Here are the most important news, trends and analysis that investors need to start their trading day:
- Stock futures tick higher after July inflation report
- 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. Stock futures tick higher after July inflation report
Futures contracts tied to the major U.S. stock benchmarks rose slightly Wednesday after the Labor Department released July inflation data that was roughly in line with expectations. Dow Jones Industrial Average traded 0.1% higher along with S&P 500 futures. Nasdaq 100 futures were up by 0.3%.
The July reading on the consumer price index rose 5.4% on a year-over-year basis. That's a touch higher than a Dow Jones forecast of 5.3%. Month over month, the CPI climbed by 0.5%, in line with expectations.
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 4% 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.