5 things to know before the stock market opens on Thursday

Happy Thursday. Don’t miss our exclusive interview with Prometheus co-founders and co-CEOs Jeff Bezos and Vik Bajaj starting at 10am ET. Watch this interview live from the startup’s San Francisco headquarters on CNBC or CNBC+.

Stock futures are rising this morning after all three major indexes fell more than 1% yesterday.

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

US Central Command announced last night that the US had struck multiple targets inside Iran at the direction of President Donald Trump, who told reporters earlier in the day that the US would attack Iran “very hard.” These comments caused the stock market to plummet on Wednesday, resulting in Dow Jones Industrial AverageWorst day of the year.

Here’s what you need to know:

Iranian state media reported this morning that Iran has attacked targets belonging to the US military in Kuwait and Bahrain in response to the US attack. Oil prices are falling this morning despite the apparent escalation of hostilities. As CNBC’s Kevin Breuninger reports, the stock and oil markets appear to continue to believe President Trump’s claims that a deal to end the war is near — even though those claims repeatedly fall short. Meanwhile, President Trump said yesterday that the drop in oil prices was the result of the United States secretly moving more than 100 million barrels of oil through the Strait of Hormuz. Stock futures are rising before the bell as semiconductor stocks look to rally. Follow live market updates here.

Consumer prices rose at the highest annual rate in three years last month, according to government indicators released yesterday. Energy and airfares were among the sectors with the biggest increases this year.

But President Trump dismissed the data, saying, “I love inflation,” and that once the Iran war is over, inflation will “fall like a rock.” As CNBC’s Matt Peterson writes, President Trump’s surprising comments may be good news for newly installed Federal Reserve Chairman Kevin Warsh.

More inflation data will be available to market watchers when the May Producer Price Index, which tracks wholesaler inflation, is released at 8:30 a.m. ET. Economists polled by Dow Jones expect the index to rise 0.7% from the same month.

oracle The company beat Wall Street expectations in both areas in the fourth quarter, and yesterday raised its profit outlook. But shares fell 8% in after-hours trading after the software company said it needed to raise money to build out artificial intelligence.

Oracle said it plans to raise an additional $20 billion in equity and debt in fiscal 2026, on top of the tens of billions it has already raised. As CNBC’s Jordan Nobe points out, the latest funding plan has raised investor concerns about whether there will be enough demand for AI to justify all that new capital.

The overnight move puts Oracle stock at risk of sliding into the red for the year. As of Wednesday’s close, the stock was up about 3% in 2026, less than the S&P 500’s rise of about 6% over the same period.

Sen. Elizabeth Warren wants to prevent SpaceX from taking off. Massachusetts Democrats on Wednesday asked regulators to postpone the company’s IPO scheduled for tomorrow, citing concerns about the company’s valuation and corporate governance.

In a letter to the Securities and Exchange Commission, Warren said there may have been “inaccurate or misleading” accounting and valuations related to SpaceX’s recent acquisition of xAI, another company led by Elon Musk. Warren also said that as SpaceX’s majority shareholder, Musk has “uniquely unlimited” power.

Perpetual futures traders are suggesting the stock could rise by double digits on the first day of trading. SpaceX options trading begins next week.

Sixteen universities will have sticker prices above $100,000 next school year, according to data from The Princeton Review shared exclusively with CNBC. The most expensive ones are:

—CNBC’s Luke Fountain, Garrett Downs, Lim Hui Jie, Sean Conlon, Spencer Kimball, Kevin Bruninger, Jeff Cox, Matt Peterson, Jordan Nove, Tanaya Machel, Tyler Bailey, Samantha Subin and Jessica Dickler contributed to this report.

CJ Haddad helped produce this newsletter. Josephine Rozzelle edited this version.