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The Market In 5 Minutes: China, Facebook, Nordstrom And More

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The Market In 5 Minutes: China, Facebook, Nordstrom And More

IN THE NEWS

It’s an old Wall Street adage that when there’s a gold rush, it’s better to be the one selling the shovels than the one hoping to strike gold. Perhaps there’s no better way to describe Roku Inc (NASDAQ: ROKU)'s strategy: Link

After another 5 percent sell-off on Tuesday, Facebook Inc (NASDAQ: FB) stock is now down more than 13 percent in two days following reports that data from more than 50 million users was improperly shared during the 2016 campaign season: Link

As the competitive eSports arena continues the shift toward a franchise-based league model, new opportunities to expand the viewer base and generate revenue have arisen: Link

The White House is preparing to crack down on what it says are improper Chinese trade practices by making it significantly more difficult for Chinese firms to acquire advanced U.S. technology or invest in American companies, individuals involved in the planning said: Link $

The Federal Reserve is likely to raise short-term interest rates by a quarter percentage point after its two-day policy meeting concludes Wednesday, the sixth such move since late 2015: Link $

Congressional Republicans missed another target to unveil a $1.3 trillion spending bill, as talks continued early Wednesday with just days remaining for House and Senate votes to avert a third government shutdown this year: Link

The Nordstrom (NYSE: JWN) founding family has now failed twice to take the company private: Link

ECONOMIC DATA

  • US MBA mortgage applications w/e 16 March -1.1% vs 0.9% prev
  • USA Current Account for Q4 -$128.20B vs -$125.0B Est; Prior -$100.60B
  • Data on existing home sales for February will be released at 10:00 a.m. ET.
  • The Energy Information Administration’s weekly report on petroleum inventories 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 will hold a press conference at 2:30 p.m. ET.

ANALYST RATINGS

  • Stifel upgraded FedEx (NYSE: FDX) from Hold to Buy
  • Morgan Stanley upgraded Myriad Genetics (NASDAQ: MYGN) from Underweight to Equal Weight
  • Morgan Stanley downgraded Sarepta (NASDAQ: SRPT) from Overweight to Equal Weight
  • Canaccord downgraded MuleSoft (NYSE: MULE) 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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