5 things to know before markets open on Wednesday

Happy Wednesday. Yesterday in this newsletter, we told you about President Donald Trump’s plan to repeal the gas tax, but don’t get your hopes up just yet.

S&P 500 futures rose this morning after a losing session.

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

The consumer price index rose last month at the fastest pace in nearly three years, according to federal data released yesterday. The headline annual inflation rate was 3.8%, the highest level since 2023 and further away from the Federal Reserve’s 2% target.

Here’s what you need to know:

The report focused on the soaring oil prices during the Iran war. Energy prices rose 3.8% in April, up nearly 18% from a year ago. But prices have also accelerated again in several other sectors, indicating broader pressure on consumers. The S&P 500 retreated from its all-time high in Tuesday trading as federal funds futures traders increasingly ruled out a rate cut by the end of 2027. Instead, it raised interest rate odds. The majority of prediction market traders believe that inflation will reach 4% in the 12 months of this year. Investors will take another look at inflation this morning. The April Producer Price Index is scheduled to be released at 8:30 a.m. ET. Follow live market updates here.

OpenAI CEO Sam Altman took the stand yesterday in the Musk v. Altman trial. As CNBC’s Ashley Caputo reports, Altman’s cross-examination was less combative than that of Elon Musk.

Altman, along with OpenAI and its president Greg Brockman, was sued by Musk in 2024. tesla He said the CEO’s management style was “demoralizing” and that his exit from the startup was “a morale booster.” He said the electric car maker’s CEO doesn’t understand “how to run a good lab.”

Altman also testified that he was “completely caught off guard” when OpenAI’s board temporarily removed him as CEO in 2023. Catch up on all the big moments from the day here.

Nvidia Last night, it was confirmed that CEO Jensen Huang will be among a number of executives traveling to China for President Trump’s visit. Hwang’s name was not on a list of CEOs to join the U.S. delegation provided by White House officials earlier this week, creating uncertainty whether he would participate.

Trump, who recently arrived in Beijing, said in a social media post last night that Huang was on board Air Force One and denied that the chipmaker’s CEO had been excluded from the trip. A person familiar with the situation told CNBC that Trump called Hwang and invited him after seeing media reports about Hwang’s absence from the delegation.

Nvidia’s chips face strict U.S. restrictions on sales in China. A company spokesperson said Hwang will be participating in the trip “in support of the goals of the United States and the administration.” The company’s stock is up more than 2% before the bell.

President Trump announced yesterday that Dr. Marty McCulley has resigned as Commissioner of the Food and Drug Administration. Kyle Diamantas, the agency’s former top food official, will become acting director.

As CNBC’s Annika Kim Constantino and Angelica Peebles report, McCurry’s departure ends a tumultuous tenure at the FDA that was marked by internal dysfunction, opposition to regulatory decisions, and leadership turmoil. There have been reports in recent days that the White House was planning to fire him, and a senior administration official said Health and Human Services Secretary Robert F. Kennedy Jr. had made the decision to replace him.

Elsewhere in Washington, D.C., the Senate voted to confirm Kevin Warsh as Fed president and voted again today to confirm him as chairman.

Inflation isn’t the only thing that’s hot. The domestic box office gross for the weekend was $161.2 million, an increase of nearly 88% from the previous year.

According to ComScore, box office revenue in 2026 will reach just over $3 billion by Sunday. This marks a 16% increase year-on-year, but is still below 2019 levels.

This weekend, The Devil Wears Prada 2 and Mortal Kombat II took the lead, followed by Michael. As CNBC’s Sarah Witten reports, ticket sales are expected to remain strong in the coming months, with summer box office hits such as “Toy Story 5,” “Moana” and “Odyssey” set to be strong.

general motors Employees who were laid off by the automaker this week spoke to CNBC’s Michael Weiland detailing their layoffs. One employee, who requested anonymity due to fear of repercussions and repercussions for future work, explained the matter as follows:

—CNBC’s Justin Papp, Jeff Cox, Sean Conlon, Jessica Dickler, Ashley Capoot, Annika Kim Constantino, Angelica Peebles, Kristina Partinevelos, Evelyn Cheng, Sarah Whitten and Michael Wayland contributed to this report.

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