S&P 500 futures inch higher after index’s first-ever close above 5,400: Live updates

Tesla shares were up more than 5% in the premarket after CEO Elon Musk said in a post on X that shareholders were on track to approve his massive $56 billion pay package. He also said another resolution to transfer the company’s state of incorporation to Texas from Delaware was also headed for approval.

To be sure, Musk did not provide specifics on the votes, just saying they were passing by “wide margins.”

— Fred Imbert

Another inflation reading is due out on Thursday.

The May producer price index is expected to have risen 0.1% last month, according to economists polled by Dow Jones. That is down from a 0.5% increase the prior month.

— Sarah Min

Here are the names making the biggest moves in extended trading:

• Broadcom — Shares jumped 13% after Broadcom topped fiscal second-quarter expectations and announced a 10-for-1 stock split. The chipmaker posted adjusted earnings of $10.96 per share on revenue of $12.49 billion. Analysts polled by LSEG had anticipated earnings per share of $10.84 on revenue of $12.03 billion.
• Dave & Buster’s Entertainment — Shares dropped 9.5% after Dave & Buster’s quarterly revenue fell short of expectations. The restaurant and entertainment business posted revenue of $588 million in its first quarter, below the LSEG consensus estimate of $621 million. 
• Oxford Industries — The stock dipped 2.9% after the apparel company behind Tommy Bahama and other brands posted first-quarter earnings and revenue that missed estimates. Oxford Industries reported adjusted earnings of $2.66 per share on revenue of $398.2 million. Analysts polled by FactSet had anticipated earnings of $2.68 per share on revenue of $404.8 million. 
• Virgin Galactic — Shares of the space tourism company plunged 16% after Virgin Galactic said its board of directors approved a 1-for-20 reverse stock split.

— Sarah Min

S&P 500 futures opened higher Wednesday night.

S&P 500 futures and Nasdaq 100 futures climbed 0.13% and 0.48%, respectively. Dow Jones Industrial Average futures fell 25 points, or 0.06%.

— Sarah Min