The Market In 5 Minutes

IN THE NEWS

BENZINGA

The Committee on Capital Markets Regulation worries the lack of appeal of the IPO market may have significant economic impact. Concurrently, investors are shifting funds to the startup scene: Link

Benzinga's Mark Fritz talks on how virtual assistants like Alphabet Inc GOOG's Google Home and Amazon Inc AMZN Echo/Alexa may be eavesdropping on your conversation: Link

Benzinga recently had the chance to discuss marijuana legalization in Canada and its impact on the United States with Hadley Ford, CEO of iAnthus Capital Holdings Inc, a cannabis-focused financing and advisory firm: Link

THE WALL STREET JOURNAL

Centrist Emmanuel Macron and far-right politician Marine Le Pen led the first round of voting in France’s presidential election as voters redrew the political map, placing the European Union at the center of a new divide: Link

Less than a week before the federal government could run out of money, White House officials said President Donald Trump wants any spending deal to include some funding for a border wall: Link

REUTERS

U.S. oil and gas company Chevron Corp CVX said on Monday it has agreed to sell its three gas producing fields in Bangladesh to Chinese firm Himalaya Energy, as part of a plan to raise billions of dollars by shedding non-core properties this year: Link

Tesla Inc TSLA Chief Executive Elon Musk took many risks with the technology in his company's cars on the way to surpassing Ford Motor Co's market value. Now Musk is pushing boundaries in the factory that makes them. Link

BLOOMBERG

Apple Inc. AAPL prepares to introduce a new smartphone with an OLED screen, a Japanese refiner better known for its chain of gas stations is about to join the list: Link

This year’s Chinese steel price rout heralds worse to come, according to a 50-year industry veteran who says the world’s top producer is poised for a painful contraction as demand tumbles and rival nations build trade barriers: Link

NY POST

People have been trying to figure out the end game of quantitative easing ever since the Fed started buying mortgage-backed securities in late 2008. The goal back then was to buy securities so that interest rates would remain low: Link

ECONOMIC DATA

• The Dallas Fed general activity index for April will be released at 10:30 a.m. ET.
• Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Los Angeles, California at 11:30 a.m. ET.
• The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
• Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Claremont, California at 3:15 p.m. ET.

ANALYST RATINGS

• JP Morgan upgraded Stanley Black & Decker SWK from Neutral to Overweight
• Macquarie upgraded United States Steel X from Underperform to Neutral
• PiperJaffray upgraded KeyCorp KEY from Neutral to Overweight
• Berenberg downgraded Bank of America BAC from Buy to Hold
• Morgan Stanley downgraded Groupon GRPN to Underweight
• Barclays downgraded Globus Medical GMED from Equal-Weight to Underweight
• Loop Capital downgrades Walt Disney DIS 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.