Here are the most important news, trends and analysis that investors need to start their trading day:
Traders on the floor of the New York Stock Exchange.
U.S. stock futures rose Wednesday after the Dow broke a three-day winning streak. The 30-stock average on Tuesday closed down 81 points, or 0.2%, as the market struggled for direction ahead of the long Memorial Day weekend. It was up more than 100 points at session highs. The S&P 500 and Nasdaq, both higher intraday, also ended modestly lower. The Dow and S&P 500 as of Tuesday were more than 1% away from their May 7 record closes. The Nasdaq was 3.4% away from its April 26 closing record high. The 10-year Treasury yield ticked higher Wednesday, though it remained below 1.6% as Federal Reserve officials try to calm inflation fears.
A Bitcoin logo seen displayed on a smartphone with stock market percentages in the background in this illustration taken April 26, 2021.
Omar Marques | SOPA Images | LightRocket | Getty Images
Bitcoin rose on Wednesday, hovering around $40,000 — one week after the world’s biggest cryptocurrency crashed 30% to around $30,000. Last week’s sell-off came after authorities in China and the U.S. moved to tighten regulation and tax compliance on cryptocurrencies. Bitcoin hit an all-time high near $65,000 in April.
Twenty kilogram gold and silver bricks sit at the ABC Refinery smelter in Sydney, New South Wales, Australia, on Thursday, July 2, 2020.
David Gray | Bloomberg via Getty Images
Crypto bulls see bitcoin as a store of value like gold. With its declines, many investors are turning back to the precious metal as an inflation hedge, a historically traditional strategy. Gold on Wednesday neared a 4½-month high, edging ever closer to $2,000 per ounce. It touched an all-time high of $2,063 in August 2020.
JPMorgan Chase Chairman and CEO Jamie Dimon testifies during a US House Financial Services Committee hearing on Capitol Hill in Washington, DC, June 19, 2012, about JPMorgan Chase’s trading loss.
Saul Loeb | AFP | Getty Images
Senator Shelley Moore Capito, a Republican from West Virginia, left, speaks as Senator Roger Wicker, a Republican from Mississippi, center, and Senator John Barrasso, a Republican from Wyoming, listen during a news conference on Capitol Hill in Washington, D.C., U.S., on Thursday, April 22, 2021.
Stefani Reynolds | Bloomberg | Getty Images
A group of GOP senators plans to send President Joe Biden an infrastructure counteroffer as soon as Thursday morning as both sides consider whether they can bridge their ideological gulfs to craft a bipartisan bill. The proposal could cost nearly $1 trillion. Republicans aim to offset the spending without increasing taxes. After the White House cut its infrastructure offer more than 25% to $1.7 trillion, Sen. Shelley Moore Capito, R-W.Va., said the Democrats’ price tag was still “well above the range of what can pass Congress with bipartisan support.”
Read More News: 5 things to know before the stock market opens Wednesday