The Market In 5 Minutes: Stock Start To Recover From Brexit Onsalught

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 traded higher in early pre-market trade. Futures for the Dow Jones Industrial Average jumped 174 points to 17,159.00, while the Standard & Poor’s 500 index futures rose 19 points to 2,004.00. Futures for the Nasdaq 100 index climbed 41.25 points to 4,219.25.

European markets were higher today, with the Spanish Ibex Index rising 2.53 percent, STOXX Europe 600 Index surging 2.47 percent and German DAX 30 index gaining 2.09 percent. The UK's FTSE index was trading higher by 2.48 percent, while French CAC 40 Index gained 2.55 percent.

Oil prices traded higher as Brent crude futures gained 2.25 percent to trade at $48.22 per barrel, while US WTI crude futures also rose 2.44 percent to trade at $47.43 a barrel.

BZ News Desk Focus

USA GDP (QoQ) for Q1 1.10% vs 1.00% consensus estimate. Increase in Q1 U.S. consumer spending was the smallest in two years.

Some of last night's and this morning's notable earnings:

Ennis EBF Reports Q1 EPS $0.26 vs $0.31 est, Sales $90.4M vs $136.73M est
IHS IHS Q2 EPS $1.60 vs $1.48 est, Revenue $588.0M vs $588.7M est
FactSet FDS Q3 EPS $1.64 vs $1.61 est, Revenue $287.5M vs $287.7M est

Sell-Side's Most Noteworthy Calls

Goldman Sachs downgraded Barclays BCS to Neutral.
Argus downgraded Tesla TSLA to Hold.
Avondale upgraded SolarCity SCTY to Market Outperform.
Morgan Stanley upgraded Rio Tinto RIO to Overweight.
H.C. Wainwright initiated coverage on Vascular Biogenics VBLT at Buy.

Deal Talk

Gannett GCI announced its plans to acquire ReachLocal RLOC for $4.60 per share.

McKesson MCK and Change Healthcare will merge, with the former to own 70 percent of the new company.

Anthem ANTM appears ready to walk away from the Cigna CI deal, according to the New York Post.

In The News

Although Alphabet's GOOG YouTube pays out more overall each year, it now pays an average of eight one-hundredths of a penny ($0.0008) per play, and less than six one-hundredths ($0.0006) of a penny for user-generated content, down roughly 20 percent from a year ago.

George Soros took a short position in Deutsche Bank DB of about 7 million shares as turmoil from the U.K.’s decision to leave the European Union sent bank stocks lower. The position taken on Friday was equivalent to 0.51 percent of Deutsche Bank’s share capital, according to a German filing published on Monday.

Blogosphere

China's fintech party crasher? "The People's Bank of China plans to study shadow-banking activities with a view to putting competition on a more equal footing, Governor Zhou Xiaochuan said in an interview with International Monetary Fund Managing Director Christine Lagarde in Washington last week.Translation: watch out. Regulations that were on the back burner as Beijing stayed out of the way of the growth of Internet finance companies are looming."

-

-

-

-

-

-

-

-

-

-

-

-

-

-