5 things to know before the market opens on Tuesday

Happy Tuesday. If you are a big person Amazon For users, orders can arrive much faster. The e-commerce giant this morning announced plans to roll out 30-minute delivery in dozens of U.S. cities.

Stock futures are falling before the bell after yesterday’s strong trading.

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

President Donald Trump didn’t mince words yesterday about Iran’s counter-proposal, telling reporters that Iran’s proposal to end the war is “garbage” and that a cease-fire is “on life support.” But Wall Street appears to have missed the signs that the conflict could flare up again, focusing instead on artificial intelligence trade.

Here’s what you need to know:

President Trump will visit China this week to meet with Chinese President Xi Jinping. CNBC’s Kevin Breuninger explains what’s at stake at the Beijing summit on the Iran war, Taiwan, and trade.

President Trump has invited executives from a number of major companies to join his delegation to China, a White House official told CNBC. The group includes teslaMr. Elon Musk, appleMr. Tim Cook, metawith Dina Powell McCormick micronSanjay Mehrotra. Besides technology, citygroupJane Fraser, boeingwith Kelly Ortberg goldman sachsDavid Solomon is also on the list.

Cisco CEO Chuck Robbins was invited, but was unable to attend due to the company’s revenue commitments, a spokesperson said. Several companies interested in China Nvidia, disney and general motors There was no representative on the White House list either.

microsoft CEO Satya Nadella took the stand yesterday in the ongoing trial between Musk and OpenAI CEO Sam Altman. Musk named Microsoft as a defendant in a 2024 lawsuit against OpenAI, accusing the company, a major backer of OpenAI, of aiding and abetting the AI ​​startup’s alleged violations of charitable trusts.

In hours of testimony, Nadella said Musk never contacted him to express concerns that Microsoft’s investment in OpenAI violated special terms or commitments. Microsoft’s CEO also said he never asked OpenAI’s board to reinstate Altman after the company fired him in 2023.

Former OpenAI co-founder Ilya Satskeva took the stand after Nadella, followed by OpenAI board chairman Brett Taylor. Mr. Altman is scheduled to take the stand today.

general motors is cutting hundreds of paid information technology employees to cut costs. As CNBC’s Michael Weiland reports, the cuts began yesterday and are primarily focused on workers in Michigan and Texas.

GM said in a statement that it is “transforming” its IT department to “better position the company for the future.” The Detroit-based automaker is still hiring IT talent despite the layoffs.

Although GM did not specifically mention AI in its announcement, the job cuts come amid a series of layoffs of AI-related engineers. Still, National Economic Council Director Kevin Hassett told CNBC yesterday that “there is no indication in the data that AI is taking away anyone’s jobs at this point.”

As fuel prices soar ahead of the midterm elections, President Trump and Republicans in Congress have proposed suspending the federal gas tax.

The president told reporters yesterday that he would “reduce” the 18.4 cents per gallon tax that has remained in place since 1993. President Trump cannot unilaterally enact a gas tax holiday because Congress oversees the tax, but both Sen. Josh Hawley (R-Missouri) and Rep. Anna Paulina Luna (R-Fla.) said they intend to introduce legislation in their respective chambers to suspend the tax.

Meanwhile, Kalsi traders are not expecting any relief from the pump. As of yesterday afternoon, the platform had a greater than 60% chance that the price would exceed $5 per gallon.

April home sales statistics released by the National Association of Realtors yesterday disappointed analysts as rising mortgage rates weighed on buyers. Here’s what else NAR reported in April:

Median sold home price: $417,700 Average time on market: 32 days Year over year inventory growth: 1.4%

— CNBC’s Kevin Browninger, Justina Lee, Sam Meredith, Spencer Kimball, Li Ying Xiang, Sean Conlon, Tobias Burns, Michael Koo, Kai Nicole-Schwartz, Yun Li, Megan Casella, Jordan Nove, Ashley Caputo, Garrett Downs, Ananya Chettiar and Diana Orrick contributed to this report.

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

Disclosure: CNBC and Kalsi have a commercial relationship that includes a minority investment in CNBC.