The Market In 5 Minutes: Tech Wreck, Bitcoin Rally, OPEC, Lauer, And More

IN THE NEWS

High-flying tech stocks were hammered Wednesday, sending the Technology Select Sector SPDR Fund XLK down more than 2.5 percent and the Nasdaq down 1.4 percent, its worst day of trading since August 17: Link

Bitcoin surged to another new all-time high this week, crossing the $11,000 level for the first time. But while some onlookers see bitcoin and other cryptocurrencies as a massive financial bubble, others say the bitcoin rally is just getting started: Link

Matt Lauer’s abrupt exit from NBC News after an accusation of inappropriate sexual behavior ends a storied tenure that made him the face of morning television, leaving the network with a huge hole to fill and its most important franchise in crisis: Link

OPEC members said Thursday they were poised to agree to extend their efforts to cut crude-oil production through the end of June and possibly through all of 2018, a crucial juncture for an oil industry in the midst of a fragile recovery: Link

The Republican drive to push sweeping tax legislation through the U.S. Senate was hurtling on Thursday toward a dramatic conclusion, as Republican leaders pursued behind-the-scenes deals intended to secure enough votes for passage: Link

The National Rifle Association has called the concealed carry bill, which would make it easier for gun owners to keep their firearms hidden when crossing state lines, its “highest legislative priority in Congress.”: Link

Bill Ackman just knocked off another CEO at Chipotle CMG, but he still has a big, unfinished turnaround sitting on his plate: Link

ECONOMIC DATA

• USA Initial Jobless Claims for Nov 24 238.0K vs 240.0K Est; Prior 239.0K. Continuing Claims for Nov 17 1.96M vs 1.90M Prior
• USA Personal Income (MoM) for Oct 0.40% vs 0.30% Est; Personal Spending (MoM) for Oct 0.30% vs 0.30% Est
• The Chicago PMI for November is schedule for release at 9:45 a.m. ET.
• The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
• Dallas Federal Reserve Bank President Robert Kaplan will speak in Dallas at 1:00 p.m. ET.
• Data on farm prices for October will be released at 3:00 p.m. ET.
• Data on money supply for the recent week will be released at 4:30 p.m. ET.

ANALYST RATINGS

• Citi upgraded Goldcorp GG from Neutral to Buy
• JPMorgan upgraded TPI Composites TPIC from Neutral to Overweight
• Raymond James downgraded Descartes Systems DSGX from Outperform to Market Perform
• Citigroup downgraded Barrick Gold ABX from Buy to Sell

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.