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Updated from 5:57 a.m. EDT

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Here are five things you must know for Wednesday, May 31:

1. -- U.S. stock futures and European shares traded mixed Wednesday as oil prices continued their decline on oversupply concerns.

Crude oil traded in the U.S. fell 1.95% early Wednesday to $48.69 a barrel. West Texas Intermediate crude fell 0.3% on Tuesday as worries over global supply levels carried over into the new week. Crude had slumped last Thursday after an extension to a global output agreement disappointed investors looking for more.

The British pound fell to a one-month low against the U.S. dollar Wednesday after one of the country's biggest pollsters forecast a hung parliament in next week's U.K. elections.

The economic calendar in the U.S. on Wednesday includes Chicago PMI for May at 9:45 a.m. EDT, Pending Home Sales for April at 10 a.m., and the Federal Reserve's "Beige Book" at 2 p.m.

Dallas Fed President Robert Kaplan is scheduled to participate in a moderated Q&A session at the C. Peter McColough Series on International Economics in New York at 8 a.m.

Michael Kors (KORS) tumbled 7% in premarket trading after the company issued a first-quarter and fiscal-year forecast that came in below analysts' estimates.

Earnings reports are also expected Wednesday from Analog Devices (ADI) , Box (BOX) , Hewlett Packard Enterprises (HPE) , , Palo Alto Networks (PANW) and Vera Bradley (VRA)

Hewlett Packard Enterprises is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells HPE? Learn more now.

2. -- Uber fired self-driving car engineer Anthony Levandowski on Tuesday as a legal battle with Alphabet's (GOOGL)  Waymo unit over allegedly stolen trade secrets escalated.

Judge William Alsop ordered Uber by the end of May to turn over documents that Levandowski allegedly stole last year when he left Google to found Otto, his self-driving truck startup that Uber later acquired.

Uber General Counsel Salle Yoo had threatened Levandowski with termination in a letter if he didn't turn over the documents by May 23. A company spokesperson said that Levandowski didn't meet the deadline.

Lawyers for Levandowski argued that Alsop essentially forced their client to choose between his livelihood and his Fifth Amendment rights, in a motion to modify Alsop's order filed with the court earlier in May. In the pleadings, Levandowski's lawyers argued that their client's choice essentially came down to "waive your Fifth Amendment rights . . . or I will have you fired."

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Levandowski's termination marks a dramatic reversal between Uber and its former trophy hire.

When Uber bought Otto for $680 million in August 2016, the company described the union as a "dream team" in a blog post. Uber called its new hire "a prolific entrepreneur with a real sense of urgency."

Waymo contended, however, that Levandowski's sense of urgency exceeded what was legal. The company accused him of stealing 14,000 documents when he left to found Otto in January 2016.

3. -- When Exxon Mobil (XOM) holds its first annual meeting under the leadership of CEO Darren Woods on Wednesday, a handful of influential institutional owners could put pressure on the energy giant to adopt a more transparent policy about its prospects under stricter environmental rules.

The Wall Street Journal reported last week that BlackRock and Vanguard Group, two large holders of Exxon, were considering a vote for an investor plan that would pressure Exxon to conduct climate stress tests to determine how environmental regulations impact its value of oil assets.

Fidelity Investments and the California Public Employees' Retirement System were also said to be pressuring Exxon on climate change and environmental issues.

Exxon has urged investors to vote against the proposal.

In addition, shareholder proxy service Institutional Shareholder Services has advised Exxon investors to vote against the company's executive pay system.

Woods took over the reins of Exxon when former CEO Rex Tillerson left the company to become the U.S. secretary of state.

4. -- Apple (AAPL) announced Tuesday that Carpool Karaoke: The Series will be available to Apple Music subscribers starting on Aug. 8.

In a press release, Apple said the show would "feature many of today's biggest names in music, television, film, sports and pop culture buckling up and belting out their favorite songs for a road trip filled with comedy, conversation and music."

The show is a spinoff of James Corden's popular segment on The Late Late Show on CBS.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

5. --The U.S. Federal Aviation Administration on Tuesday proposed fining United Airlines (UAL) $435,000 for operating 23 flights in 2014 using a Boeing 787 that the government claims was not in a condition to fly.

The FAA alleged that in June 2014 United mechanics replaced a fuel pump pressure switch on the aircraft but failed to perform a required inspection before returning the aircraft to service.

"The safety of our customers and employees is our top priority. We immediately took action after identifying the issue and are working closely with the FAA in their review," a United spokesman said.

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