The Market In 5 Minutes

IN THE NEWS

Benzinga

Insurance companies could escape relatively unscathed from the weekend’s Hurricane Harvey, a Category 4 storm dubbed by Deutsche Bank “the biggest North Atlantic wind event in a decade.” The research firm considers Harvey “unlikely to be significant in isolation.”: Link

Engaging in an initial public offering is an often thrown around prospect in the financial markets, but unlike the IPO, Initial Coin Offerings are relatively new phenomena, which came about with the evolution of cryptocurrencies. Just as IPO fever ran high in the 1990s, there is now a flurry of activity on the ICO front: Link

Wall Street Journal

North Korea launched a ballistic missile over Japan, the latest in a string of direct provocations that have destabilized the region and triggered global alarm: Link

Tropical Storm Harvey, the most powerful storm to hit Texas in half a century, has shut a significant portion of the state’s shale production, cutting off as much as 15% of U.S. oil supplies: Link

Reuters

Wearable device maker Fitbit Inc FIT launched its newest device, the Ionic smartwatch, with features ranging from fitness tracking to contactless payment, as it gears up to compete with rivals such as Apple Inc AAPL: Link

Ford Motor Co F and Domino’s Pizza Inc DPZ in September will begin testing Michigan consumers’ reactions to having their pies delivered by self-driving vehicles, the companies said on Tuesday: Link

Bloomberg

National security funding will have to be slashed about $65 billion in January if lawmakers approve spending as much as planned in a House-passed measure without lifting the budget caps from a 2011 law, according to the latest Congressional Budget Office calculations: Link

Insurers got burned badly in the 2008 financial crisis. So almost a decade later, BlackRock Inc. BX scoured the industry’s $5 trillion in U.S. investments to figure out how they would fare if markets crash so hard again: Link

ECONOMIC DATA

• The Johnson Redbook Retail Sales Index for the latest week is schedule for release at 8:55 a.m. ET.
• The S&P Corelogic Case-Shiller home price index for June will be released at 9:00 a.m. ET.
• The Conference Board’s consumer confidence index for August is schedule for release 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 7-year notes at 1:00 p.m. ET.

ANALYST RATINGS

• Wedbush upgraded Juno Therapeutics JUNO from Neutral To Outpefrorm
• Deutsche Bank upgraded Infosys INFY from Hold to Buy
• Axiom downgraded JA Solar JASO from Hold to Sell
• Canaccord downgraded Kite Pharma KITE from Buy to Hold
• FBR downgraded Finish Line FINL from Buy to Neutral

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