Below 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. Apply for daily AM access by clicking here or email minutes@benzinga.com.
Macro Focus
U.S. stock futures struggled for direction on Tuesday, with investors opting for the sidelines ahead of the closely watched Federal Reserve meeting and a deluge of earnings. This are also a number of key economic data scheduled for the day.
Oil prices traded lower as Brent crude futures fell 0.74 percent to trade at $44.39 per barrel, while US WTI crude futures also dropped 1.04 percent to trade at $42.67 a barrel.
The Federal Open Market Committee will begin two-day policy meeting today.
The Markit Services PMI for July will be released at 9:45 a.m. ET.
Data on new home sales for June will be released at 10:00 a.m. ET.
The Conference Board’s Consumer Confidence Index for July is schedule for release at 10:00 a.m. ET.
The Richmond Fed Manufacturing Index for July will be released at 10:00 a.m. ET.
The Treasury is set to auction 4-week bills at 11:30 a.m. ET.
The Treasury will auction 5-year notes at 1:00 p.m. ET.
BZ News Desk Focus
Some of last night's and this morning's notable earnings:
Verizon VZ Reports Q2 Adj. EPS $0.94 vs $0.92 Est., Sales $30.5B vs $30.9B Est.
McDonald's MCD Reports Q2 GAAP EPS $1.25, Rev. $6.265B vs. Est. $6.27B
Caterpillar CAT Reports Q2 EPS $1.09 vs. Est. $0.96, Rev. $10.34B vs. Est. $10.11B
Gilead GILD Reports Q2 EPS $3.08 vs. Est. $3.02, Rev. $7.776B vs. Est. $7.79B
Las Vegas Sands LVS Reports Q2 EPS $0.52 vs $0.56 Est., Sales $2.65B vs $2.76B Est.
Express Scripts EXPR Reports Q2 EPS $1.57 vs. Est. $1.57, Rev. $25.2B vs. Est. $25.42B
Texas Instruments TXN Reports Q2 EPS $0.76 vs. Est. $0.73, Rev. $3.273B vs. Est. $3.2B
DuPont DD Q2 EPS $1.24 vs $1.10 est, Revenue $7.1B vs $7.0B est
Apple AAPL is scheduled to announce its Q3 results after Tuesday's market close. Here is a quick look into what notable firms think about the stock.
Earnings are also expected from Twitter TWTR.
Sell-Side Themes
Goldman Sachs upgraded Kroger KR and Sprouts Farmers Market SFM, but downgraded Whole Foods WFM to Sell.
Stifel expects a recession within 3-9 months and is bearish on the restaurant sector.
Sell-Side's Most Noteworthy Calls
Citi downgraded VMware VMW to Neutral.
Morgan Stanley downgraded Yahoo YHOO to Equal-Weight.
JPMorgan upgraded Mead Johnson MJN to Overweight.
Evercore upgraded Southwest Airlines LUV to Buy.
Piper Jaffray initiated Adobe ADBE at Overweight.
Raymond James started Ventas VTR at Market Perform.
Deal Talk
Anheuser-Busch InBev BUD has sweetened its offer for rival SABMiller, increasing its promised cash payment by £1 per share after a sharp decline in the pound stoked investor unrest over the deal. If the takeover is completed, SABMiller investors now stand to receive a cash payment of £45 ($58.83) per share.
Everbank Financial EVER confirmed talks with Financial Services Co to be acquired for $19.50 per share in cash.
Canada's SunOpta STKL is said be under the watchful eye of hedge fund West Face Capital, pressing for the company to explore a sale of all or part of the company, according Reuters. West Face Capital is also potentially seeking board or management changes. Hedge fund Tourbillon Capital Partners, SunOpta's largest shareholder, announced on May 27 it had sent a letter to the board and CEO of SunOpta.
In The News
Michelle Obama cast the presidential race as one between a positive role model for children (Hillary Clinton) and a damaging one (Donald Trump) in the marquee speech on the Democratic National Convention's opening night.
Obscure hedge fund Arjun LP reports annual returns as high as 91 percent since 2013. Joseph A. Meyer Jr. guarantees clients will never lose money with his system
Blogosphere
Were you confused by the credit swap talk in "The Big Short"?
Trending
NUGT GLD GDX AAPL UA GILD EXAS BBRY TXN DD LVS CNC MCD FB ATVI [Stocktwits]
"I can no longer stay silent," says Michael Jordan, someone who has refrained from using his celebrity to take a public stand on social issues. In a letter posted on The Undefeated, Jordan said he would be donating $1 million each to the International Association of Chiefs of Police's newly established Institute for Community-Police Relations and the NAACP Legal Defense Fund.
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