The Market In 5 Minutes: GDP, Oil, Parscale, And Baidu's iQiyi

IN THE NEWS

President Donald Trump has reportedly selected Brad Parscale as the manager of his 2020 reelection campaign. Here’s an overview of Parscale’s background and what he brings to the position: Link

Apple Inc AAPL's Services category is a key growth driver for the company, with the segment seeing 24-percent revenue growth in fiscal 2017. Apple Music remains a core component of Apple’s Services, growing 91 percent year-over-year to $2 billion in revenue last year despite fierce competition from Spotify: Link

Individual stock investors jolted by February’s market tumult said fear of missing out on the next leg of the bull market still outweighs fear of a big correction: Link $

The iQiyi Inc. video-streaming unit of search-engine giant Baidu Inc. BIDU has filed for an initial public offering in the U.S., promoting its ability to use artificial intelligence and user data to deliver videos that generate billions of views: Link $

Riding a wave of new users, improved advertising options and an embrace of video content by users and advertisers alike, Twitter Inc’s TWTR revenue has leaped in Japan, helping lead the company to its first quarterly profit: Link

Oil is poised for its first monthly decline in half a year as January’s rally fades on growing fears over booming U.S. shale supply: Link

Apple is preparing to release a trio of new smartphones later this year: the largest iPhone ever, an upgraded handset the same size as the current iPhone X and a less expensive model with some of the flagship phone’s key features: Link

ECONOMIC DATA

• USA GDP (QoQ) for Q4 2.50% vs 2.50% Est; Prior 2.60%
• The Chicago PMI for February will be released at 9:45 a.m. ET.
• The pending home sales index for January is schedule for release at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories will be released at 10:30 a.m. ET.

ANALYST RATINGS

• Keybanc upgraded Tutor Perini TPC from Sector Weight to Overweight
• Citi upgraded Philip Morris PM from Neutral to Buy
• SocGen downgraded Autoliv ALV from Hold to Sell
• Ladenburg downgraded Arcturus Therapeutics ARCT 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.