The Market In 5 Minutes: IPOs, Tech Stocks, 'Fortnite', MoviePass And More

IN THE NEWS

The IPO outlook for the week of April 23: Link

Technology stocks have outperformed the broader markets year-to-date period even in the face of equity market volatility: Link

The battle royale is underway the gaming world, and it could spell big business for the companies providing the hardware. The explosive popularity of Epic Games’ “Fortnite” has Loup Ventures managing partner Gene Munster predicting it will leave a lasting mark on the video game world: Link

Tencent Music Entertainment Group, China’s largest music-streaming company, is preparing what would be one of the biggest technology IPOs ever following the successful debut of its European counterpart, Spotify Technology SA SPOT: Link $

Amazon.com Inc AMZN expects groceries and household products to account for over half of its business in India in the next five years, as it moves to broaden offerings in the segment and foray into areas such as fresh produce: Link

The dollar rallied at the start of a week packed with catalysts, from economic data to new debt supply, as the yield on benchmark U.S. Treasuries climbed toward 3 percent. European stocks edged lower after a broad retreat for equities across Asia: Link

Wells Fargo & Co.’s WFC struggle to shore up money-laundering controls in its division serving companies may prove awkward for Chief Executive Officer Tim Sloan as he faces shareholders Tuesday: Link

The curtain could come down any day on MoviePass’ bumpy run as an independent company: Link

ECONOMIC DATA

• Chicago Fed national activity index +0.10 vs +0.27 expected
• The Composite Purchasing Managers' Index for April will be released at 9:45 a.m. ET.
• Existing home sales report for March is schedule for release at 10:00 a.m. ET.
• The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

ANALYST RATINGS

• Deutsche Bank upgraded Michael Kors KORS from Hold to Buy
• RBC downgraded Paylocity PCTY from Outperform to Sector Perform
• Suntrust downgraded Oasis Petroleum OAS from Hold to Sell

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.