5 things to know before the stock market opens Wednesday, June 29

Here are the most important news items that investors need to start their trading day:

Equities markets’ attempt to build on last week’s momentum has so far fizzled this week. Futures were little changed Wednesday morning following Tuesday’s rout. The S&P 500 is on the verge of wrapping up its worst first half of a year since 1970. Earnings season is just around the corner, but companies such as Nike have already given warnings that persistent problems such as inflation and supply chain snarls are weighing on companies’ performance.

Federal Reserve Bank of Cleveland President Loretta Mester, a voting member of the Fed’s policy-setting panel, said she may push for a bigger rate hike next month. “If conditions were exactly the way they were today going into that meeting — if the meeting were today — I would be advocating for 75, because I haven’t seen the kind of numbers on the inflation side that I need to see in order to think that we can go back to a 50 increase,” she said in an interview with CNBC’s Annette Weisbach. Investors will also be paying attention to comments Wednesday from Fed Chairman Jerome Powell, who is speaking at a European Central Bank forum.

Bed Bath & Beyond announced a leadership shakeup Wednesday morning, including the departure of CEO Mark Tritton, as the home goods retailer continues to struggle. Sue Gove, an independent director on the board, will act as interim chief executive. “We must deliver improved results,” she said in a news release. The company, which has faced pressure from activist investor Ryan Cohen, also reported quarterly results that sharply missed Wall Street’s expectations. Shares tumbled over 10% in premarket trading.

Tight Covid restrictions and lockdowns in China took a toll on the nation’s economic growth during the second quarter, according to a new report. Various sectors suffered a slowdown, including transportation and services, according to the U.S.-based China Beige Book, which says it conducted more than 4,300 interviews in China during the three-month period. Hiring slowed down, as well, according to the study, and likely won’t pick up again until the Chinese government provides more stimulus this fall.