Here are five things you must know for Wednesday, May 5:
1. -- Stock Futures Rebound Following Tech Selloff
Stock futures pointed to a rebound for Wall Street on Wednesday following a selloff in technology shares.
Contracts linked to the Dow Jones Industrial Average gained 62 points, S&P 500 futures were up 12 points and Nasdaq futures rose 67 points.
The Nasdaq sank 1.88% on Tuesday with shares of tech giants selling off as investors rotated into higher-yielding value stocks and sectors poised to benefit from the economy's recovery. The Nasdaq 100 had its worst day since March.
Treasury Secretary Janet Yellen stoked worries about inflation after saying interest rates "will have to rise a little bit" to keep the U.S. economy from overheating.
She later walked back her comments, telling The Wall Street Journal that “I don’t think there’s going to be an inflationary problem, but if there is, the Fed can be counted on to address it." Yellen is the former chair of the Federal Reserve.
Commodities, meanwhile, reached their highest levels in almost a decade, according to Bloomberg, as demand has increased amid signs of recovery from the pandemic.
2.-- Wednesday's Calendar: General Motors and Uber Earnings, ADP Jobs Report
Earnings reports are expected Wednesday from Uber Technologies (UBER) - Get Uber Technologies, Inc. Report, Allstate (ALL) - Get Allstate Corporation Report, Rocket Cos. (RKT) - Get Rocket Cos. Inc. Report, Fastly (FSLY) - Get Fastly, Inc. Class A Report, Plug Power (PLUG) - Get Plug Power Inc. Report, Sunrun (RUN) - Get Sunrun Inc. Report, Twilio (TWLO) - Get Twilio, Inc. Class A Report, Booking Holdings (BKNG) - Get Booking Holdings Inc. Report, New York Times (NYT) - Get New York Times Company Class A Report, Etsy (ETSY) - Get Etsy, Inc. Report, WW International (WW) - Get WW International, Inc. Report, Qorvo (QRVO) - Get Qorvo, Inc. Report and SunPower (SPWR) - Get SunPower Corporation Report.
The U.S. economic calendar Wednesday includes the ADP National Employment Report for April at 8:15 a.m. ET, the PMI Composite Final for April at 9:45 a.m., the ISM Services Index for April at 10 a.m. and Oil Inventories for the week ended April 30 at 10:30 a.m.
3. -- Dogecoin Soars Again Amid Crypto Frenzy
Dogecoin, the digital currency with a dog as its logo that began as a joke, was soaring again Wednesday, up 38% to 67.07 cents, according to CoinDesk.
The cryptocurrency also set an all time-high of 69.65 cents over the last 24 hours. Dogecoin has soared 14,222% year to date.
The frenzy in dogecoin apparently had something to do with cryptocurrency trading difficulties at Robinhood's trading app. Robinhood, the commission-free investment app that has gained a huge following among young investors, said it resolved the earlier issues.
Dogecoin's popularity rose following positive tweets from Tesla (TSLA) - Get Tesla Inc Report CEO Elon Musk, who has called it "the people's crypto."
“It’s pretty amazing that something that started out as a joke has become so popular,” said Matt Maley, chief market strategist at Miller Tabak.
4. -- Caesars Jumps as Casino Giant Sees a Post-Pandemic Rebound
Shares of Caesars Entertainment (CZR) - Get Caesars Entertainment Corporation Report jumped in premarket trading Thursday after the largest U.S. gambling company reported a wider-than-expected first-quarter loss but said it was optimistic that operations improved from the fourth quarter.
The company reported a first-quarter loss of $423 million vs. a year-earlier loss of $176 million.
CEO Tom Reeg told investors and analysts on conference call Tuesday the company likely would earn $1 billion in profit in at least one quarter this year and that he’d be “disappointed” if Caesars doesn’t generate more than $4 billion for all of 2022, Bloomberg reported.
President Anthony Carano said “weekends in Las Vegas are sold out for the foreseeable future.”
The stock jumped 6.89% in premarket trading Wednesday to $102.11.
5. -- Honest Co. Raises $413 Million in IPO
The company and its shareholders on Tuesday sold just under 26 million shares for $16 each. The IPO price had been estimated in a range of $14 to $17 a share.
The company has a valuation of about $1.45 billion based on the outstanding shares listed in its filings with the Securities and Exchange Commission, according to Bloomberg.
David Trainer, CEO of investment research firm New Constructs, said "offering 'clean and sustainable' personal care products is a nice gimmick, but it is not a big enough business to justify anywhere close to a $1.4 billion valuation."
Honest Co. will begin trading Wednesday on the Nasdaq Global Select Market under ticker symbol "HNST."