5 things to know before the stock market opens Wednesday

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

1. Dow futures rise as Wall Street begins June trading

Dow futures rose Wednesday morning as Wall Street started a new month of trading after a volatile May.Despite this turmoil, blue chips Dow Jones Industrial Average and S&P 500 In the end, it was basically flat for the month.high-tech Nasdaq Composite May fell 2.05%, the fourth negative month in five months, as investors balanced concerns about high inflation, the Fed’s response to inflation and the pace of economic growth. Stocks retreated on Tuesday after markets were closed for the Memorial Day holiday on Monday. The Dow fell about 223 points, or 0.7%, on Tuesday, while the S&P 500 lost 0.6%. The Nasdaq fell 0.4%. Major U.S. stock indexes fell sharply from all-time highs. The Nasdaq is 25.5% below its November peak. Both the S&P 500 and the Dow hit record highs in early January, and they are down 14.25% and 10.7%, respectively, from those highs.

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

Oil prices rose on Wednesday as market participants digested Wall Street Journal report Some OPEC+ members are considering whether to suspend Russia’s participation in the energy union’s production agreement.Crude Oil Futures Closed lower on Tuesday Earnings earlier in the session were abandoned after the Wall Street Journal report. U.S. benchmark West Texas Intermediate crude rose about 1.3 percent to about $116.20 a barrel on Wednesday. Brent crude, the international benchmark, rose about 1.4 percent to around $117.20 a barrel. Oil prices have surged this year as Western sanctions on Russian crude fuel concerns about tight supplies. Russia’s Energy Ministry and OPEC did not respond to CNBC’s requests for comment on the Wall Street Journal report. OPEC and non-OPEC producers are scheduled to hold a policy meeting on Thursday.

3. Salesforce tops earnings estimates, shares rise

sales force Shares of the enterprise software maker rose more than 8% in premarket trading after the enterprise software maker reported first-quarter results that beat analysts’ expectations. Dow component Salesforce posted adjusted earnings of 98 cents a share on revenue of $7.41 billion. Wall Street had expected earnings of 94 cents a share on revenue of $7.38 billion, according to Refinitiv data. Salesforce’s forward guidance is mixed. Its forecast for fiscal second-quarter earnings and sales fell short of analysts’ expectations, as did the lowered full-year revenue outlook. However, Salesforce raised its adjusted earnings guidance for the full fiscal year to between $4.74 and $4.76 per share, beating analysts’ expectations for earnings of $4.65 per share. Shares of Salesforce have slumped so far this year, down about 36% as of Tuesday’s close, as tech stocks with high multiples fell out of favor. Investors have been looking to Salesforce’s quarterly numbers to see how business spending is holding steady despite fears of an economic slowdown.

4. HP beats expectations, aided by strong enterprise demand

Hewlett-Packard Company Better-than-expected release Second-quarter results Demand from business customers helped offset weaker consumer buying after the close on Tuesday. Shares of the PC maker were largely flat in premarket trading on Wednesday. HP posted adjusted earnings of $1.08 a share on sales of $16.49 billion, beating analysts’ estimates of $1.05 a share and $16.17 billion, according to Refinitiv. HP’s total shipments declined year-over-year in the quarter in its two main segments, personal systems and printing. However, personal systems revenue rose 9% to $11.5 billion as the company upgraded desktops and workstations, helped by an 18% increase in its commercial business.Hewlett-Packard CEO Enrique Lores said on the earnings call that while consumer demand has coronavirus disease– Driving growth, which remains above pre-pandemic levels.HP’s quarterly report on Tuesday is from Warren Buffett Berkshire Hathaway disclose Major shareholding in the company.

5. Mortgage demand slips to lowest level since late 2018

Mortgage demand last week hits lowest level since December 2018, according to the Mortgage Bankers Association’s seasonally adjusted index. Mortgage applications for home purchases fell 1% last week compared to the previous week, and the number was down 14% year over year, the MBA said. Home loan refinancing applications fell even more sharply, down 5% for the week. They were 75% lower than the same week in 2021, when mortgage rates hovered near record lows. Wednesday’s data from the MBA provided more insight into the state of the closely watched housing market. Mortgage rates have increased significantly so far this year, adding to the affordability challenge given rising home prices. In March, the price was nearly 21% higher than a year agoaccording to the S&P CoreLogic Case-Shiller home price index released on Tuesday.

—Sam Meredith and Diana Olick, CNBC contributed to this report.

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