5 things to know before the market opens on Tuesday

good morning. Congratulations to the Michigan Wolverines on winning the March Madness slot.

Stock futures are down this morning as all three major stock averages ended Monday’s trading higher.

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

With less than 12 hours left until President Donald Trump’s deadline (8 p.m. ET) for Iran to reopen the Strait of Hormuz, hopes for a ceasefire are fading.

Here’s what you need to know:

President Trump yesterday called the latest ceasefire proposal a “very important step” but said it was “not enough.” He also reiterated the threat that the United States would carry out major attacks on Iran’s power plants and bridges if it did not reopen the Strait of Hormuz by this evening. Oil prices continue to rise today as major maritime shipping routes remain effectively closed. Wall Street firm Citrini Research announced yesterday that it has sent analysts to Oman’s Musandam Peninsula to directly examine traffic conditions in the strait. Here’s what analysts saw: Dow Jones Industrial Average It fell 200 points this morning as investors became pessimistic about the chances of a US-Iran deal being reached by President Trump’s deadline. Follow us here for live market updates.

shares of universal music group Shares rose more than 10% this morning after Bill Ackman’s Pershing Square proposed to buy the company in a cash and stock deal worth about 55.8 billion euros (about $64.4 billion).

The activist investor’s offer would represent a total transaction value of 30.4 euros per share, representing a nearly 80% premium over UMG’s closing share price on April 2. Under the terms of the offer, the Dutch company would create a new combined company with Pershing and list it on the New York Stock Exchange, something Mr. Ackman had previously promoted.

Ackman said in a statement that UMG’s stock price has been “sluggish” due to issues “that are unrelated to the performance of the music business and, importantly, are all addressed by this transaction.” Before today’s announcement, UMG stock had fallen 23% this year.

With less than a month left until the trial between OpenAI and Elon Musk, AI companies are on the offensive.

OpenAI yesterday sent letters to the attorneys general of Delaware and California, asking them to investigate Musk’s “inappropriate and anticompetitive conduct.” the letter is accusing tesla The CEO co-founded OpenAI with Sam Altman in 2015 and retired three years later. meta CEO Mark Zuckerberg.

This isn’t the first time OpenAI has acknowledged Musk’s potential impact on its business. Since Musk sued OpenAI in 2024, AI companies have warned investors that Musk could make “intentionally outlandish and attention-grabbing claims” ahead of the trial. Jury selection is expected to begin later this month.

shares of broadcom Up 3% before bell after chipmaker reveals new deal google And yesterday’s “Anthropic” is a sign of the continued demand for the infrastructure needed to power the artificial intelligence boom.

In a new deal with Google, Broadcom has agreed to produce future versions of the tech giant’s AI chips. The company will also provide Anthropic with access to approximately 3.5 gigawatts worth of computing power and expand its ongoing agreements with Google and AI startups.

Anthropic said in a Monday blog post about the deal that annual revenue was more than $30 billion, up from about $9 billion at the end of last year.

novo nordisk The company has seen explosive demand for its Wegovy tablets in the three months since launching the treatment option. As CNBC’s Annika Kim Constantino reports, this surge is being driven primarily by a wave of new cases.

Wegovy tablets, which became the first GLP-1 pill to treat obesity in January, are not only cheaper than injectable drugs. It also does not use needles, which can be a big barrier for some patients. “There are a small number of patients who don’t want to be pricked by a needle with a vial or a syringe, or they don’t want to be pricked because of the price,” Jamie Miller, head of Novo’s U.S. operations, told CNBC last week. “We appeal to both.”

Still, the surge in demand for Wigovy pills hasn’t translated into a rise in Novo’s stock price. Danish pharmaceutical companies are still fighting Eli Lilly Just last week, Lilly received U.S. approval for its GLP-1 tablet.

JP Morgan Chase CEO Jamie Dimon cited several “significant” challenges for the bank in his annual letter to shareholders published yesterday. These included geopolitics, AI, and disruption in private markets, but Dimon took particular issue with what he characterized as “poor bank regulation.”

—CNBC’s Lisa Kai-Lai Hung, Sean Conlon, Kevin Bruninger, Megan Cassella, Aniek Bao, Sam Meredith, Yun Li, April Roach, Ashley Caputo, Kate Rooney, Jordan Nove, Annika Kim Constantino and Sara Salinas contributed to this report. Terry Cullen edited this version.