5 things to know before the stock market opens on Thursday

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

Supreme Court justices expressed skepticism Wednesday about the legality of President Donald Trump’s tariffs as they heard oral arguments in a case that could decide their fate.

Here’s what you need to know:

Both conservative and liberal justices pressed Attorney General D. John Sauer over whether the International Emergency Economic Powers Act gives the president the authority to impose tariffs. Critics say President Trump’s action infringes on Congress’ power to set and levy taxes. “They say a tariff is not a tax, and that’s exactly what they say,” liberal Justice Sonia Sotomayor told Sauer. Conservative Justice Neil Gorsuch also appeared wary of President Trump’s unilateral imposition. Stocks rose on Wednesday’s deliberations as it became increasingly likely that the court would rule against the White House and force it to roll back widespread tariffs. Here’s what that means for the market. Treasury Secretary Scott Bessent told CNBC on Tuesday that the Trump administration has “many other authorities” it could cite to impose tariffs in case the Supreme Court doesn’t rule in its favor. Follow us here for live market updates.

Tesla’s Shareholders are scheduled to gather for their annual meeting this afternoon, and there’s a trillion-dollar topic on the table: Will they approve CEO Elon Musk’s nearly 13-figure compensation package?

The EV maker is asking investors to greenlight a plan to grant Musk, already the world’s richest man, 12 stock transfers over the next 10 years if the company reaches certain milestones. The package is worth a total of about $975 billion. The company plans to announce the results of the shareholder vote after the general meeting.

The proposal is expected to pass, but several groups have already said they will vote against the package or urged others to vote against it. Proxy advisers Glass Lewis and Institutional Shareholder Services have both urged shareholders to reject the proposal. Norway’s sovereign wealth fund, Tesla’s largest shareholder with a 1.14% stake, announced on Monday that it would vote against the pay plan.

Amid concerns about air traffic control staffing shortages due to the government shutdown, Transportation Secretary Sean Duffy announced yesterday that flight capacity at 40 major airports will be reduced by 10% starting Friday. He did not specify which airports would be subject to the reductions, but it would affect about 3,500 to 4,000 flights per day.

Duffy called the move “aggressive” and said he expected more cancellations because of the cuts. The president of the National Air Traffic Controllers Association told CNBC on Wednesday that the shutdown is unlikely to end anytime soon, but it could take weeks for the industry to recover.

snap The company’s stock rose nearly 20% in overnight trading after the company beat third-quarter revenue expectations and announced a $400 million deal with Perplexity AI. Starting early next year, the AI ​​startup’s technology will “integrate conversational search directly into Snapchat,” Snap said.

Meanwhile, fellow social media stocks pinterest Wednesday was the second worst day on record. The company’s stock price fell more than 20% during trading hours after the company released a disappointing earnings report on Tuesday and gave a weak outlook for the current quarter.

warner bros discovery this morning missed Wall Street’s third-quarter revenue and bottom line expectations, reporting an adjusted loss of 6 cents per share on revenue of $9.05 billion.

The results became clear as WBD decided whether to split into two companies, sell some of its assets or sell the entire company. CNBC reported Wednesday. paramount skydance sent a letter to WBD’s board of directors stating that the proposed acquisition of $23.50 per share is in the best interest of shareholders. Officials told CNBC’s Alex Sherman that the media giant plans to announce its decision before Christmas.

Tariffs are forcing retailers across the country to raise prices, but some companies are raising prices more than others. Click here to read the reason for the price Amazon It’s rising faster than other companies.

—CNBC’s Dan Mangan, Jeff Cox, Yun Li, Sean Conlon, Sarah Ming, Chloe Taylor, Laura Kolodny, Raya Neelakandan, Jonathan Bunyan, Jores Yip, Alex Sherman and Courtney Regan contributed to this report. Melody Warner edited this version.