior 0.60%. Core Retail Sales (MoM) for Aug 0.20% vs 0.50% Est
• USA NY Empire State Manufacturing Index for Sep 24.40 vs 19.00 Est; Prior 25.20
• Data on industrial production for August will be released at 9:15 a.m. ET.
• Data on business inventories for July will be released at 10:00 a.m. ET.
• The University of Michigan's consumer sentiment index for September is schedule for release at 10:00 a.m. ET.
• The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

ANALYST RATINGS

• HSBC upgraded Morgan Stanley MS from Hold to Buy
• Jefferies upgraded West Pharmaceutical WST from Hold to Buy
• JP Morgan upgraded Southwest Airlines LUV from Neutral to Overweight
• JP Morgan downgraded Spirit Airlines SAVE from Overweight to Neutral
• JP Morgan downgraded American Airlines AAL from Overweight to Neutral
• Jefferies downgraded Regency Centers REG from Buy to Hold

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.