The Market In 5 Minutes: Biogen, Pruitt, Unemployment, Tariffs And More

IN THE NEWS

Rising interest rates are typically seen as a bad development for stocks. While it’s true that higher interest rates eventually tend to slow growth and drive cash from stocks to fixed income investments, the period leading up to the tipping point has historically been very good for stocks: Link

If there’s one word that can turn a bull market into a bear market overnight, it’s the dreaded R-word: Link

The first half of 2018 brought Dropbox Inc DBX, Spotify Technology SPOT and 118 other market newbies that raised an aggregate $35.2 billion — the most since 2014: Link

U.S. President Donald Trump’s threat to block Chinese investment in U.S. companies could be trouble for a number of American automotive and technology companies using Chinese funds to develop electric and self-driving cars and related services, from Tesla Inc TSLA to dozens of Silicon Valley startups: Link

U.S. central bankers discussed whether recession lurked around the corner and expressed concerns global trade tensions could hit an economy that by most measures looked strong, minutes of the Federal Reserve’s last policy meeting on June 12-13 released on Thursday showed: Link

Amazon.com, Inc. AMZN CEO Jeff Bezos will have the e-commerce giant publish a print toy catalog this fall — which will be mailed to millions of Amazon customers and be available at its Whole Foods chain: Link

A closely watched Alzheimer’s drug from Biogen Inc. BIIB and Eisai Co. showed positive results in a large clinical trial, lifting shares of the U.S. pharmaceutical company and its Japanese partner: Link

Scott Pruitt, the embattled administrator of the Environmental Protection Agency, resigned Thursday after allegations of ethical lapses and improper spending overshadowed his aggressive campaign to roll back Obama-era environmental rules: Link

ECONOMIC DATA

• US Nonfarm Payrolls for Jun 213.0K vs 200.0K Est; Prior 223.0K. US Private Payrolls for Jun 202.0K vs 190.0K Est; Prior 218.0K
• US Unemployment Rate for Jun 4.00% vs 3.80% Est; Prior 3.80%
• The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
• The Baker Hughes North American rig count report is schedule for release at 1:00 p.m. ET.

ANALYST RATINGS

• SunTrust Robinson Humphrey upgrades Mantech International MANT from Hold to Buy.
• B. Riley FBR Downgrades Arbutus Biopharma ABUS 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.