Here are the key news, trends and analyzes that investors need to start their trading day:
1. The S&P 500 finishes about 5 points away from the May record close
A trader on the New York Stock Exchange, June 4, 2021.
2. Latest meme stock Clover Health is set to soar again
Meme stock mania was set to continue Wednesday with day traders re-focusing on Clover Health. The stock rose 22% in pre-market trading after an almost 86% rally on Tuesday for a 146% rise since Friday closed. Wendy’s, another name popular with Reddit retailers, gained nearly 26% on Tuesday. It was higher again in pre-market trading on Wednesday. Last week’s madness around AMC Entertainment died a bit. Shares fell 6% in the consumer market. After Wednesday’s closing clock, the original meme stock GameStop is set to report quarterly results. Shares rose in the pre-market after closing by 7%.
3. Biden departs on the first overseas voyage after infrastructure negotiations have stalled
US President Joe Biden is leaving after speaking at the Eisenhower Executive Office Building in Washington, DC on Wednesday, June 2, 2021.
Samuel Corum | Bloomberg | Getty Images
President Joe Biden is ready to travel Wednesday for the first overseas trip of his term. The first stop on his eight-day trip is in the UK. The city’s journey ends next week with a summit with Russian President Vladimir Putin. The city’s departure comes a day after he ended infrastructure talks with a group of GOP senators. He began reaching out to senators from both parties in a new attempt to create a bipartisan compromise, setting a summer deadline for Congress to pass legislation. However, Democrats also laid the groundwork for transferring part or all of the infrastructure package on their own.
4. The Senate adopts $ 2 billion technology and production bill
A worker in the photolithography section of a semiconductor plant from the Mikron Group in Zelenograd, Moscow.
Anton Novoderezhkin | TASS | Getty Images
In the coming weeks, Parliament is expected to pass a two-and-a-half billion-dollar tech and production bill passed by the tightly divided Senate on Tuesday. The measure includes $ 52 billion to fund semiconductor research, design and manufacturing initiatives. Biden welcomes the passage of the law as the White House strengthens its own recommendations on how to secure U.S. supply chains running through China and how to thwart Beijing’s geopolitical ambitions.
5. Bitcoin jumps once El Salvador has adopted it as a legal tender
A man is working on a laptop at a Bitcoin training facility. Salvador’s President Nayib Bukele has announced that he will propose a law to Congress in which his party controls a majority to make Bitcoin a legal tender.
Camilo Freedman | LightRocket | Getty Images
A day after falling to a three-week low, bitcoin rose 5% to more than $ 35,400 on Wednesday. Adding support, El Salvador became the first country to adopt bitcoin as a legal tender. Prices in El Salvador can now be displayed in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin are not subject to capital gains tax there. El Salvador’s current official currency is the US dollar. It is still unclear how El Salvador will ultimately roll out bitcoin as a legal tender.
– The Associated Press and Reuters contributed to this report. Follow all marketing action like a pro CNBC Pro. Get the latest on the pandemic CNBC’s coronavirus coverage.