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:

• Wall Street set to rise ahead of Fed decision, after weaker ADP data
• Bond yields rise as investors contemplate a much more aggressive Fed
• Lyft, Uber sink after the ride-hailing companies report spotty quarters
• Moderna blows away earnings estimates; CVS Health raises its outlook
• Starbucks suspends guidance, sweetens perks amid union drives

U.S. stock futures pointed to a higher open Wednesday ahead of the conclusion of the Federal Reserve's two-day May meeting, which almost certainly will bring an aggressive 50 basis point interest rate hike to fight inflation. If the premarket gains were to hold by the close, it would be the third straight positive session for the Dow Jones Industrial Average, the S&P 500 and the Nasdaq, the first time that's happened since March.

• The Dow on Tuesday rose 0.2%. The S&P 500 climbed nearly 0.5%, and the Nasdaq advanced 0.2%.
• Monday, the first trading day of May, saw the S&P 500 hit a new 2022 intraday low before Wall Street rallied and closed higher across the board.
• For all of April, the Nasdaq had its worst month since October 2008. The Dow and S&P 500 had their worst since March 2020, the month the Covid pandemic was declared.

The benchmark 10-year Treasury yield on Wednesday ticked higher but traded below the prior session's push above 3% for a high back to December 2018. The Fed's May meeting ends at 2 p.m. ET and Chairman Jerome Powell holds his typical post-meeting news conference 30 minutes later.

• Respondents to the May CNBC Fed Survey expect the central bank to hike rates by 50 basis points again next month as it also looks to reduce its balance sheet. Survey respondents also anticipate a recession at the end of the Fed tightening cycle.
• The market expects rate increases at the Fed's July, September, November and December meetings of at least 25 basis points, like the move in March, which was the first hike in rates in more than more three years.
• ADP said Wednesday morning that U.S. companies added a much weaker-than-expected 247,000 jobs in April, as employers continue to struggle to find workers to fill open positions. The ADP data has not been the greatest indicator of the government's monthly payrolls number, which comes Friday.

Lyft shares sank roughly 27% in Wednesday's premarket, the morning after the ride-hailing company said it would increase spending to attract more drivers, leading to forward guidance that fell short of analyst predictions. First-quarter earnings of 7 cents per share beat estimates for a 7-cent loss. Revenue of $876 million also surpassed estimates. Lyft reported 17.8 million active riders in Q1, narrowly missing estimates and lower then the fourth quarter's 18.73 million.

Shares of Uber fell 9% in the premarket after the rides and logistics giant on Wednesday morning reported a better-than-expected increase in revenue during the first quarter to $6.85 billion. The company said it continues to recover from pandemic lows and won't have to put up "significant" investments to keep drivers. Uber did report a net loss of $5.9 billion for the first quarter, primarily due to its equity investments.

Moderna sold $5.9 billion of its Covid vaccine in the first quarter, blowing out revenue and profit expectations. The company's shares soared around 4% in premarket trading. The biotech name on Wednesday maintained its full-year guidance of $21 billion in Covid vaccine sales. CEO Stephane Bancel said he expects Moderna to book even stronger vaccine sales in the second half of the year as governments order more shots to get ready for fall vaccination campaigns.

Shares of CVS Health rose roughly 1.5% in the premarket after the drugstore and benefits management giant Wednesday morning reported better-than-expected first-quarter earnings and revenue. CVS said demand increased for prescriptions as it saw a more typical cough, cold and flu season in the first quarter. Sales of over-the-counter Covid test kits helped results, but coronavirus vaccines and in-store testing declined. CVS also raised full-year guidance.

Starbucks shares rose 7% in Wednesday's premarket, the morning after the coffee company's fiscal second-quarter revenue topped estimates. Profit matched. Starbucks suspended its fiscal 2022 outlook, citing lockdowns in China, inflation and investments in its stores and employees. Chinese same-store sales sank 23%. U.S. same-store sales climbed 12%.

Starbucks said it'll hike wages for tenured workers and double new employee training as the company and interim CEO Howard Schultz seek to beat back unionization efforts. Starbucks won't offer the enhanced benefits to workers at the roughly 50 company-owned cafes that have voted to unionize. Such changes at union stores would have to come through bargaining, the company said.

— CNBC's Samantha Subin, Jesse Pound, Sarah Min, Vicky McKeever, Patti Domm, Steve Liesman, Jessica Bursztynsky, Spencer Kimball, Melissa Repko and Amelia Lucas contributed to this report.

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