The Market In 5 Minutes: Snap Beats, Wynn Resigns, Volatility Reigns
IN THE NEWS
It’s been a busy few days for brokerages and robo advisors, and the early indications are in: retail investors were not only unfazed by the recent sell-off, but they were eager to buy the dip: Link
The Great Lakes State has the second-largest medical marijuana patient base in the country, trailing only gigantic California. A shift in Michigan's medical marijuana market is no small event: Link
Credit Suisse Group AG (ADR) (NYSE: CS) took the trading community by surprise when the firm announced it will liquidate the popular Credit Suisse AG – VelocityShares Daily Inverse VIX Short Term ETN (NASDAQ: XIV) after the fund plunged more than 80 percent Monday, triggering an “acceleration event.”: Link
Congressional leaders were on the cusp of striking a two-year budget deal Tuesday to boost federal spending levels for both the military and domestic programs, after separating for now a stalled immigration fight from efforts to keep the government funded: Link $
U.S. casino mogul Steve Wynn has resigned as CEO of his company Wynn Resorts (NASDAQ: WYNN) following claims he subjected women who worked for him to unwanted advances, becoming one of the most prominent business leaders to quit over sexual misconduct allegations in recent months: Link
- New York Federal Reserve Bank President William Dudley will speak in New York at 8:30 a.m. ET.
- The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.
- Chicago Federal Reserve Bank President Charles Evans is set to speak in Des Moines, Iowa at 11:15 a.m. ET.
- The Treasury will auction 10-year notes at 1:00 p.m. ET.
- Data on consumer credit for December will be released at 3:00 p.m. ET.
- San Francisco Federal Reserve Bank President John Williams will speak in Hololulu, Hawaii at 5:20 p.m. ET.
- RBC upgraded Snap from Sector Perform to Outperform
- Stifel downgraded Chipotle (NYSE: CMG) from Overweight to Neutral
- JPMorgan downgraded CBOE Global Markets (NASDAQ: CBOE) from Overweight to Neutral
- Mizuho downgraded Chipotle from Buy to Neutral
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.
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