The Market In 5 Minutes: CPI, Jobless Claims, Papa John's, Musk-Flint And More

IN THE NEWS

Papa John's International, Inc. PZZA founder John Schnatter resigned Wednesday night as chairman of the company following reports on use of a racial slur: Link

Like Chronicle, Dandelion, Waymo and Verily before them, Alphabet's GOOGL Wing and Loon have taken flight: Link

Elon Musk claims he will "fund fixing the water in any house in Flint that has water contamination above FDA levels. No kidding": Link

The United States said Wednesday it signed an agreement with ZTE Corp that paves the way for the Chinese tech company to resume operations after a nearly three-month ban on doing business with American suppliers: Link

In an unexpected twist, NATO leaders held an unplanned emergency session on the last day of their two-day summit, which has been upended by U.S. President Donald Trump’s attacks on allies over defense spending: Link $

OPEC’s Gulf members may need to pump almost as much crude as they can to cover swelling supply losses from Venezuela to Iran and beyond, the International Energy Agency said: Link $

The first skirmishes in the battle over the nomination of Judge Brett Kavanaugh for the Supreme Court are about timing, as Republicans seek to hold hearings and install him on the court before the new term in October: Link

ECONOMIC DATA

• US Core CPI (MoM) for Jun 0.20% vs 0.20% Est; Prior 0.20%. US CPI (MoM) for Jun 0.10% vs 0.20% Est; Prior 0.20%
• US Initial Jobless Claims for Jul 2 214.0K vs 226.0K Est; Prior 231.0K. US Continuing Claims for Jun 25 1.74M vs 1.72M Est; Prior 1.74M
• The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
• Philadelphia Federal Reserve Bank President Patrick Harker is set to speak in Victor, Idaho at 12:15 p.m. ET.
• The Treasury is set to auction 30-year bonds at 1:00 p.m. ET.
• The U.S. Treasury budget report for June will be released at 2:00 p.m. ET.
• Data on money supply for the recent week will be released at 4:30 p.m. ET.
• Minneapolis Federal Reserve Bank President Neel Kashkari will speak at 8:00 p.m. ET.

ANALYST RATINGS

• Morgan Stanley upgrades Nabors Industries NBR from Equal-Weight to Overweight
• Morgan Stanley upgrades Precision Drilling PDS Equal-Weight to Overweight
• UBS downgrades Netflix NFLX Buy to Neutral
• Morgan Stanley downgrades U.S. Silica SLCA from Overweight to Equal-Weight

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.