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The Market In 5 Minutes: Snap Beats, Wynn Resigns, Volatility Reigns

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The Market In 5 Minutes: Snap Beats, Wynn Resigns, Volatility Reigns
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IN THE NEWS

It’s been a busy few days for brokerages and robo advisors, and the early indications are in: retail investors were not only unfazed by the recent sell-off, but they were eager to buy the dip: Link

The Great Lakes State has the second-largest medical marijuana patient base in the country, trailing only gigantic California. A shift in Michigan's medical marijuana market is no small event: Link

Credit Suisse Group AG (ADR) (NYSE: CS) took the trading community by surprise when the firm announced it will liquidate the popular Credit Suisse AG – VelocityShares Daily Inverse VIX Short Term ETN (NASDAQ: XIV) after the fund plunged more than 80 percent Monday, triggering an “acceleration event.”: Link

Congressional leaders were on the cusp of striking a two-year budget deal Tuesday to boost federal spending levels for both the military and domestic programs, after separating for now a stalled immigration fight from efforts to keep the government funded: Link $

U.S. casino mogul Steve Wynn has resigned as CEO of his company Wynn Resorts (NASDAQ: WYNN) following claims he subjected women who worked for him to unwanted advances, becoming one of the most prominent business leaders to quit over sexual misconduct allegations in recent months: Link

Snap (NYSE: SNAP) finally handed Wall Street a treat on Tuesday — and investors immediately gave it back: Link

ECONOMIC DATA

  • New York Federal Reserve Bank President William Dudley will speak in New York at 8:30 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.
  • Chicago Federal Reserve Bank President Charles Evans is set to speak in Des Moines, Iowa at 11:15 a.m. ET.
  • The Treasury will auction 10-year notes at 1:00 p.m. ET.
  • Data on consumer credit for December will be released at 3:00 p.m. ET.
  • San Francisco Federal Reserve Bank President John Williams will speak in Hololulu, Hawaii at 5:20 p.m. ET.

ANALYST RATINGS

  • RBC upgraded Snap from Sector Perform to Outperform
  • Stifel downgraded Chipotle (NYSE: CMG) from Overweight to Neutral
  • JPMorgan downgraded CBOE Global Markets (NASDAQ: CBOE) from Overweight to Neutral
  • Mizuho downgraded Chipotle from Buy 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.

Posted-In: Market in 5 minutesNews Global Top Stories Pre-Market Outlook Markets Best of Benzinga

 

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