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Here are 10 things you should know for Wednesday, May 25:

1. -- U.S. stock futures were pointing higher Wednesday after equities notched their biggest gains since March on Tuesday amid signs of recovery for the U.S. economy.

European stocks started the day in positive territory after Greece's creditors signed up to long-delayed debt-relief measures for the Mediterranean country.

Asian shares rallied. Japan's Nikkei 225 rose 1.6% and Hong Kong's Hang Seng index jumped 2.5%.

2. -- The economic calendar in the U.S. Wednesday includes the FHFA Housing Price Index for March at 9 a.m. EDT, and Crude Inventories for the week ended May 21 at 10:30 a.m.

3. -- U.S. stocks on Tuesday rose as Wall Street finally came to grips with the potential for an interest rate hike in June following a week of worry.

The S&P 500 rose 1.4%, the Dow Jones Industrial Average gained 1.2%, and the Nasdaq climbed 2%.

4. -- Hewlett Packard Enterprise (HPE) - Get Report will merge its enterprise services business with Computer Sciences (CSC) to create a major competitor in information technology services.

HP Enterprise, one of two companies formed last year by the breakup of tech giant Hewlett-Packard Inc., anticipated the deal would close by March 31. 

"We believe this industry will consolidate," CEO Meg Whitman told investors during HP Enterprise's second-quarter earnings call on Tuesday. "It's better to be on the front end of a consolidation play than on the back end of a consolidation play." 

HP Enterprise's shareholders will own 50% of the new company through a tax-free spinoff and merger. The deal puts an $8.5 billion enterprise value on the enterprise services arm. 

Computer Sciences Chairman and CEO Mike Lawrie will keep his positions at the new company. Whitman will join the board, which will have equal representation from Computer Sciences and HP Enterprise.

Alongside the spinoff, Hewlett Packard Enterprise reported second-quarter earnings that showed life in enterprise hardware, a segment that has been beaten up this earnings season. 

The company matched Wall Street expectations for earnings of 42 cents a share, while $12.7 billion in revenue exceeded consensus forecasts of $12.4 billion.

HPE shares were rising 10.9% in premarket trading on Wednesday.

5. -- France's Sanofi (SNY) - Get Report is preparing to name candidates it will put forward to replace the entire board of cancer drug company Medivation as early as Wednesday, Reuters reported, citing people familiar with the matter.

Sanofi has threatened to oust the board after Medivation rejected its unsolicited $9.3 billion acquisition offer late last month, taking advantage of a so-called "written consent" rule that gives Medivation shareholders the ability to act at any time to replace directors. Reuters reported.

Medivation has declined to engage in talks with Sanofi about a sale unless Sanofi raises its $52.50 per share cash offer first, sources have told Reuters. The French drugmaker has said it is willing to raise its bid only after Medivation engages with it in negotiations.

6. -- A rate hike from the Federal Reserve in June or July wasn't set in stone, but labor data suggested it was time to pull the trigger, St. Louis Fed President James Bullard told CNBC.

"There's no reason to prejudge June," Bullard said, adding that the Federal Open Markets Committee would look at the data and decide then.

Bullard also noted that there was no reason the Fed must hold a press conference in conjunction with a rate hike. A press conference is scheduled to follow the June 14-15 meeting, but one isn't scheduled after the July 26-27 meeting, CNBC reported.

"We can wait until we get to the meeting, see what the latest data says, and try to make a good decision there. I think on the issue of press conferences, we have made many moves over the years without press conferences," he said.

7. -- Microsoft (MSFT) - Get Report announced plans Wednesday to further streamline its struggling smartphone hardware business and will lay off 1,850 workers.

Microsoft said it would record an impairment and restructuring charge of about $950 million, of which about $200 million will relate to severance payments.

Last year, Microsoft cut 7,800 jobs related to the smartphone business, which it acquired from Nokia, and recorded a $7.6 billion accounting charge.

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8. -- Apple (AAPL) - Get Report is preparing to open up Siri to apps made by others, according to a report from The Information. The tech giant also is working on an Amazon Echo-like device with a speaker and microphone that people can use to turn on music, get news headlines or set a timer, the report said.

Opening up its Siri voice assistant to outside app developers is the more immediate step. Apple is preparing to release a software developer kit, or SDK, for app developers who want their apps to be accessible through Siri, according to a person with direct knowledge of the effort, The Information reported.

Apple hopes to make the Siri SDK available in time for its annual conference for developers in June, the report added.

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.

9. -- The European Union's regulator has given the go-ahead to the proposed merger of Anheuser-Busch InBev (BUD) - Get Report  and SABMiller (SBMRY) , clearing another hurdle for the combination of the world's two biggest beer makers.

The deal is conditional on selling practically the entire SAB beer business in Europe.

European Commissioner Margrethe Vestager said Tuesday's decision will "ensure that competition is not weakened in these markets and that EU consumers are not worse off."

10. -- Earnings are expected Wednesday from Costco (COST) - Get Report , Tiffany (TIF) - Get Report , HP Inc. (HPQ) - Get Report , Express (EXPR) - Get Report , NetApp (NTAP) - Get Report and Guess? (GES) - Get Report

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