5 things to know before the market opens on Thursday

Happy Thursday. The Memorial Day travel period got off to a rocky start yesterday. Flights at New York’s LaGuardia Airport were delayed after the runway was closed by a sinkhole, yes, a sinkhole.

Stock futures are lower this morning following the win on Wall Street.

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

Nvidia yesterday again beat quarterly profit and revenue estimates, reporting an 85% revenue increase due to a sales surge in its data center division. However, the chipmaker’s stock price fell slightly before the bell, putting the stock on track for a fourth straight post-earnings quarter decline.

Here’s what you need to know:

Revenue from Nvidia’s data center business nearly doubled from a year ago to $75.2 billion in the first quarter. The chipmaker also announced an $80 billion share buyback and an increase in its quarterly dividend to 25 cents per share. Nvidia said in its filing that the Iran war has not yet had a material impact on its business, but the company warned that the continuation or escalation of the conflict “could create business uncertainty.” CEO Jensen Huang said: On its earnings call last night, it said the quarter was “extraordinary.” He told analysts that “demand is going parabolic” thanks to the rise of agent-based artificial intelligence. In response to the report, Huang spoke with CNBC’s Sarah Eisen and said that Nvidia has “significantly conceded” China’s artificial intelligence chip market to Huawei amid U.S. export restrictions. Watch the full interview with Huang on CNBC’s “Squawk on the Street” at 10 a.m. ET. Follow us here for live market updates.

SpaceX filed a prospectus with regulators on Wednesday afternoon, bringing the Elon Musk-run company one step closer to what is expected to be a record-setting IPO. SpaceX announced it will list on the Nasdaq under the ticker SPCX.

SpaceX said in its filing that it expects the total addressable market to be $28.5 trillion, much of which is outside of its existing business. The prospectus also revealed that Musk controls 85% of the voting rights and that most of SpaceX’s capital spending in the first quarter was in AI.

Meanwhile, a source told CNBC that OpenAI could secretly file for an IPO as early as tomorrow. A representative for the AI ​​company said the company’s focus “remains on execution.”

shares of walmart Shares fell 2% in premarket trading after the retailer reported weaker-than-expected guidance for this year. Chief Financial Officer John David Rainey told CNBC that consumers could feel more pressure as the offset of higher tax returns wears off and gas prices remain high.

Elsewhere in retail, elf beauty Shares rose 9% in after-hours trading after the cosmetics company beat expectations for the fourth quarter. Elf also said it plans to roll back some of the tariff-related price increases as shoppers face higher gas prices.

The Fed has released some unwelcome news for those hoping for rate cuts. Minutes from the central bank’s last meeting released yesterday showed most officials believe interest rates may need to rise if inflation remains high due to the Iran war.

Still, some participants said lower interest rates could be an option if the labor market and inflation cool. The Fed left interest rates unchanged at its April meeting, but opposition was at its highest level since 1992.

of 30 years US Treasury Yields have retreated from their nearly 19-year high yesterday. Yields rose as oil prices fell after President Donald Trump told reporters the White House was in the “final stages” of negotiations with Iran, according to a pool report.

shares of intuition Shares fell 15% before the bell after the company became the latest technology company to announce significant layoffs. Key numbers from the announcement include:

Percentage of employees affected: 17% Restructuring costs: $300 million to $340 million

— CNBC’s Katie Tarasoff, Jonathan Bunyan, Jordan Nove, Laura Kolodny, Samantha Subin, Ashley Caputo, Kate Rooney, Gabriel Fontrouge, Jeff Cox, Sean Conlon, Spencer Kimball, Annie Palmer, Kevin Bruninger, Sara Agostino, Greg Iacrussi, Kelly Grant and Luke Fountain contributed to this report.

CJ Haddad helped produce this newsletter. Josephine Rozzelle edited this version.