The Market In 5 Minutes: Italy, Trade Talks, EVs, Roseanne And More

IN THE NEWS

Walt Disney Co DIS cancelled ABC’s “Roseanne” reboot Tuesday after star Roseanne Barr tweeted a racist comment about an adviser to former President Barack Obama: Link

U.S. stocks were hit hard Tuesday, partly due to political turmoil in Italy as the country's President Sergio Mattarella rejected an economic ministry nominee who holds a "euroskeptic" stance: Link

The White House’s surprise decision to move forward with tariffs and other sanctions against China threatens to derail trade talks scheduled for this weekend, according to people with knowledge of the matter on both sides: Link $

America’s food giants are shedding a generation of CEOs at a remarkable rate, the culmination of years of bleak sales in an industry that until recently, had gone unshaken for half a century: Link $

The number of electric vehicles on roads worldwide rose to a record high of 3.1 million in 2017, but more research, policies and incentives are needed to drive further uptake, the International Energy Agency said: Link

Wall Street’s long campaign to chip away at the toughest trading restriction imposed on banks after financial crisis is finally paying off: Link $

KKR & Co. KKR will pay $8.3 billion to buy BMC Software, sources said — marking the buyout shop’s biggest acquisition in years: Link

ECONOMIC DATA

• USA ADP Employment Change for May 178.0K vs 186.0K Est; Prior 204.0K
• USA GDP (QoQ) for Q1 2.20% vs 2.30% Est; Prior 2.30%
• USA Wholesale Inventories (MoM) for May 0.00% vs 0.40% Est; Prior 0.30%
• The Johnson Redbook Retail Sales Index for the recent week will be released at 8:55 a.m. ET.
• The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.
• Data on farm prices for April will be released at 3:00 p.m. ET.

ANALYST RATINGS

• Goldman upgrades Allegheny ATI from Sell to Neutral
• Cowen upgrades G-III Apparel GIII from Market Perform to Outperform
• Credit Suisse downgrades Abbvie ABBV from Neutral to Underperform
• DA Davidson downgrades Hope Bancorp HOPE 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.