Happy Wednesday. There was a notable birthday on Wall Street yesterday: The Dow Jones Industrial Average turned 130 years old.

Stock futures are higher before the bell. The Dow rung in its special day with a pullback in Tuesday’s session.

Here are five key things investors need to know to start the trading day:

The S&P 500 and Nasdaq Composite soared to new records yesterday, both notching their longest win streaks in more than a month. Investors can thank Micron’s record-setting rally, which helped ignite a broader advance in technology stocks.

Here’s what to know:

Ken Paxton beat incumbent Sen. John Cornyn in the Texas Republican Senate primary last night, becoming the GOP’s nominee for the 2026 midterm election. Paxton — the state’s attorney general who last week won President Donald Trump’s endorsement — will face Democratic state legislator James Talarico in what’s expected to be one of the most expensive elections in the U.S.

As CNBC’s Garrett Downs notes, Republicans are staring down rising inflation, surging gas prices and persistent affordability concerns as they look to November. While the party has long blamed former President Joe Biden for high prices, its members now have to contend with surging energy costs under Trump.

Trump will meet with his Cabinet today at the White House, the president said yesterday. The meeting was previously set to take place at Camp David, but Trump said “bad weather conditions” caused the change of location.

The gathering follows U.S. “self-defense” strikes on Iran, which cast doubt on the potential for a peace deal between the two countries. Iran promised to retaliate, sending Brent oil prices up more than 3% in yesterday’s session.

Piper Sandler said in a note yesterday that it expects the Strait of Hormuz to remain closed for months and that crude prices will surge to new highs this summer.

Shares of Dick’s Sporting Goods are lower in premarket trading after the retailer posted an earnings miss for the first quarter. Expenses tied to Foot Locker’s turnaround weighed on the company’s bottom line.

Foot Locker, which Dick’s acquired last year, reported positive comparable sales growth for the first time since the end of fiscal 2024. But that growth has come with a hefty price tag: In the three months ending on May 2, Dick’s logged $96.5 million in charges related to the acquisition, including severance and store closings.

Dick’s reported earnings of $2.90 per share, slightly under Wall Street’s expectation of $2.92 per share, but beat expectations on revenue.

An IPO may not be the only thing on the horizon for SpaceX. Sources told CNBC that CEO Elon Musk has talked with colleagues about the possibility of merging the rocket company with his electric vehicle maker Tesla.

As CNBC’s Seema Mody and Lora Kolodny report, the two companies currently share engineers and work together on challenges tied to power and compute limits. One Tesla employee said the EV maker’s workers have expected and even openly discussed the potential for a merger with SpaceX, which in February acquired Musk’s xAI.

Speaking of SpaceX: American Airlines announced yesterday that it will use the company’s Starlink for in-flight internet on more than 500 planes. American isn’t alone: SpaceX also has contracts with United Airlines and Southwest Airlines.

Pope Leo’s call for AI regulation has created a schism within the White House. Here’s what the pope said about the technology:

— CNBC’s Sean Conlon, Samantha Subin, Lee Ying Shan, Michael Wayland, Sam Meredith, Garrett Downs, Kevin Breuninger, Spencer Kimball, Deena Zaidi, Gabrielle Fonrouge, Lora Kolodny, Seema Mody and Leslie Josephs contributed to this report.

CJ Haddad assisted in the production of this newsletter. Josephine Rozzelle edited this edition.