5 things to know before the stock market opens Wednesday, June 2

Here are the top news, trends, and analysis investors need to start their trading day:

June 1st begins subdued trading on Wall Street

Traders work on the trading floor of the New York Stock Exchange.

NYSE

US stock futures were relatively flat after the Dow lost much of its 300-point gain by Tuesday’s close. The 30-stock average ended up 45 points higher. The first day of June also got off to a muted start for the S&P 500 and Nasdaq as optimism about the economic reopening met lingering inflation fears. After last month’s strength, the Dow and S&P 500 were less than 1% from their record closing times in May. The Nasdaq, which fell in May, was almost 2.9% off its late April high.

Offshore oil rigs are seen in Huntington Beach, California on April 20, 2020.

Michael Heiman | Getty Images

U.S. oil prices rose 1% on Wednesday to over $ 68 a barrel, trading at levels not seen since October 2018. With more and more people traveling home after months of precautionary measures in 2021, US crude oil prices as a benchmark are up 40% since the start of the year. The rise in the price of oil was one of many commodities that heightened concerns about price pressures in the recovering economy.

2. AMC rises again to connect with investors

A day after a similar gain, AMC Entertainment’s premarket stock shot up 20% to more than $ 38 each on Wednesday, a move that would initially take the stock to an all-time high. AMC wants to get in touch with its shareholder base and on Wednesday morning is announcing a new opportunity for cinema chain investors to register for special benefits like free popcorn.

AMC announced in a security filing Tuesday that it raised $ 230.5 million through a stock sale to depressed debt firm Mudrick Capital Management. CNBC’s Andrew Ross Sorkin confirmed that Mudrick immediately sold these new AMC shares for a profit. As of Tuesday’s end, retail investor interest in Reddit’s WallStreetBets forum made AMC stock rise 1,400% in 2021.

3. Elon Musk tweets again, sending Baby Shark shares high

The shares of Samsung Publishing, a major shareholder in the producer of Baby Shark, rose in South Korea on Wednesday after a tweet from Tesla CEO Elon Musk about the viral nursery rhyme. Musk wrote on Twitter Tuesday night: “Baby Shark is killing everyone! More views than people.”

According to a report in the Wall Street Journal, the SEC last spring admonished Musk for allegedly violating terms of a settlement agreement. Financial regulators were outraged by Musk’s tweets about Tesla’s stock price being too high and about solar rooftop production figures without a lawyer’s approval.

4. Coinbase Pro gives users the opportunity to trade brand new Dogecoin

A visual representation of the digital cryptocurrencies Dogecoin and Bitcoin.

Yuriko Nakao | Getty Images News | Getty Images

Dogecoin jumped another 28% to 42 cents per unit on Wednesday after Coinbase offered its pro users the opportunity to trade the cryptocurrency that started as a hoax but exploded higher this year. Backed by frequent tweets from Musk and other influencers, Dogecoin was only trading for fractions of a penny in January. But even with those incredible gains, Dogecoin was actually around 40% below its all-time highs from last month.

Monitors display Coinbase signage during the company’s initial public offering (IPO) in Nasdaq Marketplace on April 14, 2021 in New York City.

Robert Nickelsberg | Getty Images

Coinbase, one of the largest crypto exchanges in the world, went public on Nasdaq in April and climbed as high as $ 429.54 per share on its first day of trading. The stock closed below its reference price of $ 250 last month and has been languishing there for weeks. Coinbase rose about 1% in the premarket on Wednesday after closing a similar amount at $ 238.93 on Tuesday.

5. Largest meat producer goes online again after cyber attack

Employees in the parking lot of the JBS Beef Production Facility in Greeley, Colorado, USA, on Tuesday June 1, 2021. A cyberattack on JBS SA, the world’s largest meat producer, has forced the closure of some of the world’s largest slaughterhouses. and there are signs that the closings are spreading.

Michael Ciaglo | Bloomberg | Getty Images

The world’s largest meat processing company is back online after a cyberattack interrupted production around the world just weeks after a similar hack shut down a major US oil pipeline. Brazil’s JBS said late Tuesday it had made “significant strides” in managing the attack and expected the “vast majority” of its plants to be operational by Wednesday. Early Tuesday, the White House announced that JBS had notified the US government of a ransom demand from a criminal organization believed to be based in Russia.

– Associated Press and Reuters contributed to this report. Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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