The Market In 5 Minutes: Snap Beats, Wynn Resigns, Volatility Reigns

IN THE NEWS

It’s been a busy few days for brokerages and robo advisors, and the early indications are in: retail investors were not only unfazed by the recent sell-off, but they were eager to buy the dip: Link

The Great Lakes State has the second-largest medical marijuana patient base in the country, trailing only gigantic California. A shift in Michigan's medical marijuana market is no small event: Link

Credit Suisse Group AG (ADR) CS took the trading community by surprise when the firm announced it will liquidate the popular Credit Suisse AG – VelocityShares Daily Inverse VIX Short Term ETN XIV after the fund plunged more than 80 percent Monday, triggering an “acceleration event.”: Link

Congressional leaders were on the cusp of striking a two-year budget deal Tuesday to boost federal spending levels for both the military and domestic programs, after separating for now a stalled immigration fight from efforts to keep the government funded: Link $

U.S. casino mogul Steve Wynn has resigned as CEO of his company Wynn Resorts WYNN following claims he subjected women who worked for him to unwanted advances, becoming one of the most prominent business leaders to quit over sexual misconduct allegations in recent months: Link

Snap SNAP finally handed Wall Street a treat on Tuesday — and investors immediately gave it back: Link

ECONOMIC DATA

• New York Federal Reserve Bank President William Dudley will speak in New York at 8:30 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.
• Chicago Federal Reserve Bank President Charles Evans is set to speak in Des Moines, Iowa at 11:15 a.m. ET.
• The Treasury will auction 10-year notes at 1:00 p.m. ET.
• Data on consumer credit for December will be released at 3:00 p.m. ET.
• San Francisco Federal Reserve Bank President John Williams will speak in Hololulu, Hawaii at 5:20 p.m. ET.

ANALYST RATINGS

• RBC upgraded Snap from Sector Perform to Outperform
• Stifel downgraded Chipotle CMG from Overweight to Neutral
• JPMorgan downgraded CBOE Global Markets CBOE from Overweight to Neutral
• Mizuho downgraded Chipotle 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.