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BlackBerry, Amazon, Elon Musk, Splunk - 5 Things You Must Know Wednesday

Stock futures fluctuate as investors look ahead to U.S. jobs data and remain concerned about rising inflation; BlackBerry shares soar; Amazon's Prime Day will be June 21-22.

Here are five things you must know for Wednesday, June 2:

1. -- Stock Futures Fluctuate, Oil Advances

Stock futures fluctuated Wednesday as investors looked ahead to U.S. jobs data and remained concerned that inflation could hamper the economic recovery. 

Contracts linked to the Dow Jones Industrial Average rose 34 points, S&P 500 futures were up 2 points and Nasdaq futures gained 3 points.

Stocks finished mixed Tuesday as investors' optimism turned to concerns that the Federal Reserve could put the brakes on the rebounding U.S. economy sooner than anticipated.

U.S. manufacturing expanded at a faster pace in May, renewing worries that the Fed may consider scaling back its monthly asset purchases. A strong report on the U.S. jobs picture Friday also could increase concerns the central bank could pull back on support.

Fed Gov. Lael Brainard said that while the U.S. has been approaching the Fed's goals of maximum employment and 2% inflation, more progress has to be seen before the Fed will ease off its accommodative monetary policy.

“While we are far from our goals today, we are seeing welcome progress, and I expect to see further progress,” Brainard told the Economic Club of New York on Tuesday. But “jobs are down by between 8 and 10 million compared with the level we would have seen in the absence of the pandemic. And it will be important to see sustained progress on inflation” and not just a temporary move higher.

Oil prices traded near two-year highs on Wednesday after OPEC and its allies said they gradually would increase production in July as expected.

2. -- Wednesday's Calendar: Fed's 'Beige Book' and Splunk Earnings

The U.S. economic calendar Wednesday includes MBA Mortgage Applications for the week ended May 28 at 7 a.m. ET and the Federal Reserve's "Beige Book" at 2 p.m.

Earnings reports are expected Wednesday from Cloudera  (CLDR) , Advance Auto Parts  (AAP) ,  (AI) , DocuSign  (DOCU) , Splunk  (SPLK) , NetApp  (NTAP) , Lands' End  (LE) , PVH  (PVH)  and RH  (RH) .

3. -- BlackBerry Appears to Be the Favorite of the Reddit Crowd

BlackBerry  (BB)  shares continued their strong run higher early Wednesday, jumping more than 15% as the Reddit retail-trading crowd boosted its interest in the security-software provider.

The stock was rising 15.14% to $13.31 in premarket trading Wednesday. It jumped 14.8% on Tuesday to $11.56, its highest level in more than two months. 

BlackBerry rose Tuesday for a fourth straight session, the longest streak of gains in more than a month, and trading volume was more than 500% the three-month average, according to Bloomberg.

The stock has risen more than 74% so far in 2021.

Other meme stocks also posted strong gains on Tuesday. GameStop  (GME)  jumped 12%. AMC Entertainment  (AMC)  rose almost 23% even after paring gains following a report that said Mudrick Capital sold its stock in AMC, the same day the theater chain disclosed it had sold $230.5 million of its shares to the distressed-credit-focused investment firm.

Is the Short Squeeze in BlackBerry Back On?

4. -- Amazon's Prime Day Takes Place June 21-22  (AMZN)  said its annual Prime Day event will take place worldwide on June 21-22.

"The two-day shopping extravaganza will offer Prime members over 2 million deals across every category, including fashion, electronics, toys, home décor, automotive, and more. Plus, early deals and promotions are already underway," the retail and technology giant said on its website.

The company said Prime members will get a $10 credit to use if they spend $10 on select U.S. small business products and brands in Amazon’s store. Customers can earn the credit from June 7-20, Amazon said.

Prime Day, Amazon said, will begin at midnight PT on June 21. The annual event usually takes place later in the year.

Amazon is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AMZN? Learn more now.

5. -- SEC Claims Tesla Failed to Oversee Elon Musk’s Tweets

Regulators at the Securities and Exchange Commission have claimed Elon Musk violated a settlement that required his tweets about Tesla  (TSLA)  be preapproved by company lawyers, The Wall Street Journal reported.

Correspondence to the company in 2019 and 2020 from the SEC said Musk’s tweets about Tesla's solar roof production volumes and its stock price hadn’t been reviewed by company lawyers as had been agreed in a $40 million settlement between Tesla and the agency in 2018, the Journal reported. Under that court-approved settlement, Musk and Tesla each paid $20 million to resolve regulatory charges arising from an earlier Musk tweet that the company was on the verge of being taken private.

Tesla “has abdicated the duties required of it by the court’s order,” a senior SEC official in the agency’s San Francisco office wrote to the company in May 2020, according to the report. The company had failed to enforce the agreed upon procedures “despite repeated violations by Mr. Musk,” the letter added.

Musk has publicly mocked the SEC even aftermath the 2018 settlement.

Tesla, Musk and the SEC didn’t respond to requests for comment from the Journal, which obtained the records under a federal Freedom of Information Act request.

Tesla shares traded down less than 1% in premarket trading.