The Market In 5 Minutes: Schneiderman Resigns, Piwowar To Step Down, Spending Cuts And More

IN THE NEWS

Five months into the year, "Fortnite" is unquestionably the biggest story in gaming. The battle royale-style free play game continues to spread through word of mouth and a virality that has touched numerous aspects of society. And now it's driving hardware sales: Link

A fintech veteran talks ICOs and startups: 'The future is bright': Link

Takeda Pharmaceutical Co. on Tuesday reached an agreement to buy Shire PLC SHPG, capping a months long battle for control of the European drugmaker and marking the biggest-ever overseas acquisition by a Japanese company: Link $

New York state Attorney General Eric Schneiderman abruptly resigned Monday night after the New Yorker published an article in which four women alleged he physically abused them: Link $

U.S. President Donald Trump will request a package of $15 billion in spending cuts from Congress on Tuesday, including some $7 billion from the Children’s Health Insurance Program championed by Democrats, senior administration officials said on Monday: Link

Silicon Valley billionaire -- and Donald Trump supporter -- Peter Thiel has emerged as an unlikely player in the international debate over Iran’s nuclear deal with six world powers: Link

Wall Street’s favorite regulator is on his way out: Link

ECONOMIC DATA

• US April NFIB small business optimism index 104.8 vs 104.5 expected
• Redbook Reports US Retail Sales During First Week Of May Up 0.8% MoM, Up 3.3% YoY
• The Labor Department's JOLTS report for March is schedule for release at 10:00 a.m. ET.
• The Treasury is set to auction 4-week bills at 11:30 a.m. ET.
• The Treasury will auction 3-year notes at 1:00 p.m. ET.

ANALYST RATINGS

• Canaccord upgraded Impinj PI from Hold to Buy
• Argus upgraded Viavi VIAV from Hold to Buy
• RBC downgraded Zillow ZG from Outperform to Sector Perform
• Raymond James downgraded Del Frisco DFRG from Outperform to Market Perform

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.