5 things to know before the stock market opens Friday

Happy Friday. If you were following the meme stock-ification of Wendy’s, the fast-food chain’s surge didn’t extend to a second day.

Stock futures are lower this morning. The S&P 500 ended yesterday near flat.

Here are five key things investors need to know to start the trading day:

Even Micron’s big post-earnings rally couldn’t turn the Nasdaq Composite around yesterday. The tech-heavy index notched its fourth straight losing day, its longest such streak since February.

Here’s what to know:

• Apple, one of the world’s biggest stocks, tumbled more than 6% for its worst day in more than a year after announcing iPad and MacBook price hikes.
• Megacap tech peer Microsoft similarly shed 3.5% after it said it is raising prices for its Xbox game consoles.
• Both companies cited surging memory costs as one of the reasons for the price hikes, demonstrating how AI demand for memory chips is causing some gadgets to get more expensive.
• Micron — which makes memory chips — climbed more than 15% yesterday after a blowout earnings report. But it and other chipmakers are lower this morning following a report that OpenAI is considering delaying its IPO.
• The Nasdaq is pacing to close the week more than 4% lower. Follow live market updates here.

Federal Reserve leaders are zeroing in on what to do about inflation.

Chicago Federal Reserve President Austan Goolsbee told CNBC yesterday that “the problem’s on the inflation side” of the central bank’s mandate, rather than on the job market side. On the other hand, New York Fed President John Williams said at an event that he expects inflation to start trending downward.

Data released yesterday showed the core personal consumption expenditures price index in May rose 3.4% from a year ago. As CNBC’s Jeff Cox notes, that’s the index’s highest level since late 2023.

The Supreme Court ruled yesterday that Bayer cannot be sued over state-level allegations that it failed to warn of cancer risks tied to products. The Roundup maker and the Trump administration had argued that failure-to-warn claims are preempted by a federal law that regulates pesticides.

As CNBC’s Garrett Downs notes, the 7-2 ruling marks a big victory for Bayer and the White House — though it’s a major blow to the Make America Healthy Again movement, which backed Trump in the 2024 election.

The Supreme Court also on Thursday allowed Trump to end a humanitarian status that protected hundreds of thousands of Haitian and Syrian immigrants from deportation. The 6-3 ruling overturned decisions by New York and Washington, D.C.-based federal judges, who had halted Trump’s bid to end Temporary Protected Status.

JPMorgan Chase handed out some promotions yesterday. The bank said in a regulatory filing that it elevated Doug Petno and Troy Rohrbaugh to the newly created position of co-presidents.

As CNBC’s Hugh Son reports, it’s the latest step in CEO Jamie Dimon’s succession planning. Dimon said in a statement that the decision to promote Petno and Rohrbaugh reflects the board’s “confidence in their extraordinary leadership capabilities.” Petno will now be the sole executive of the investment banking division, while Rohrbaugh will run JPMorgan’s consumer and community banking division.

Rohrbaugh will succeed Marianne Lake, who JPMorgan said is retiring from the firm after 25 years. Lake had long been seen as a possible successor to Dimon.

Luxury spending is expected to start growing again this year. CNBC’s Robert Frank reports that spending on experiences and the rise of “inheritourism” — the trend of wealthy families traveling together and Gen Z picking up their parents’ preferences — is to thank.

Luxury experience spending is slated to grow between 3% and 7% this year, according to Bain & Co. and Altagamma, while luxury goods sales are only expected to see a 1% to 4% bump. Still, such an increase would snap two years of declines for sales of high-end goods.