Here are five things you must know for Wednesday, July 7:
1. -- Stock Futures Edge Higher as Wall Street Awaits Fed Minutes
Stock futures rose modestly Wednesday following the end to the S&P 500's seven-session winning streak as traders awaited minutes from the latest Federal Reserve meeting for clues on the central bank's next policy moves.
Contracts linked to the Dow Jones Industrial Average rose 12 points, S&P 500 futures were up 7 points and Nasdaq futures gained 85 points.
U.S. stocks finished mostly lower Tuesday with the S&P 500 snapping its longest winning streak since August. The tech-heavy Nasdaq, boosted by stocks such as Apple (AAPL) - Get Report and Amazon.com (AMZN) - Get Report, set a new closing high.
The benchmark 10-year Treasury fell Wednesday to 1.35%, near lows established in February.
Oil prices in the U.S. rose 1.84% to $74.72 a barrel Wednesday amid a breakdown of talks among OPEC+ producers.
Investors will be paying close attention Wednesday to the release of the Fed minutes, hoping they shed some light on the central bank's recent hawkish tilt that caught markets by surprise. At its meeting in mid-June, the Fed projected the possibility of two interest rate hikes by the end of 2023. It also reiterated its commitment - for now - on maintaining its pace of bond purchases at $120 billion a month.
2. -- Wednesday's Economic Calendar: Fed Minutes, JOLTS
The economic calendar in the U.S. Wednesday includes the minutes from the Federal Reserve's meeting on June 15-16 at 2 p.m. ET.
The calendar also includes the Job Openings and Labor Turnover Survey for May at 10 a.m.
3. -- Amazon Extends Gains After Record Closing High
Shares of Amazon.com extended gains in premarket trading Wednesday after the stock closed at a record high following a Defense Department decision to cancel a $10 billion cloud-computing contract it awarded Microsoft (MSFT) - Get Report over Amazon.
Amazon rose 0.71% to $3,701.97 in premarket trading. The stock jumped 4.69% on Tuesday to close at a record high of $3,675.74 after the Pentagon scrapped the contract award and said it would divide the job between the two tech giants.
Amazon appeared to be the original favorite to win the contract. But many experts speculated that Microsoft was chosen because former President Donald Trump disliked Amazon founder Jeff Bezos, who owns The Washington Post.
The win for Amazon came on Andy Jassy's second day as CEO of the tech and online retailing giant. Jassy replaced Bezos as CEO on Monday.
Bezos, the world’s richest man, reached a record $211 billion net
worth Tuesday after Amazon shares soared following the Defense Department's cancellation of the cloud-computing contract with Microsoft, according to Bloomberg.
4. -- Cramer: Buy These Types of Stocks When Everyone Else Is Selling
TheStreet's Jim Cramer likes Amazon, and it was one of the three types of stocks he told his "Mad Money" viewers they should be looking to buy when everyone else is selling.
Look to buy stocks that are rallying while the rest of the market is declining, Cramer said. On Tuesday, that was Amazon. Investors also should consider names such as Apple, which closed Tuesday with a gain of 1.47%.
The second type of stock Cramer would be buying on down days are those on your shopping list that are now on sale. Stocks like Devon Energy (DVN) - Get Report rarely see down days when oil demand is strong, Cramer noted.
The final class of stock Cramer would buy are those companies that are declining simply because the broader markets are falling. Stocks like American Express (AXP) - Get Report fit this bill as the company is doing great and was pulled lower only because it's a part of so many exchange-traded funds.
5. -- China Ramps Up Its Crackdown on Tech Giants
U.S.-listed shares of Didi Global (DIDI) - Get Report extended losses early Wednesday, falling more than 4% after the stock tumbled nearly 20% in the previous session as China cracked down on the ride-hailing giant.
American depositary receipts of Didi were at $11.97 in premarket trading Wednesday, below their initial public offering price of $14. Didi began trading on the New York Stock Exchange last week.
China has been ramping up its crackdown on the country's tech giants.
The latest: Regulators in Beijing are planning rules changes that would allow them to block a Chinese company from listing overseas even if the unit selling shares is incorporated outside China, closing a loophole long-used by the country’s technology giants such as Alibaba (BABA) - Get Report, Bloomberg reported, citing people familiar with the matter.