5 things to know before the market opens on Tuesday

Wall Street witnessed a surprising rebound during the day yesterday after President Donald Trump suggested that the war between the US and Iran could end soon. President Trump told a CBS News reporter on Monday that “the war is almost complete,” and later said at a news conference that the conflict would end “soon.”

Here’s what you need to know:

Breaking news this morning: Billionaire investor Bill Ackman is taking his hedge fund to the New York Stock Exchange. Ackman’s Pershing Square filed for listing today under the ticker symbol “PS.”

As CNBC’s Yun Lee reports, the listing will allow retail investors to take a stake in Ackman’s investment platform. This will be a dual listing, allowing investors to purchase either Pershing Square’s common stock or shares of the company’s investment vehicle, which trades under the ticker “PSUS.”

Pershing Square said the offering has $2.8 billion worth of secured commitments from groups including family offices, pension funds and high-net-worth individuals.

Rising oil prices and last week’s weak jobs report have some economists warning that the United States could slip into high inflation and low growth, or stagflation.

U.S. concerns about stagflation similarly heightened after Russia’s invasion of Ukraine in 2022, and again when President Trump announced tariffs last year. However, in neither case was it possible to achieve a true stagflation environment like the one experienced in the 1970s.

Meanwhile, prediction market bettors are increasingly pricing in a recession. The probability that the U.S. would fall into recession was below 25% late last week, but it rose to over 34% yesterday in Carsi.

Antropic is suing the federal government in court. In a lawsuit filed yesterday, Anthropic said the Pentagon’s recent move to blacklist AI companies is “unprecedented and illegal” and has “irreparably” harmed startups.

The lawsuit is the latest update in a dramatic standoff between Anthropic and the Trump administration. Anthropic went from being the federal government’s AI provider of choice to being designated a “supply chain risk,” a label typically used against foreign adversaries, after it did not agree to the Department of Defense’s use request.

The Trump administration’s move has worried defense experts, who say Anthropic’s blacklisting would set a troubling precedent and risk putting major U.S.-based AI vendors out of business.

Stellantis is turning to an unexpected automotive supplier to launch its latest hybrid SUV.

As CNBC’s Michael Weiland reports, the first hybrid Jeep SUV for North America is equipped with the Toyota-backed Blue Nexus system. Meanwhile, upcoming long-range electric vehicles will use technology from Bosch, the world’s largest automotive supplier.

Automakers often use parts from suppliers in their vehicles. Less common is the use of supplier components for key systems and technologies. Especially if those components come from competitors such as Toyota.

—CNBC’s Dan Mangan, Spencer Kimball, Sean Conlon, Jeff Cox, Ashley Caputo, Jonathan Bunyan, Eamon Javers, Michael Wayland and Raya Neelakandan contributed to this report. Josephine Rozzelle edited this version.