5 things to know before the market opens on Thursday

Happy Thursday. I just returned from a long weekend in California. At the Coachella Valley Music & Arts Festival, we’ve seen firsthand how music tourism is developing.

Stock futures are up slightly this morning. The three major indexes had a mixed day.

Here are five important things investors need to know to start their trading day.

Everyone from politicians to business leaders is trying to assess the economic impact of the Iran war. But investors still appear to be looking beyond the conflict to a peace deal, with two major stock indexes hitting record highs yesterday.

Here’s what you need to know:

of S&P500 and Nasdaq Composite Oil prices remain a major factor in the economic disruption caused by the war, and its effects are likely to be felt particularly acutely in Europe. The head of the International Energy Agency said this morning that Europe could run out of jet fuel within six weeks. At least nine oil tankers have passed through the Strait of Hormuz this week, but tanker traffic on Tuesday was still 90% lower than the day before the war started. The war has caused up to $58 billion worth of damage to energy infrastructure, according to estimates by consulting firm Rystad. World Bank President Ajay Banga yesterday warned that the economic turmoil will last for months. The same applies after the Strait of Hormuz shipping lanes are reopened. Follow live market updates here.

pepsico‘s first-quarter earnings report, released this morning, showed higher profits and revenue. But the company’s strong performance wasn’t driven by its iconic beverages, but by its snacks.

The company’s North American food business saw its first increase in sales volume in two years after cutting prices on products such as Lay’s, Doritos and Cheetos in February. Meanwhile, Pepsi’s North American beverage business saw sales volume decline 2.5%.

Don’t miss Pepsi CEO Ramon Laguarta’s appearance on CNBC’s “Squawk on the Street” today at 10:15 a.m. ET. Watch live coverage on CNBC or CNBC+ here.

Investigators from U.S. Attorney Jeanine Pirro’s office in the District of Columbia visited the Federal Reserve’s construction site on Tuesday, according to a memo from Fed lawyers seen by CNBC. Lawyer Robert Herr said the agents arrived unannounced and requested an inspection.

As CNBC’s Matt Peterson reports, Pirro is under increasing pressure to show he has teeth in his office’s controversial investigation into Federal Reserve Chairman Jerome Powell. A judge last month blocked prosecutors’ efforts to subpoena the Fed as part of an investigation focused on the central bank’s ongoing overhaul.

Meanwhile, President Donald Trump has threatened to fire Powell if she remains governor after her term as speaker ends. Mr. Powell’s term leading the Federal Reserve expires next month, but he will remain on the board for two more years.

I wrote about Amazon Workers previously on strike. But yesterday it was Amazon sellers who protested the e-commerce giant’s policies.

Hundreds of Amazon’s largest sellers have boycotted the advertising platform in protest of recent changes, including a 3.5% fuel surcharge that sellers say is hurting profits. The 24-hour boycott was organized by Million Dollar Sellers, a community that generates approximately $14 billion in revenue.

Seller Michael Patron summed up seller sentiment in an X post, writing: “Margins are running out.”

allbirds We are planning a major transformation. The struggling shoe brand announced yesterday that it would shift its focus to artificial intelligence and change its name to NewBird AI.

The company has announced a deal to raise up to $50 million, which is expected to close in the second quarter of this year. The surprising news comes after Allbirds closed all of its full-price stores earlier this year and announced last month that it would sell its intellectual property and assets.

The news sent penny stocks soaring nearly 600% in yesterday’s trading, to just under $17 per share. But before the bell this morning, the stock had fallen more than 20%.

It wasn’t just the S&P 500 that broke records yesterday. Live cattle futures hit a record high this week, a bad omen for shoppers looking forward to grilling hot dogs and hamburgers this summer.

—CNBC’s Sean Conlon, Lisa Kairay Hung, Jeff Cox, Soda Baimiya, Kevin Browninger, Spencer Kimball, Amelia Lucas, Matt Peterson, Annie Palmer, Laura Murti and Gabriel Fontrouge contributed to this report.

Davis Giangiulio helped produce this newsletter. Josephine Rozzelle edited this version.