5 things to know before the stock market opens

Here are five key things investors need to know to start the trading day:

It seems the S&P 500 and the Nasdaq Composite records are meant to be broken. The broad market index moved 0.62% higher during Tuesday’s trading session, closing at 5,509.01. This marks the first time the S&P 500 index has closed above 5,500. The S&P’s performance was bolstered by a 10% surge in Tesla shares following its better-than-expected deliveries for the second quarter. Like the S&P, the Nasdaq Composite also closed at a fresh record, jumping 0.84%. Meanwhile, the Dow Jones Industrial Average gained 0.41%, closing at 39,331.85. Follow live market updates.

Americans are feeling the pain of fintech’s empty promise. More than 100,000 Americans with $265 million in deposits have been locked out of their accounts since the collapse of a fintech middleman known as Synapse. Of these customers, roughly 85,000 were at the banking app Yotta, says Adam Moelis, the startup’s co-founder. This comes after Synapse declared bankruptcy in April, following several key partners leaving the startup. Then, on May 11, Synapse cut off access to its system that enabled lenders like Evolve Bank & Trust to process transactions and account information, according to the filings. With the debacle, regulators have been moving to crack down on banks that provide services to fintechs.

A deal is back on. Skydance and National Amusements have reached a preliminary deal to merge with Paramount, according to two people familiar with the matter, coming just weeks after a deal between the parties had failed. The deal has been referred by controlling shareholder National Amusements to the Paramount special committee, which is now reviewing and voting on it, according to a person familiar with the matter. While Shari Redstone, who killed the initial deal back in June, will receive a reduced consideration of $1.75 billion, the other financial terms of the deal are set to remain unchanged, with Skydance acquiring roughly half of Paramount’s controlling shares at $15 per share, for $4.5 billion, and contributing $1.5 billion towards its balance sheet.

Inflation is still not at the stage for cutting interest rates. On Tuesday, Federal Reserve Chair Jerome Powell said he’s satisfied with how much progress inflation has made in the past year but isn’t confident enough to make any cuts just yet. At a forum that also saw European Central Bank President Christine Lagarde and Brazil Central Bank Governor Roberto Campos Neto in attendance, Powell said that the last inflation reading and even the one before it “suggest that we are getting back on the disinflationary path.” His comments come after the personal consumption expenditures price index in May rose at a 2.6% 12-month pace. The index was around 4% a year ago.

Eli Lilly’s Alzheimer’s drug has officially been greenlit. On Tuesday, the Food and Drug Administration approved donanema, which will be sold under the brand name Kisunla for adults with early symptomatic Alzheimer’s disease, the company said. This comes as the number of Americans with the condition is anticipated to rise from nearly 7 million to about 13 million by 2050. Last month, an advisory panel to the FDA recommended full approval of the treatment on the claim that its benefits outweigh the risks. The agency previously rejected the approval last year over insufficient data.

— CNBC’s Pia Singh, Sarah Min, Lora Kolodny, Hugh Son, Lillian Rizzo, Alex Sherman, Rohan Goswami, Jeff Cox and Annika Kim Constantino contributed to this report.

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