The Market In 5 Minutes: M&A, WWDC & LeBron

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.

Macros Focus

US stock futures traded lower in early pre-market trade. The Federal Open Market Committee will begin two-day policy meeting today. Futures for the Dow Jones Industrial Average dropped 29 points to 17,605.00, while the Standard & Poor's 500 index futures fell 4.50 points to 2,064.75. Futures for the Nasdaq 100 index declined 11.25 points to 4,405.50.

Oil prices traded lower as Brent crude futures dropped 1.39 percent to trade at $49.63 per barrel, while US WTI crude futures also declined 1.56 percent to trade at $49.26 a barrel.

Eurozone industrial production increased 1.1 percent in April from March. U.K. consumer prices increased 0.3 percent year-over-year in May.

BZ News Desk Focus

USA Retail Sales (MoM) for May 0.50% vs 0.30% consensus estimate. Business inventories report for April will be released at 10:00 a.m. ET.

Apple (NASDAQ: AAPL) kicked off its 2016 Worldwide Developer Conference on Monday. Stay tuned for updates on it effect on iOS, Paypal (NASDAQ: PYPL) and others.

Sell-Side Themes

The Street was abuzz regarding Microsoft's (NASDAQ: MSFT) LinkedIn (NYSE: LNKD) acquisition. While most cheered the news for LinkedIn and its shareholders, some questioned if $26 billion was too much.

Sell-Side's Most Noteworthy Calls

Longbow downgraded GoPro (NASDAQ: GPRO) to Hold.
Raymond James downgraded Alaska Air (NYSE: ALK) to Outperform.
Citi upgraded Vonage (NYSE: VG) to Buy.
Raymond James upgraded Allegiant (NASDAQ: ALGT) to Outperform,.
Atlantic Equities initiated coverage on Clorox (NYSE: CLX) at Neutral.
Berenberg initiated coverage on Reynolds American (NYSE: RAI) at Hold.

Deal Talk

Marriott International (NASDAQ: MAR) is on track to win unconditional EU antitrust approval for its cash and share purchase of Starwood Hotels and Resorts (NYSE: HOT), a person familiar with the matter told Reuters.

FanDuel and DraftKings are in early-stage talks to merge as the industry faces a crackdown by U.S. states over whether it runs illegal gambling. A deal could reduce legal costs for the two companies, which have had to defend themselves against legal challenges as well as lobby for legislation to make the games legal in states that have declared them illegal.

In The News

How do you hedge against a Donald Trump presidency? It's a question Wall Street traders are increasingly asking. Citigroup and Barclays say they have figured out at least one part of the answer: Short the Mexican peso.

Yields on the 10-year government debt of Germany dipped below zero for the first time on record, a dramatic sign of the outsize effect of central-bank policy and investors’ search for safe havens.

Blogosphere

Paul McCulley: I've had it with my profession, macroeconomics. More specifically, I've had it with the consensus of practitioners in my profession.

If Microsoft were a smarter company, LinkedIn would never have existed. Read more from Gadfly's Shira Ovide.

Trending

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LeBron James (41 points, 16 rebounds and seven assists) and Kyrie Irving (41 points and six assists) had monster games to lead the Cavaliers to a 112-97 Game 5 win in the NBA Finals.

#PrayForOrlando

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