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The Market In 5 Minutes: The Fed And IEA Confuse The Market

Market In 5 Minutes: Fed And The Confuse The Market

Below 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. Apply for daily AM access by clicking here or email minutes@benzinga.com.

Macro Focus

Wall Street was set to open with sharp losses, with stock futures pulling back after a solid rally as investors digested the latest Federal Reserve comments.

Federal Reserve Governor Lael Brainard has gained a reputation as one of the most dovish FOMC members. Last week’s announcement that she would be giving a speech on the final day allowed prior to the mandatory two-week pre-meeting Federal Reserve blackout period had the market worried that she might be changing her tune. Instead, Brainard delivered a typically dovish speech, including calls for "prudence" from the Fed when it comes to raising interest rates.

The International Energy Agency sharply cut its forecast for global oil demand for this year and the next amid what it called "wobbling" Asian demand. The IEA downgraded its global oil demand predictions by about 100,000 barrels a day for this year—still growing by 1.3 million barrels a day. It also reduced the forecasts by about 200,000 barrels a day in 2017, with consumption increasing more slowly at 1.2 million barrels a day.

  • The Johnson Redbook Retail Sales Index is schedule for release at 8:55 a.m. ET.
  • The Treasury is set to auction 4-and 52-week bills at 11:30 a.m. ET.
  • The Treasury will auction 30-year bonds at 1:00 p.m. ET.
  • The Treasury budget report for August is schedule for release at 2:00 p.m. ET.

BZ News Desk Focus

CNBC and Institutional Investor will be hosting the annual Delivering Alpha conference on Tuesday at New York City's Pierre Hotel. The conference has been notable in recent years for bringing together top Wall Street minds like Bridewater's Ray Dalio, Paul Singer of Elliott, Jim Chanos of Kynikos, Marc Lasry of Avenue Capital and Carl Icahn of Icahn Enterprises.

Sell-Side Themes

Applied Genetic Technologies AGTC received at least three downgrades after reporting Q4 sales of $12.1 million vs. $13 million estimates.

Sell-Side's Most Noteworthy Calls

Deal Talk

Anadarko Petroleum APC announced the acquisition of Freeport-McMoRan's FCX deepwater Gulf of Mexico assets for $2 billion. The company also reported an offering of 35.25 million shares of common stock. Anadarko Petroleum shares dropped 2.92 percent to $56.10 in the after-hours trading session.

T-Mobile TMUS said Apple's AAPL iPhone 7 and iPhone 7 Plus have set the biggest pre-order in the company's history.

In The News

Hillary Clinton will release additional medical records this week, her campaign said Monday, moving to contain concerns about her well-being and forthrightness after she stumbled exiting a 9/11 ceremony.

Underage drinking and smoking in the United States is in a downtrend, according to a recent report by the Substance Abuse and Mental Health Services Administration. A little more than 4 percent of teens between 12 to 17 years old declared having smoked a cigarette in the month previous to the survey, which was conducted in 2015. These figures imply a marked decline from the figures seen in 2002, when 13 percent of teenagers said they smoked in the month that preceded the survey.

Blogosphere

"It's kind of silly that we're even calling what went on Friday and over the weekend a 'sell-off', but that's just indicative of how spoiled we've gotten by the absence of normal volatility this summer."

Is the inflation hidden in derivatives?

Trending

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September is Roald Dahl's birth month, and each year we celebrate with a wonderful array of events centred around his birthday on September 13. This year marks 100 years since the birth of Roald Dahl and it's going to be the biggest worldwide celebration of #RoaldDahlDay ever.

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