Stock Groups

5 things to know before the stock market opens Wednesday

[ad_1]

Investors need the following news, analysis and trends to help them start trading:

1. Dow futures climb as Wall Street starts June trading

On Tuesday, May 31, 20,22, a trader is working on the New York Stock Exchange’s floor in New York.

Getty Images| Bloomberg | Getty Images

Dow futures rose on Wednesday morning as Wall Street began a new trading month following volatile May. The blue-chip index remained stable despite the volatility. Dow Jones Industrial AverageThe S&P 500 ultimately finished the month essentially flat. It was tech-heavy Nasdaq CompositeIn May, the stock market fell 2.05%, marking its fourth consecutive month of negative performance. Investors were trying to balance worries about inflation, Federal Reserve’s responses, and economic growth. Stocks fell on Tuesday after closing Monday’s Memorial Day holiday. The Dow lost about 223 points, or 0.7%, on Tuesday while the broad S&P 500 declined 0.6%. The Nasdaq lost 0.4%. Major U.S. stock indices have fallen significantly from their highs. The Nasdaq has fallen 25.5% from its peak in November. The S&P 500 and Dow, which both notched their records in early January, are down 14.25% and 10.7%, respectively, from those highs.

2. Oil prices rise; OPEC+ reportedly considering suspending Russia supply agreement

Rosneft oil pumping Jacks also called “nodding dokeys” were working in an Oil Oil Field near Sokolovka Village, Russia’s Udmurt Republic on Friday, Nov. 20, 2020.

Andrey Rudakov | Bloomberg | Getty Images

Due to market participants’ digestibility, oil prices rose on Wednesday a Wall Street Journal reportSome OPEC+ countries have begun to consider whether Russia should be removed from the Energy Alliance’s Production Agreement. Crude futures settled lower TuesdayAfter the Journal’s Report was published, gains were lost earlier in the session. The U.S. benchmark West Texas Intermediate crude oil rose 1.3% to $116.20 per barrel on Wednesday. Brent crude oil, which is the international benchmark for oil, rose by 1.4% to $117.20 per barrel. As a result of Western sanctions against Russia, oil prices rose by 1.4% to $117.20 per barrel. CNBC reached out to Russia’s Energy Ministry, OPEC and OPEC for comments on the Journal report. A policy meeting is scheduled for Thursday between OPEC and non OPEC oil producers.

3. Stocks rise after Salesforce shares surpass earnings estimates

On Tuesday, February 23, 2021, Signage was placed on the Saleforce building in San Francisco (California), USA.

Getty Images| Bloomberg | Getty Images

SalesforceThe premarket trade saw shares surge more than 8.8% after Salesforce’s fiscal first-quarter results exceeded analysts expectations. Salesforce, a Dow component, earned an adjusted 98c per share on $7.41 billion in revenue. Refinitiv reports that Wall Street was expecting per-share earnings to be 94 cents on $7.38 billion in revenue. Salesforce’s forecast for the future was mixed. Analysts forecasted that Salesforce’s fiscal second-quarter earnings and sales projections were lower than it actually was. It also had a lower revenue outlook for the full year. Salesforce increased its fiscal year adjusted earnings guidance from $4.74 to 4.76 per share. That’s better than the $4.65 analysts predicted. The shares of Salesforce have dropped 36% in the past year, as high-multiple tech stocks lost favor. Investors were anticipating Salesforce’s quarterly numbers in order to gain a better understanding of enterprise spending, despite fears about an economic slowdown.

4. HP Inc. exceeds all estimates due to strong corporate customer demand

Enrique Lores, CEO, HP

Scott Mlyn | CNBC

HP Inc.Better than anticipated fiscal second-quarter resultsAfter Tuesday’s closing, demand from corporate clients helped to offset soft consumer purchases. The shares of the computer maker were virtually flat Wednesday morning in pre-the-bell trades. According to Refinitiv, HP’s adjusted earnings per share of $1.08 on $16.49billion in sales beat the $1.05 per-share earnings and $16.17 billion revenue analyst expectations. The quarter saw a decline in total HP unit sales year-over-year in its two primary segments, personal systems and printing. Personal systems revenue increased 9% to $11.5billion, thanks in part to 18% growth of its commercial business, which saw companies upgrade their workstations and desktops. Enrique Lores, CEO of HP, stated that although consumer demand is down from the peak in its previous years, it has not diminished. CovidIt is still above the pre-pandemic level, despite its fuelled increase. HP Tuesday’s quarterly report was their first since Warren Buffett. Berkshire HathawayDisclosure a major stake in the company.

5. Lowest level of mortgage demand since 2018,

Sign for Sale posted at the front of San Rafael’s home on March 18th, 2022.

Justin Sullivan | Getty Images

Mortgage demand last week hit its lowest level since December 2018The seasonally adjusted index by the Mortgage Bankers Association shows that a total of. According to the MBA, mortgage applications for purchasing a home declined by 1% in the week ended September 1, compared with the week before. The volume of such requests was down 14% from the year prior. The week saw a 5% drop in home loan refinance applications. These were 75% less than they were in the same week 2021 when mortgage rates were at record lows. Data Wednesday from the MBA provides additional insights into the current state of the housing market. Due to rising home prices, mortgage rates have risen significantly this year. This has made it more difficult for homeowners to afford the rate. Home prices rose by 3% in March nearly 21% higher than a year ago, according to the S&P CoreLogic Case-Shiller Home Price Index, which was released Tuesday.

— CNBC’s Sam Meredith and Diana Olick Contributed to the report.

— Sign up now for the CNBC Investing Club to follow Jim Cramer’s every stock move. You can follow the market like a professional. CNBC Pro.

[ad_2]