Know these 5 things before the stock market opens on Wednesday

Here is the most important news, trends and analysis that investors need to start their trading day:

Dow futures rose on Wednesday morning, as Wall Street began a new month of trading following volatility in May. Despite that turmoil, the blue chip Dow Jones Industrial Average And this S&P 500 Ultimately ended the month essentially flat. tech-heavy Nasdaq Composite May fell by 2.05%, its fourth negative month in five, as investors balance concerns about high inflation, the Federal Reserve’s response and the pace of economic growth. After being closed for the Memorial Day holiday on Monday, the stock retreated on Tuesday. The Dow lost nearly 223 points, or 0.7%, on Tuesday, while the broader S&P 500 lost 0.6%. The Nasdaq fell 0.4%. Major US stock indexes are well below their all-time highs. The Nasdaq is down 25.5% from its November peak. The S&P 500 and Dow, which both hit their records in early January, are down 14.25% and 10.7%, respectively, from those highs.

Oil prices were higher on Wednesday as market participants digested Wall Street Journal report That some members of OPEC+ are considering whether to suspend Russia from the energy alliance’s production deal. crude futures lower tuesday Giving profit earlier in the session, after the publication of the Journal’s report. US benchmark West Texas Intermediate crude rose nearly 1.3% to about $116.20 a barrel on Wednesday. International benchmark Brent crude rose nearly 1.4% to around $117.20 a barrel. Oil prices have risen this year, as Western sanctions on Russian crude exacerbated current concerns about tight supplies. Russia’s energy ministry and OPEC did not respond to CNBC’s request for comment about the Journal’s report. OPEC and non-OPEC oil producers are to have a policy meeting on Thursday.

sales force Shares rose more than 8% in premarket trading in the morning after the enterprise software maker reported fiscal first-quarter results that topped analyst estimates. Dow component Salesforce earned adjusted 98 cents per share on revenue of $7.41 billion. Wall Street had expected earnings per share of 94 cents on revenue of $7.38 billion, according to Refinitiv. Further guidance from Salesforce was mixed. Its fiscal second-quarter forecast for earnings and sales remained lighter than analysts’ forecasts, as did its full-year revenue outlook. However, Salesforce raised its full fiscal year adjusted earnings guidance to between $4.74 and $4.76 per share, which was better than analysts’ expected EPS of $4.65. Shares of Salesforce have been down year over year, down 36% from their close on Tuesday, as high-multiple tech stocks have fallen out of favor. Investors were anticipating Salesforce’s quarterly numbers to get an idea of ​​how enterprise spending was going despite concerns about the economic slowdown.

HP Inc. posted better than expected fiscal second quarter results After Tuesday’s close, demand from corporate clients helped offset soft consumer buying. Shares of the PC maker were basically flat in early trading on Wednesday. According to Refinitiv, HP reported $1.08 per share on sales of $16.49 billion, up from $1.05 of adjusted earnings per share and revenue analysts expected of $16.17 billion. HP’s total unit shipments declined year over year in the quarter, in both of its primary segments: personal systems and printing. However, personal systems revenue rose 9% to $11.5 billion, aided by 18% growth in its commercial business as companies upgraded desktops and workstations. HP CEO Enrique Lores said on earnings conference call that consumer demand has softened compared to covid-Increased growth, it remains above pre-pandemic levels. HP’s quarterly report on Tuesday was the first since Warren Buffett Berkshire Hathaway exposure a major stake in the company,

Mortgage demand last week reached its lowest level since December 2018, according to the Mortgage Bankers Association’s seasonally adjusted index. Mortgage applications to buy a home declined 1% last week compared to the previous week, MBA said, and volume was down 14% year over year. Home loan refinance applications saw a major drop, falling 5% for the week. They were 75% lower than the same week in 2021, when mortgage rates were near record lows. Data from the MBA on Wednesday provides additional insight into the state of the closely watched housing market. Mortgage rates have risen significantly so far this year, adding to affordability challenges given rising home prices. In March, house prices were About 21% more than a year agoAccording to the S&P Corelogic Case-Shiller Home Price Index, which was released Tuesday.

– CNBC’s Sam Meredith and Diana Olick contributed to this report.

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