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:

U.S. stock futures were relatively flat after the Dow gave up most of a 300-point gain by Tuesday’s close. The 30-stock average ended 45 points higher. The first day of June also started out muted for the S&P 500 and Nasdaq as optimism about the economic reopening met lingering angst about inflation. Following strength last month, the Dow and S&P 500 were less than 1% from their May record closes. The Nasdaq, which dropped in May, was nearly 2.9% away from its late April record close.

One day after a similar gain, shares of AMC Entertainment skyrocketed 20% in Wednesday’s premarket to more than $38 each, a move that would put the stock at an all-time high at the open. AMC wants to connect with its shareholder base, announcing Wednesday morning a new way for investors in the movie theater chain to sign up for special benefits such as free popcorn.

AMC revealed Tuesday in a securities filing it raised $230.5 million in a stock sale to depressed debt firm Mudrick Capital Management. CNBC’s Andrew Ross Sorkin confirmed that Mudrick sold those new AMC shares immediately for a profit. As of Tuesday’s close, interest among retail investors on Reddit’s WallStreetBets forum pushed AMC shares up 1,400% in 2021.

Shares of Samsung Publishing, a major shareholder in the producer of “Baby Shark,” soared in trading in South Korea trading Wednesday after a tweet by Tesla CEO Elon Musk about the viral children’s song. Musk wrote on Twitter on Tuesday evening: “Baby Shark crushes all! More views than humans.”

Dogecoin jumped another 28% to 42 cents per unit Wednesday after Coinbase began offering its Pro users the option to trade the cryptocurrency, which started as a joke but has exploded higher this year. Helped by frequent tweets from Musk and other influencers, dogecoin went from trading at just fractions of a penny in January. However, even with those incredible gains, dogecoin was actually about 40% below last month’s all-time highs.

The world’s largest meat processing company is getting back online after production around the globe was disrupted by a cyberattack just weeks after a similar hack shut down a major U.S. oil pipeline. Brazil’s JBS said late Tuesday it made “significant progress” in dealing with the attack and expects the “vast majority” of its plants to be operating Wednesday. Earlier Tuesday, the White House said JBS notified the U.S. government of a ransom demand from a criminal organization likely based in Russia.

— The Associated Press and 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.