The Market In 5 Minutes

IN THE NEWS

Benzinga

A summer vacation season filled with anxiety may have finally provided Wall Street with a wake-up call. But it may be too late to avoid a downturn: Link

When Alessandro DiNello was named CEO of Flagstar Bancorp Inc FBC in 2013, the bank was on a financial precipice: Link

Apple Inc. AAPL officially announced the launch date for its highly anticipated 10-year anniversary iPhone 8. Apple will be holding a launch event on Sept. 12 for the big reveal: Link

Even as Texas reels under the impact of Harvey and the markets mull over the ramification of the catastrophe on the local and national economy, news of soaring gasoline prices, which rose to a two-year high, set alarm bells ringing: Link

Wall Street Journal

Verizon VZ wants to build an advertising juggernaut, but it needs your data first. The company offers concert tickets and other rewards in exchange for customers' personal information: Link

In the wake of the global financial crisis, fear of such “black swan” events drove some investors into hedge funds that offered extreme insurance policies. But the swans have yet to return, and such strategies have fallen out of favor: Link

Reuters

Toymaker Lego announced plans to lay off 8 percent of its workforce as it reported a 5 percent fall in mid-year revenue: Link

Bloomberg

Special counsel Robert Mueller and key congressional committees are tightening their focus on some of President Donald Trump’s family members and campaign associates as probes into Russia’s interference with the 2016 election enter a new and more aggressive phase: Link

Republicans return to Washington Tuesday with less than a month to avoid a government shutdown and avert a default on the nation’s debt, tasks that are being overshadowed by the quickly mounting costs of the response to Hurricane Harvey: Link

ECONOMIC DATA

• Federal Reserve Governor Lael Brainard is to speak in New York City.
• Data on factory orders for July will be released 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-and 6-months bills at 11:30 a.m. ET.
• The TD Ameritrade Investor Movement Index for August is schedule for release at 12:30 p.m. ET.
• Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Minneapolis at 1:10 p.m. ET.
• Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Dallas at 7:00 p.m. ET.

ANALYST RATINGS

• Susquehanna upgraded Lululemon LULU from Neutral to Positive
• Wells Fargo upgraded Disney DIS from Market Perform to Outperform
• MKM upgraded Regal Entertainment RGC from Neutral to Buy
• Wells Fargo downgraded Viacom VIAB 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.