5 things to know before markets open on Wednesday

Happy Wednesday. There was a notable birthday on Wall Street yesterday. Dow Jones Industrial Average I turned 130 years old.

Stock futures rose before the bell. The Dow Jones Industrial Average fell in Tuesday’s trading, making it a special day.

Here are five important things investors need to know to start their trading day.

of S&P500 and Nasdaq Composite Yesterday they soared to a new record, with both men having their longest winning streaks in more than a month. Investors can be grateful micron’s It posted a record rally and ignited a broad rally in technology stocks.

Here’s what you need to know:

Ken Paxton defeated incumbent Sen. John Cornyn in the Texas Republican Senate primary last night, becoming the Republican candidate for the 2026 midterm elections. Paxton, the state’s attorney general who won the endorsement of President Donald Trump last week, will face Democratic state Rep. James Talarico in what is expected to be one of the most expensive elections in the country.

As CNBC’s Garrett Downs points out, Republicans are eyeing rising inflation, rising gas prices and persistent concerns about affordability heading into November. The party has long criticized former President Joe Biden’s rise in prices, but its members now have to contend with soaring energy costs under President Trump.

President Trump will meet with Cabinet members at the White House today, the president announced yesterday. The meeting was originally scheduled to be held at Camp David, but President Trump said “the location has been changed due to inclement weather.”

The rally comes in the wake of a “self-defense” attack by the United States on Iran, casting doubt on the possibility of a peace agreement between the two countries. Iran promises to retaliate brent Oil prices rose more than 3% in yesterday’s trading.

Piper Sandler said in a note yesterday that it expects the Strait of Hormuz to remain closed for several months and oil prices to hit new highs this summer.

shares of dicks sporting goods Shares are lower in premarket trading after the retailer missed out on a first-quarter profit. Expenses associated with reorganizing Foot Locker put pressure on the company’s profits.

Foot Locker, which Dick’s acquired last year, posted positive comparable sales growth for the first time since the end of fiscal year 2024. But that growth comes at a heavy price. In the three months ended May 2, Dick’s recorded $96.5 million in acquisition-related costs, including severance and store closures.

Dick’s reported earnings of $2.90 per share, slightly below Wall Street’s expectations of $2.92 per share, but sales beat expectations.

An IPO may not be the only thing on the horizon for SpaceX. CEO Elon Musk has discussed the possibility of merging the rocket company with his electric car maker with colleagues, people familiar with the matter told CNBC. tesla.

As CNBC’s Seema Mody and Lora Kolodny report, the two companies now share engineers and are working together on challenges related to power and computing limitations. One Tesla employee said employees at the EV maker are looking forward to and even openly discussing a possible merger with SpaceX, which acquired Musk’s xAI in February.

Speaking of SpaceX: american airlines announced yesterday that it will use its Starlink for in-flight internet on more than 500 of its aircraft. It’s not just Americans: They also have a deal with SpaceX united airlines and southwest airlines.

Pope Leo’s call for regulation of AI has created a rift within the White House. The Pope said of this technology:

—CNBC’s Sean Conlon, Samantha Subin, Li Ying Xiang, Michael Weiland, Sam Meredith, Garrett Downs, Kevin Browninger, Spencer Kimball, Deena Zaidi, Gabrielle Fonrouge, Laura Kolodny, Seema Modi and Leslie Josephs contributed to this report.

CJ Haddad helped produce this newsletter. Josephine Rozzelle edited this version.