Hi, all!  This is my first post.  

So I have played some D&D previously, a 3.5/5e homebrew that a friend did.  Therefore, I don't have a huge amount of experience, but really enjoy playing and learning the rules.  I started watching critical role, and got the itch to start a campaign with some friends.  I'm DMing the Starter Kit campaign, and we are a little more than halfway through.  I would like to give a few magical items to my friends to address some issues they might be having and to add a sense of fun, accomplishment, and personal fulfillment.  They are all first-time players.

So my ideas for two of the items is this:  

1)  Cloak of Shielding:  Grants +2 bonus to AC and Saving Throws.  Once per Long Rest, as a Reaction, the bearer can activate the Cloak to cast the Shield Spell (Shield Spell being: Until the start of your next turn, you have a +5 bonus to AC, and take no damage from magic missile).  

This is for our Wizard who always seems nervous to enter combat for fear of being knocked unconscious (and does fall unconscious often).  

2)  Inferno Battleaxe:  +1 Battleaxe with 1d4 fire damage.  Versatile.  1d8 1-handed, 1d10 2-handed.  
3 Charges of Flame Strike per Long Rest (Flame Strike:  Roll attack (using STR or DEX modifier) against creature within 60 ft.  1d6 damage + modifier).  

So basically a +1 Battleaxe with additional elemental damage and a few charges of a "ranged attack".  This is for our Dwarf Fighter.  

We have a total party of 4, which I play the halfling rogue as well as DM.

So my questions are:  1)  What do you think of the items?  Are they too OP for level 3?  What could make them better?  2)  Should I be giving out magical items this early?  They will be the reward for the next part of the quest, so earned, but is it too early for magical items?  3)  Is it too early for me, as a DM, to be attempting to homebrew items and I should just stick to the Starter Kit (Lost Mine of Phandelver) as written? 

All feedback is appreciated, thanks!

1. Consider the cloak of protection plus your once per day shield spell, that makes a great third level magic item. Instead of three uses of flame strike, go with three times per day it deals 1d6 fire damage, this far more appropriate.

 2.  It depends on how far they are in. If they're at 3rd level and you began them at 1st, then definitely equip the next big bad guy with the inferno battleaxe and the next spellcaster or weak opponent with the Cloak of Shielding.

3. If you feel comfortable, go for it! But consider looking at standard items before turning to homebrew, you'll be surprised at what already exists.

Edit: A tip for your wizard. Back up! Wizards are not good while in melee range.

Thanks for the advice!  The "Cloak of Protection" plus Shield Spell looks like pretty much exactly what I'm going for, so that's great!  I LOVE your suggestion about giving the battleaxe to the next bad guy.  A good way to show off it's abilities.  

Just to clarify, the "flame strike" i stated (I should have named it something different) is not the same as the spell you tagged.  What I envisioned was that basically the dwarf would slash in that direction, and the flames from the edge of the blade would travel forward shaped like a flaming arc and hit a target.  Just to give a little bit of range to the dwarf occasionally.  But I do also like your idea of adding more fire damage the 3 times per day.  

I will also have to give that tip to my wizard.  In battle I have some difficulty deciding who is aggroing enemies, mostly figuring whoever is closest and is doing damage to them, they would attack.  I'll have to get her moving back, using more cover, being at max spell distance, etc.  I don't want her to feel discouraged, ya know?  

Thanks for the excellent advice.  I will certainly take it to heart!  Also, I love the XKCD avatar!