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The Market In 5 Minutes: Hillary Clinton Falls Ill With The Global Stock Markets

Hillary Falls Ill With The Stock 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

Global stocks started the week sharply lower amid concerns about tighter monetary policy, extending a rout that halted two months of calm summer trading. The Dow Jones and S&P 500 fell more than 2 percent on Friday, after not having moved more than 1 percent throughout all of August.

"Trying to predict what the Fed might do, and how the markets will react, can be challenging especially in light of the mixed signals in the recent economic numbers," said Joe Correnti, Senior Vice President, Brokerage Products at Scottrade. "It's possible the Fed will raise interest rates; however, when analyzing economic reports, which the Fed would typically focus on when considering a rate hike, it doesn’t appear the data supports an increase in rates."

Futures for the Dow Jones Industrial Average dropped 109 points to 17,858.00 on Monday, while the Standard & Poor’s 500 index futures fell 12.50 points to 2,103.50. Futures for the Nasdaq 100 index declined 35.75 points to 4,632.00.

Oil prices traded lower as Brent crude futures fell 1.85 percent to trade at $47.12 per barrel, while US WTI crude futures also fell 1.98 percent to trade at $44.97 a barrel.

BZ News Desk Focus

On Wednesday, Cracker Barrel (NASDAQ: CBRL) is expected to report Q4 earnings of $2.13 per share on revenue of $743 million. The restaurant operator has handily beats estimates in five of its seven last quarters.

Oracle’s (NYSE: ORCL) Q1 report is due out on Thursday. The company is expected to announce EPS of $0.58 on revenue of $8.7 billion.

  • The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
  • Minneapolis Federal Reserve President Neel Kashkari will speak in Saint Paul, Minnesota at 1:00 p.m. ET.
  • Federal Reserve Governor Lael Brainard is set speak in Chicago at 1:00 p.m. ET.
  • The Treasury will auction 3-and 10-year notes at 1:00 p.m. ET.

Sell-Side Themes

Goldman Sachs downgraded Reynolds American (NYSE: RAI) to Neutral and upgraded Philip Morris (NYSE: PM) to Buy.

JPMorgan upgraded Vale (NYSE: VALE), Rio Tinto (NYSE: RIO) and ConocoPhillips (NYSE: COP) all to Overweight.

Sell-Side's Most Noteworthy Calls

Deal Talk

Canadian fertilizer giants Agrium (NYSE: AGU) and Potash (NYSE: POT) said they would merge to create one of the largest crop nutrient companies in the world with $20.6 billion in annual revenue.

Horizon Pharma (NASDAQ: HZNP) will acquire Raptor Pharmaceutical (NASDAQ: RPTP) for $9 per share in cash; For implied equity value of ~$800 million.

In The News

Hillary Clinton’s campaign said Sunday she had been diagnosed with pneumonia and would cancel a planned two-day swing through California, hours after the Democratic presidential nominee abruptly left a 9/11 memorial ceremony in New York for what her aides described as her feeling “overheated.”

Blogosphere

Is it the beginning of the end for fossil power? Gadfly's Chris Bryant weighs in.

Trending

SPY JNUG JDST FB WFC HZNP VXX GPRO POT AGU XIV P NOK UNG AZN PRGO

There were several tributes in honor of the 15th anniversary of September 11, 2001. Benzinga's Joel Elconin recalled what is was like that morning in the Bright Trading offices. #NeverForget

  • Activist investor Starboard Value revealed a 4.6 percent stake, or $600 million, in this company on Sunday morning.
  • Two weeks ago Martin Shkreli said he would short this stock.

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


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