Here are the top news, trends, and analysis investors need to start their trading day:
1. Wall Street is on the move, a day after a technology-led sell-off
The Wall Street sign can be seen near the New York Stock Exchange (NYSE) in New York City on May 4, 2021.
Brendan McDermid | Reuters
2. Dogecoin is increasing by another 20% and approaching 70 cents per coin
Yuriko Nakao | Getty Images News | Getty Images
Dogecoin rose again by up to 20% on Wednesday morning as the cryptocurrency continued to benefit from speculative trading. The digital coin, which is based on a Shiba Inu meme and started out as a joke, last traded around 66 cents. It was worth a fraction of a penny in January. This week’s surge precedes Tesla CEO Elon Musk’s scheduled appearance on NBC’s Saturday Night Live. Musk is a fan of Dogecoin, and the potential for him to talk about the currency on national television could increase demand.
3. GM sees a strong first half of the year despite interruptions due to the shortage of chips
Mary Barra, GM’s CEO, speaks to the media ahead of General Motors Company’s 2017 annual general meeting on Tuesday, June 6, 2017 at GM Global Headquarters in Detroit, Michigan.
Photo by John F. Martin for GM
General Motors reported first quarter earnings on Wednesday that slightly exceeded expectations and expects a strong first half despite an ongoing global semiconductor chip shortage that has led to factory closings. GM’s shares rose 3% in premarket trading. GM reiterated its profit guidance for the year, forecasting adjusted pre-tax profit of between $ 10 billion and $ 11 billion – or $ 4.50 to $ 5.25 per share. Adjusted free cash flow for the automotive industry is expected to be between $ 1 billion and $ 2 billion in 2021. However, revenue of $ 32.47 billion in the first quarter fell short of estimates.
4. The rules of the Facebook board of directors to uphold the Trump ban
Former U.S. President Donald Trump speaks at the Conservative Political Action Conference (CPAC) held at the Hyatt Regency in Orlando, Florida on February 28, 2021.
Joe Raedle | Getty Images
Facebook’s independent board of directors decided to uphold the company’s January decision to suspend former President Donald Trump’s Facebook and Instagram accounts. The decision ensures that Trump will still not be able to post or be present on the services of the social media company. Facebook blocked Trump’s accounts for the first time after the January 6th uprising in the U.S. Capitol. On Tuesday, Trump launched a new website where messages can be shared, which readers can then repost on their Facebook or Twitter accounts.
5. Honest Company raises over $ 400 million initial public offering to begin trading
The Honest Company interviewed Founder Jessica Alba and Los Angeles First Lady Amy Elaine Wakeland for the Getty House Foundation’s Women’s Leadership Series. Next, Mayor Eric Garcetti welcomed The Honest Company with co-founders Jessica Alba and Sean Kane to Los Angeles with a special ribbon cutting ceremony and proclamation on March 30, 2016 in Beverly Hills, California.
Stefanie Keenan | WireImage | Getty Images
Honest Company valued its IPO on Tuesday slightly above the midpoint of its stated range and raised $ 412.8 million. Founded by Hollywood-based Jessica Alba, the company sold 25.8 million shares at $ 16 each and valued the Los Angeles-based company at $ 1.44 billion. Trading on the Nasdaq is scheduled to begin on Wednesday. In 2016, Honest Company was under investigation when a lawsuit found its products contained an aggressive chemical it was committed to avoiding. The company has reached a $ 7.35 million deal for ingredient mislabeling.
– Reuters contributed to this report. Follow all market action like a pro on CNBC Pro. Get the latest information on the pandemic with CNBC’s coronavirus coverage.