Dow Futures Topple Amid Downbeat Earnings

Futures tied to the Dow Jones Industrial Average (DJIA) are sharply lower this morning, on the heels of Salesforce's (CRM) disappointing quarter. Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are firmly in the red as well, after Treasury yields topped 4.6% in the previous session.

Investors have plenty of economic data to unpack today. Real gross domestic product (GDP) figures were revised to a slower annual growth rate of 1.3% in the first quarter. Plus, unemployment claims came in at 219,00 last week -- in line with expectations.

Continue reading for more on today's market, including: 

• Copper strength spells trouble for stocks.
• Behind Chewy stock's post-earnings pop.
• Plus, Kohl's shares surprise loss; Salesforce's first revenue miss since 2006; and why PATH is sinking.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 1.3 million call contracts and 763,466 put contracts traded on Wednesday. The single-session equity put/call rose to 0.68, and the 21-day moving average stayed at 0.69.
2. Kohl's Corp (NYSE:KSS) announced a surprise loss and revenue miss for the first quarter. The security is 22.2% lower in premarket trading, and set to widen its 5% year-to-date deficit.
3. Salesforce Inc (NYSE:CRM) is down 16% before the open, after the cloud name reported its first revenue miss since 2006 and issued disappointing current-quarter guidance. The shares could erase a slim 3.2% lead for 2024 if these losses hold.
4. UiPath Inc (NYSE:PATH) revealed CEO Rob Enslin will leave his role on June 1, and also issued a fiscal second-quarter and full-year revenue outlook that missed estimates. The security is down 30.2% at last check, and already carries a 26.3% deficit for 2024.
5. The holiday-shortened week will pack a heavy earnings punch.

European Stocks Shake Off Widespread Pessimism

Asian markets extended yesterday’s losses, as investors await tomorrow’s flood of economic data out of the region. Japan’s Nikkei and Hong Kong’s Hang Seng both fell 1.3%, while the South Korean Kospi shed 1.6%, and China’s Shanghai Composite dropped 0.6%. According to Bloomberg, China is thinking of imposing a record 1 billion yuan ($137.94 million) fine against accounting firm PricewaterhouseCoopers (PwC), for its role in the auditing of property developer Evergrande.

Stocks in Europe are higher at last glance, despite wary global sentiment. London’s FTSE 100 is up 0.4%, the French CAC 40 is up 0.3%, and the German DAX is inching 0.05% higher. Unemployment in the euro zone inched lower in April, coming in at 6.4% compared to the previous month’s 6.5%.