5 things to know before the stock market opens Wednesday

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

1. Wall Street looks for rise, one day after a tech-led sell-off

The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, May 4, 2021.

Brendan McDermid | Reuters

2. Dogecoin surges another 20%, approaching 70 cents per coin

Yuriko Nakao | Getty Images News | Getty Images

Dogecoin soared again Wednesday morning, up as much as 20% as the cryptocurrency continued to benefit from speculative trading. The digital coin based on a Shiba Inu meme, which started as a joke, last traded around 66 cents. It was worth fractions of a penny in January. This week’s surge comes ahead of Tesla CEO Elon Musk’s planned 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 be driving more demand.

3. GM sees strong first half despite chip shortage interruptions

GM CEO Mary Barra talks with media prior to the start of the 2017 General Motors Company Annual Meeting of Stockholders Tuesday, June 6, 2017 at GM Global Headquarters in Detroit, Michigan.

Photo by John F. Martin for GM

General Motors on Wednesday reported first-quarter earnings that easily beat expectations, saying it expects a strong first half of the year despite an ongoing global semiconductor chip shortage that has caused factory closures. Shares of GM rose 3% in premarket trading. GM reaffirmed its earnings guidance for the year, forecasting between $10 billion and $11 billion — or $4.50 to $5.25 per share — in adjusted pretax profits. It also sees adjusted automotive free cash flow of $1 billion to $2 billion for 2021. Revenue of $32.47 billion in Q1, however, fell short of estimates.

4. Facebook’s oversight board to rule on Trump’s suspension from platform

Former U.S. President Donald Trump addresses the Conservative Political Action Conference (CPAC) held in the Hyatt Regency on February 28, 2021 in Orlando, Florida.

Joe Raedle | Getty Images

Facebook’s oversight board Wednesday is expected to decide whether to uphold or lift the company’s indefinite suspension of former President Donald Trump account. It’s a much-awaited ruling that may signal how the social network will treat rule-breaking world leaders in the future. Facebook blocked Trump’s access to his Facebook and Instagram accounts over concerns of further violent unrest following the Jan. 6 storming of the U.S. Capitol by his supporters. On Tuesday, Trump launched a new webpage to share messages that readers can then repost to their Facebook or Twitter accounts.

5. Honest Company raises over $400 million in IPO, set to start trading

The Honest Company hosted a conversation with Founder Jessica Alba and First Lady of Los Angeles, Amy Elaine Wakeland, for the Getty House Foundation Women’s Leadership Series. Following, 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 priced its initial public offering Tuesday slightly above the midpoint of its indicated range, raising $412.8 million. The company, started by Hollywood’s Jessica Alba, sold 25.8 million shares at $16 each, valuing the Los Angeles-based firm at $1.44 billion. It’s set to begin trading on the Nasdaq on Wednesday. In 2016, Honest Company came under scrutiny,when a lawsuit said its products contained a harsh chemical it had pledged to avoid. The company reached a $7.35 million settlement for wrongly labeling ingredients.

— Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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