5 things to know before the stock market opens Friday

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

Big Tech stocks weighed on the S&P 500 and Nasdaq Composite on Thursday, which was a historically strange day in the stock market. The S&P 500 fell 0.88%, retreating from its recent record high, while the Nasdaq Composite sank 1.95%. The Dow Jones Industrial Average was about flat for the day, slipping just 32.39 points, or 0.08%. Every stock in the Magnificent Seven fell for the day, with Nvidia falling more than 5% and Apple dropping more than 2%. Meanwhile, this year’s winning and losing stocks swapped for the day as stocks with huge market capitalizations fell but smaller stocks had a good day. The small-cap Russell 2000 index, which has struggled so far this year, jumped more than 3% on Thursday. Follow live market updates.

The monthly inflation rate fell in June for the first time in more than four years, according to data released Thursday. The consumer price index, which measures costs for goods and services, declined 0.1% from May. That puts the 12-month inflation rate at 3%, which is around its lowest level in more than three years. Until now, the monthly rate hadn’t showed a decrease since May 2020. The data could help create a path for the Federal Reserve to start lowering interest rates later this year. Investors will be looking at more inflation data Friday, as the producer price index results are set to be released in the morning.

JPMorgan Chase posted second-quarter revenue that topped analysts’ expectations on Friday morning. The bank said its second-quarter revenue was $50.99 billion above the $49.87 billion estimate. The beat came as investment banking fees surged 50% from a year earlier. Meanwhile, Wells Fargo reported second-quarter earnings and revenue that exceeded Wall Street expectations on Friday, but also said it had a 9% decline in net interest income. Wells Fargo stock fell more than 5% in premarket trading.

All good rallies must come to an end. Tesla shares sank more than 8% Thursday after Bloomberg reported that the company was pushing back its Robotaxi unveiling by two months. The electric vehicle maker previously said it would roll out its Robotaxi on Aug. 8, but it delayed the release until October to give teams working on the project more time to build prototypes, according to Bloomberg, which cited people familiar with the decision. The stock slump came after an 11-day rally for Telsa, ignited by a better-than-expected deliveries report. Shares are back in negative territory for the year, which has been tough for Tesla as the company has enacted sweeping layoffs and seen sales drop.

President Joe Biden gave a highly anticipated solo press conference for the first time in eight months on Thursday evening. It was a critically important event for the president, who is facing calls to drop out of the 2024 race after his disappointing performance last month at the first presidential debate with former President Donald Trump. But Biden dismissed those calls and said Thursday that he won’t drop out of the election unless polls say “there’s no way you can win.” He also mistakenly referred to Vice President Kamala Harris as “Vice President Trump” during the opening question of the press conference and touted the latest inflation report.

— CNBC’s Brian Evans, Jesse Pound, Jeff Cox, Hugh Son, Yun Li, Katie Bartlett, Rebecca Picciotto, Dan Mangan and Josephine Rozzelle contributed to this report.

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