The Market In 5 Minutes: Trump, Syria, Zuckerberg, Icahn And More

IN THE NEWS

Stocks came under pressure on Wednesday amid a slew of catalysts, as investors prepared for the latest U.S. inflation reading while weighing ebbing trade concerns against potential American military action in Syria. The dollar drifted lower and Treasuries edged higher: Link

If 2017 was the honeymoon phase for bitcoin, with valuations soaring by triple-digit percentages, the first few months of 2018 have proven to be a more rigorous training ground for bitcoin, Ethereum and the myriad other cryptocurrencies on the market: Link

Tech stocks rallied Tuesday as Facebook Inc. FB CEO Mark Zuckerberg testified before U.S. Senate members regarding the recent data scandal and consumer privacy policies: Link

The White House said Tuesday that President Donald Trump believes he has the authority to fire special counsel Robert Mueller, as lawmakers from both parties warned against doing so one day after the FBI raided properties tied to the president’s longtime lawyer: Link $

Fidelity Investments is overhauling what it charges affluent clients for financial advice, one of the biggest-ever pricing shake-ups for a firm that oversees hundreds of billions in wealth held by American investors: Link $

The Federal Reserve on Wednesday will offer more details on policy makers’ outlook for 2018 when it releases the minutes of their March 20-21 meeting. Officials voted then to raise their benchmark federal-funds rate by a quarter percentage point to a range between 1.5% and 1.75%: Link $

NY Post has learned that Carl Icahn is planning to get into the used-car business — and he’s eyeing Uber and Lyft as prospective clients: Link

ECONOMIC DATA

• MBA Weekly Mortgage Applications Down 1.8%
• CPI (YoY) for Mar 2.40% vs 2.40% Est; Prior 2.20%. CPI (MoM) for Mar -0.10% vs 0.00% Est; Prior 0.20%
• Core CPI (MoM) for Mar 0.20% vs 0.20% Est; Prior 0.20%. Core CPI (YoY) for Mar 2.10% vs 2.10% Est; Prior 1.80%
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.
• The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.
• The Treasury is set to auction 10-year notes at 1:00 p.m. ET.
• The Treasury budget report for March is schedule for release at 2:00 p.m. ET.

ANALYST RATINGS

• HSBC upgraded Citigroup C from Hold to Buy
• Stifel upgraded AeroVironment AVAV from Hold to Buy
• Credit Suisse downgraded AveXis AVXS from Outperform to Neutral
• Morgan Stanley downgraded Fortinet FTNT from Overweight to Equal-Weight

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.