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Here are five things you must know for Monday, May 24:

1. — Stock Futures Point Higher 

Stock futures pointed to gains for Wall Street Monday after equities closed mixed last week amid renewed bouts of volatility.

Contracts linked to the Dow Jones Industrial Average rose 127 points, S&P 500 futures gained 18 points and Nasdaq futures were up 75 points.

Stocks finished mixed Friday as Wall Street weighed signs of recovery for the U.S. economy against a slide in high-risk assets such as Bitcoin. For the week, the Dow fell 0.5%, the S&P 500 slipped 0.4% and the Nasdaq rose 0.3%.

Inflation concerns remain top of mind for investors as the recovering economy brings with it rising price pressures and fears the Federal Reserve could pull back on its extraordinary support.

Officials at the central bank repeatedly have said they expect any pick up in inflation to be temporary.

“It’s going to be a very mixed market over the next several
months until we get more information on what’s really going to
happen with inflation and how the stimulus in the U.S. affects
spending there, but also how the coronavirus really progresses,”
JoAnne Feeney, a partner at Advisors Capital Management, told Bloomberg TV.

Bitcoin, meanwhile, stabilized after another turbulent weekend.

2. — This Week’s Calendar: Nvidia and Salesforce Earnings, GDP

The U.S. economic calendar Monday is light. A number of Fed officials, including Fed Gov. Lael Brainard, have speaking engagements.

Data are expected later in the week on consumer confidence and consumer sentiment, new home sales, jobless claims, gross domestic product, durable goods orders, personal income and consumer spending.

Lordstown Motors  (RIDE) – Get Report is expected to post quarterly earnings on Monday.

Reports are expected later in the week from Nvidia  (NVDA) – Get Report, Salesforce.com  (CRM) – Get Report, Snowflake  (SNOW) – Get Report, Dell Technologies  (DELL) – Get Report, Nordstrom  (JWN) – Get Report, Dick’s Sporting Goods  (DKS) – Get Report, Best Buy  (BBY) – Get Report, Costco  (COST) – Get Report, Zscaler  (ZS) – Get Report, GAP  (GPS) – Get Report, Dollar General  (DG) – Get Report, Dollar Tree  (DLTR) – Get Report, Abercrombie & Fitch  (ANF) – Get Report and Workday WDAY.

Jim Cramer Says a Stock Split Doesn’t Matter for Nvidia or Any Stock

Nvidia, Salesforce and Costco are holdings in Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.

3. — Bitcoin Rebounds After Volatile Weekend

Bitcoin, the world’s largest cryptocurrency, rebounded modestly on Monday, rising 5.3% to $36,370, following another weekend of big swings.

Bitcoin on Sunday afternoon fell to near $32,200, a drop of more 31% over the past seven days. In April, it recorded an all-time high of $64,829, according to CoinDesk.

Ethereum, the second-largest cryptocurrency, was rising 10% on Monday to $2,252 after falling below $1,900 on Sunday.

Cryptocurrencies have experienced a very volatile month, moving moving on tweets and statements by Telsa  (TSLA) – Get Report CEO Elon Musk and later on word of federal tax regulations and a Chinese crackdown on use of the digital currencies.

Over the weekend, Musk gave renewed support for cryptocurrencies, replying to another Twitter user that the “true battle is between fiat & crypto. On balance, I support the latter.”

Billionaire Mark Cuban, in a tweet Sunday, called Bitcoin’s slump over the weekend the “Great Unwind,” noting how leveraged investors have had to unwind their positions.

4. — Epic Games vs. Apple Trial Wraps Up

The three-week antitrust trial between Epic Games and Apple  (AAPL) – Get Report is expected to wrap up Monday.

A ruling from U.S. District Judge Yvonne Gonzalez Rogers is expected in the coming months.

Epic Games, the maker of the popular “Fortnite” game, has alleged that Apple’s App Store has turned into an illegal monopoly. Epic Games has argued that Apple collects commissions as high as 30% for in-app transactions because it forbids third-party app stores on its mobile devices.

Apple CEO Tim Cook took the stand for the first time Friday and said it “would be a huge convenience issue, but also the fraud issues would go up” if the company allowed third-party app marketplaces, in addition to its own App Store. That’s because customers would have to enter credit card information multiple times.

Cook also said Apple does a far better job reviewing apps than third-party companies do.

TheStreet’s Jim Cramer said that if someone is trying to run a website or start a business independently, it’s almost impossible to run it without being in the App Store.

“Now, that’s not Tim Cook’s fault,” Cramer said. “Cook has actually put together a supermarket. You are allowed to be in the supermarket, but you have to pay the fee. Seventy percent of something is better than 0% of nothing and that’s what you get when you try to do it yourself.” 

Apple is a holding in Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AAPL? Learn more now.

5. — Phil Mickelson Wins the PGA Championship

Phil Mickelson won the PGA Championship on Sunday, becoming the oldest golfer to ever win a major.

Phil Mickelson, the People’s Champion, Was the Perfect Winner for This PGA Championship

The 50-year-old Mickelson won his sixth major title and his first since 2013 when he won the Open Championship. 

Mickelson finished 6-under par with Brooks Koepka and Louis Oosthuizen tied for second at 4-under.