Know 5 things before the stock market opens on Friday
Here are five key things investors need to know to start the trading day:
1. Profit and loss
D S&P 500 Thursday staged a comeback, posting its first positive day this week and snapping a three-day losing streak. The index added 0.21%, while the tech-heavy Nasdaq Composite rose 0.76%. The Dow Jones Industrial Average didn't fare as well, losing 140.59 points, or 0.33%, for its first four-day losing streak since June. Treasury yields moved lower, recovering slightly after hitting a three-month high on Wednesday. Follow live market updates.
2. Tape-try again
Coach and Michale Kors bags.
Michael M. Santiago Getty Images
Coach owner Michael Kors of Tapestry proposed the acquisition of the parent Capri not in bag A federal judge on Thursday blocked an $8.5 billion merger that would have brought together two of America's biggest luxury houses, home to names like Kate Spade, Versace and Jimmy Choo. Tapestry said it is not giving up and will appeal the order. The judge's reasoning was not immediately clear, but the move follows a brief trial in New York last month, in which the FTC argued that the proposed union would harm competition, lead to higher prices and reduce employee benefits. After the order was revealed, Capri's shares plunged nearly 50%, while Tapestry's stock rose 10%.
3. Tesla stock gets a lift
Elon Musk, CEO of SpaceX and Tesla and owner of X, speaks during the Milken Conference 2024 global conference session at the Beverly Hilton in Beverly Hills, California, United States on May 6, 2024.
David Swanson Reuters
Tesla Partying like it's 2013 The company's stock on Thursday saw its best day since May 2013, rising 22% to close at $260.48. A day after the company reported better-than-expected earnings and CEO Elon Musk predicted car growth that beat analysts' expectations. The rally was the electric vehicle maker's second-best day on the stock market, boosting Musk's net worth by nearly $26 billion.
4. Microsoft CEO Salary
Microsoft Corporation Executive Chairman and CEO Satya Nadella speaks at the “Microsoft Build: AI Day” event on May 1, 2024 in Bangkok, Thailand.
Chalini Thirasupa Reuters
Microsoft CEO Satya Nadella asked for a pay cut, but his total compensation will still increase by 63%, or more than $30 million, for 2024. He received $79.1 million for the fiscal year ended June 30, but most of his compensation is in stock, according to a proxy filing. Nadella requested that the cash portion of his compensation be reduced to reflect security concerns after a series of cyber attacks prompted criticism of the US government. The agency is considering how rank-and-file employees are contributing to safety efforts for their compensation.
5. Pulled onions
Exterior view of a Burger King fast food restaurant.
Paul Weaver | SOPA Image | Getty Images
Burger King and Taco Bell are removing onions from some restaurants. McDonald's. The move comes after restaurant supplier US Foods, which does not serve McDonald's restaurants, issued a recall notice Wednesday for four onion products produced by Taylor Farms. Restaurant Brands International, the parent company of Burger King, said it will pull onions from 5% of its U.S. restaurants after determining they came from a Colorado facility at the Taylor Farms recall center. Owner of Taco Bell Yum Brands It did not disclose the number of restaurants affected by its decision.
— CNBC's Pia Singh, Gabriel Fonrouge, Jacob Pramuk, Lora Kolodny, CJ Haddad, Ari Levy, Jordan Novet and Amelia Lucas contributed to this report.