The Market In 5 Minutes

IN THE NEWS

Benzinga

First tweets say a lot about a person. Bill Ackman sent his from inside of a Chipotle CMG restaurant. Link

U.S. Attorney General Jeff Sessions just made it easier for cops to confiscate your possessions or poach your pocketbook, regardless of whether you are charged with a crime. Link

Wall Street Journal

For the first time in years, pay for lowest-income Americans is rising faster than for other groups. The lowest paid 10% of workers outpaced all other groups in wage growth. Link

Partners at Goldman Sachs GS now own less than 5% of the company, the lowest level since the bank's IPO 18 years ago. Link

Reuters

Bill Gross warned of recessionary risk in the face of rate hikes following years of easy monetary policy. According to Gross, recent monetary policy has distorted capitalism as we know it. Link

Senator John McCain has been diagnosed with an aggressive form of brain cancer, his office said on Wednesday. Link

Bloomberg

West Virginia overwhelmingly voted in last year's election for President Donald Trump, who has pledged to cut regulation to reawaken the coal industry and overhaul health care by dismantling Obamacare. The signals from Washington could factor into miners’ decisions to retrain for another profession, outside of healthcare, or hold tight for the promised coal revival. Link

To lure more mid-afternoon customers, McDonald’s MCD is rejecting its recent health-food kick and rolling out the sweets: croissants, muffin tops and a new sundae-topping station for ice cream lovers. Link

New York Post

Tesla TSLA said SolarCity co-founder Peter Rive is leaving the company, eight months after the electric car maker bought the biggest U.S. residential solar panel maker. Link

ECONOMIC DATA

• Initial Jobless Claims for Jul 14 233.0K vs 245.00 Est; Continuing Claims for Jul 7 1.98M vs 1.95M Est
• USA Philadelphia Fed Manufacturing Index for Jul 19.50 vs 24.00 Est; Prior 27.60
• The index of leading economic indicators for June will be released at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on natural gas stocks is schedule for release at 10:30 a.m. ET.
• Data on money supply for the recent week will be released at 4:30 p.m. ET.

ANALYST RATINGS

• Citigroup initiated Tesla at Neutral
• RBC upgraded HP HPQ from Sector Perform to Outperform
• Morgan Stanley upgraded Nike NKE from Equal-Weight to Overweight
• Credit Suisse downgraded Pfizer PFE from Outperform to Neutral
• Credit Suisse reinstated Johnson & Johnson JNJ at Outperform

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.