5 things to know before the stock market opens on Friday

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

The world’s richest people are about to get even richer.

tesla Yesterday, shareholders approved CEO Elon Musk’s nearly $1 trillion compensation plan, with 75% supporting the proposal despite opposition from top proxy advisers. The compensation package will give Musk 12 tranches of stock if the company reaches certain milestones over the next 10 years. The CEO will also have greater voting rights in Tesla, increasing his ownership from 13% to 25%.

One of those milestones is the delivery of 1 million Optimus humanoid robots, which Musk said Thursday will “end poverty” and be “bigger than a cell phone, bigger than anything.” These robots are not currently available on the market, and Musk did not provide a timeline for their development.

Stocks resumed their decline yesterday as traders continue to weigh concerns about high valuations in artificial intelligence stocks. shares of Nvidia, advanced micro device and microsoft All ended lower, putting the three major stock averages on track for a down week.

Here’s what you need to know:

After Wednesday’s strong trading, traders appear to be refocusing on concerns over the tech sector’s valuations and the role of AI stocks in a highly concentrated market. Nasdaq Composite It fell 1.9% yesterday, Dow Jones Industrial Average The uncertain employment situation also weighed on stocks this week. Due to the government shutdown, the Bureau of Labor Statistics will not release a nonfarm payrolls report today, but yesterday’s data from outplacement firm Challenger, Gray & Christmas showed layoffs spiked in October. The report said layoffs totaled 153,074 people last month, an increase of 183% from September and 175% year-on-year. If the BLS had released its jobs report today, economists surveyed by Dow Jones expected it to look like this: In October, 60,000 jobs are expected to fall and the unemployment rate is expected to rise to 4.5%. Follow live market updates here.

President Donald Trump announced agreements with: Eli Lilly and novo nordisk Yesterday, the pharmaceutical giant slashed the prices of some obesity drugs. The agreement also means that Medicare will cover GLP-1 drugs for obesity for the first time starting in mid-2026.

Under the deal, monthly out-of-pocket prices for the popular drug could range from $50 to $350, depending on the patient’s dosage and insurance. List prices for obesity drugs can reach up to $1,350 per month before insurance.

The cost of medicines under the new agreement is as follows:

President Trump’s AI and cryptocurrency advisor David Sachs said yesterday that “there will be no federal bailout for AI.” His comments follow those from OpenAI Chief Financial Officer Sarah Friar, who said earlier this week that the company was seeking a government “backstop” or “guarantee” to help fund its investments.

But Fryer walked back his comments yesterday, saying in a LinkedIn post: “I used the word ‘backstop,’ but that obscured the point.” “I was making the case that America’s technological strength comes from building real industrial capacity, which requires the private sector and government to play a role.”

Meanwhile, OpenAI CEO Sam Altman said he expects AI startups to bring in more than $20 billion in annual revenue this year and “grow to hundreds of billions of dollars by 2030.” The company recently signed more than $1.4 trillion in infrastructure contracts, but investors are still unsure where it will get the money to pay for those contracts.

Shoppers aren’t satisfied target’s In-store experience. The company’s stores were once the model for big box stores, but Target has been plagued by customer complaints about messy aisles, long lines and locked merchandise.

Therefore, the company is renewing its website strategy.

Unlike its competitors, Target uses its stores as fulfillment centers for e-commerce orders. But under the new approach, retailers would begin limiting the stores that pick, pack and ship online purchases. Target executives hope the move will allow employees to focus more on the in-store experience.

Here’s what you may have missed this week.

—CNBC’s Lora Kolodny, Pia Singh, Sean Conlon, Liz Napolitano, Annika Kim Constantino, Ashley Capoot and Melissa Repko contributed to this report. Melody Warner edited this version.