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:

  • Dow and S&P 500 futures are flat ahead of key inflation data
  • Senate passes framework of $3.5 trillion budget plan
  • Coinbase posts big earnings beat, shares rise
  • White House to call on OPEC+ to hike oil production
  • More than $600 million stolen in massive crypto theft

1. Dow and S&P 500 futures are flat ahead of key inflation data

Futures contracts tied to the Dow Jones Industrial Average and S&P 500 hovered around the flatline Wednesday, as traders awaited the release of key inflation data. Dow futures gained just 24 points, or 0.1%, while S&P 500 futures lost 0.1%. Nasdaq 100 futures slid nearly 0.4%.

The Labor Department's consumer price index for July is slated for release at 8:30 a.m ET. Economists polled by Dow Jones expect the index to have risen 0.5% last month, or 5.3% on a year-over-year basis. If consumer prices rose more than expected, it could put pressure on stocks and send Treasury yields higher.

2. Senate passes framework of $3.5 trillion budget plan

The Senate approved a budget resolution early Wednesday, marking the first step taken by Democrats toward passing a $3.5 trillion spending plan. The resolution was passed with a 50-49 vote along party lines. Republican have united against the proposal as well as the tax hikes Democrats plan to use to pay for it. The measure — which directs Senate committees to craft a bill that includes spending on climate initiatives, paid leave and other items in the Democratic agenda — comes a day after the Senate passed a $1 trillion bipartisan infrastructure bill.

3. Coinbase posts big earnings beat, shares rise

Cryptocurrency exchange Coinbase posted much better-than-expected results for the second quarter. Coinbase reported Tuesday an adjusted profit of $3.45 per share on revenue of $2.23 billion. Analysts polled by Refinitiv expected earnings per share of $2.33 on revenue of $1.78 billion. Shares of Coinbase climbed more than 2% in premarket trading. The company said monthly transactions grew by 44% to 8.8 million on a quarter-over-quarter basis, while trading volume jumped by 38% to $462 billion from the previous quarter.

4. White House to call on OPEC+ to hike oil production

The Biden administration will call on OPEC and its oil-producing allies to increase crude production in order to combat rising gas prices, according to a letter obtained by CNBC. The White House also said the group's agreement last month to boost production by 400,000 barrels per day starting in August is "simply not enough" during a "critical moment in the global recovery." According to AAA, U.S. gas prices are up on average by just $1 per gallon over the past year. In May, the national average topped $3 per gallon for the first time since 2014.

5. More than $600 million stolen in massive crypto theft

More than $600 million in digital currency was recently stolen, potentially marking one of the biggest cryptocurrency thefts ever. The heist was carried out after hackers exploited a vulnerability in Poly Network, a platform that connects different blockchains so they can work together. The attack was disclosed Tuesday by Poly Network on Twitter. "Law enforcement in any country will regard this as a major economic crime ant you will be pursued," Poly Network said.

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