The Market In 5 Minutes

IN THE NEWS

BENZINGA

While little has changed between Cleveland and Golden State, except one very big addition by the Warriors, the battle between Nike Inc NKE and Under Armour Inc UAA has significantly changed since these two teams met in June of 2015: Link

Who says what happens in the media on a day-to-day basis doesn't impact individual stocks? Look no further than the recent rally in shares of Under Armour: Link

Media have written way too many obits about the death of the mall, a concept that exploded in the 1960s and now seems doomed as the big-box superstores choke on their failure to take the measure of the monster known as Amazon.com, Inc. AMZN and its many minions: Link

A clear victory for the centrists in France and the stunning loss of a legislative majority by the right in Britain begs the question: Is there a backlash to the populism that put President Donald Trump in power and influences politics through much of the democratic world?: Link

THE WALL STREET JOURNAL

The Trump administration proposed a wide-ranging rethink of the rules governing the U.S. financial sector in a report that makes scores of recommendations that have been on the banking industry’s wish list for years: Link

NBC anchor Megyn Kelly’s plan to air an interview with right-wing provocateur Alex Jones has caused a firestorm to erupt on social media, but so far advertisers have remained quiet—with at least one notable exception: Link

REUTERS

U.S. Attorney General Jeff Sessions will face questions on Tuesday about his dealings with Russian officials and whether he intentionally misled Congress as a Senate panel investigates the Kremlin's alleged involvement in the 2016 presidential election: Link

A 10-percent decline in oil prices since late May could push traders to keep crude in storage, looking to sell down the line when forward prices are higher: Link

BLOOMBERG

After years toiling away in secret on its car project, Apple Inc. AAPL Chief Executive Officer Tim Cook has for the first time laid out exactly what the company is up to in the automotive market: It’s concentrating on self-driving technology: Link

Three former currency traders in Britain who are accused by U.S. prosecutors of conspiring to manipulate markets have reached an agreement to surrender this summer to American officials and appear in federal court to face the charges: Link

NY POST

McDonald’s MCD said Monday it will hire 250,000 workers this summer — 9 percent more than last year: Link

ECONOMIC DATA

• The Federal Open Market Committee will begin its two-day policy meeting today.
• USA PPI (MoM) for May 0.00% vs 0.10% consensus estimate. The prior reading was 0.50%; USA Core PPI (YoY) for May 2.10% vs 2.00% consensus estimate. The prior reading was 1.90%.
• The Treasury is set to auction 4-week bills at 11:30 a.m. ET.
• The Treasury will also auction 30-year bonds at 1:00 p.m. ET.
• New York Federal Reserve President Willian Dudley is set to speak in Washington D.C. at 1:45 p.m. ET.

ANALYST RATINGS

• Berenberg upgraded Tesla TSLA from Hold to Buy
• Jefferies upgraded Guidewire Software GWRE from Neutral to Overweight
• Barclays upgraded Semgroup SEMG from Equal-weight to Overweight
• Goldman Sachs downgraded MercadoLibre MELI from Buy to Neutral
• Morgan Stanley downgraded Cheniere Energy LNG from Overweight to Equal-weight
• Jefferies downgraded Consoloidated Edison ED from Buy to Hold

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 or email minutes@benzinga.com.