Updated from 7:10 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, May 6:
1. -- U.S. stock futures were rising on a big day for economic data and earnings reports.
European stocks rebounded from Tuesday's selloff thanks to better-than-expected data and some strong corporate earnings, including higher profits at French banks.
2. -- The economic calendar in the U.S. on Wednesday includes the Mortgage Bankers' Association mortgage application data at 7 a.m., the ADP employment report at 8:15 a.m., productivity and labor cost data at 8:30 a.m., the Gallup Job Creation Index at 8:30 a.m., and the Energy Information Administration petroleum status report at 10:30 a.m.
Federal Reserve Chair Janet Yellen and International Monetary Fund Managing Director Christine Lagarde will also speak jointly at 9:15 a.m.
3. -- U.S. stocks on Tuesday fell sharply after weak trade data made investors suspect the first quarter was an ugly one for the overall economy.
4. -- Windows software maker Microsoft (MSFT) may be interested in buying software-as-a-service company Salesforce.com (CRM), according to news reports. Last week Salesforce said that it had been approached by a potential buyer. Salesforce's market capitalization is $45 billion, which would make this a very large deal. Microsoft may have been forced to the table by the prospect that Salesforce would be bought by a competitor.
Salesforce stock was up 1.9% in premarket trading. Microsoft stock was flat.
5. -- Herbalife (HLF), the embattled nutrition company that has been shorted by Bill Ackman's Pershing Square Capital Management, now faces a probe from the Department of Justice. The company last month admitted to being a target of a criminal investigation, but a new regulatory filing gave more details.
Herbalife also reported stronger-than-expected earnings and profit forecasts. Sales are growing in China, although overall revenue fell 12.4%, which the company attributed partially to a strong dollar. Income increased 5%, to $78.2 million, on overall revenue of $1.1 billion.
Investors jumped on Herbalife stock in premarket trading, pushing it up 15%.
6. -- An antitrust investigation into e-commerce is underway, the European Commission announced. Europe has been pushing back more strongly against the generally American companies that seem to have a lock on Web sites and e-commerce. Google (GOOG) (GOOGL), Apple (AAPL) and Amazon (AMZN) have all faced pushback over their services in Europe.
The investigation will look at what online sites do with user data and how those sites may steer users toward their own sites and away from competitors. The investigation may also look at how e-commerce companies are taxed and whether they violate copyright laws.
7. -- Oil prices are rising to new 2015 highs again. Brent crude oil was selling for nearly $69, and U.S. West Texas Intermediate crude oil was close to $62. Both types of oil were up well over a dollar in the past day.
The Energy Information Administration petroleum status report, which arrives Wednesday at 10:30 a.m., may put a damper on the price increase. The EIA has recently shown historic highs for petroleum stockpiles, which would normally suppress prices. However, the growth of the oil glut has been slowing somewhat in recent reports.