5 things to know before the market opens on Thursday

Happy Thursday. With its perky ears and pointy teeth, we couldn’t think of a more unique-looking collectible than the Love Bus. But after reading about “Mystery Dumpling” I am on the right track.

Stock futures prices are falling this morning after being positive for the day.

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

In a high-profile trial focused on social media addiction, a Los Angeles jury handed down the verdict yesterday: Meta and googleYouTube failed to warn users of the dangers associated with using the platform. This is just one of several instances this year that experts are calling a “Big Tobacco” moment for the social media industry.

Here’s what you need to know:

A Southern California jury awarded compensatory damages of $3 million and an additional $3 million in punitive damages, both to be split equally between the two tech companies. The verdict follows Mehta’s loss in a separate child exploitation case on Tuesday. The jury found that the company must pay $375 million in civil damages for violating New Mexico’s tort law. New Mexico Attorney General Raul Torres told CNBC yesterday that the state will require Meta to change its platform, algorithms and monitoring in response to the ruling. Meanwhile, sources told CNBC yesterday that Meta is cutting hundreds of jobs. The layoffs come as Meta is offering new stock options to key leaders in hopes of retaining and encouraging top talent. Speaking of leadership, Meta brought back Hugo Barra this week as it looks to regain its place in the artificial intelligence race. Meta’s stock price has fallen nearly 10% so far this year.

Space stocks rose yesterday after reports that SpaceX could file for an initial public offering as soon as this week. firefly aerospace While it soared 16%, AST Space Mobile and rocket lab Each rose about 10%.

As CNBC’s Lola Murti reports, excitement about SpaceX’s potential IPO is helping to drive widespread interest in the space sector. CNBC previously reported that SpaceX could pursue the largest IPO in history, aiming for a $1.75 trillion valuation.

Wondering how to take advantage of a potential IPO? Below is a list of funds with exposure to Elon Musk’s companies.

Citrini Research, the little-known company that brought stock investors to their knees with its bearish view of AI earlier this year, is issuing a new warning to investors.

In a Substack post published yesterday, founder James Van Zielen said continued energy price hikes could throw a damper on consumer behavior and corporate profits. That could create a tough spot for stocks even if the Federal Reserve begins to move toward lower interest rates, he said.

“If the war does not end, stock prices will fall,” van Zielen wrote.

A group of Congressional Democrats introduced a bill this morning that would ban prediction market betting on elections, government decisions, wars, and sports.

It’s the latest in a series of legislative efforts aimed at putting guardrails in prediction markets, which have come under increasing interest and scrutiny. But as CNBC’s Justin Papp points out, this bill would impose broader restrictions on the market than other similar bills.

Meanwhile, Representative Seth Moulton, D-Massachusetts, announced yesterday an office-wide ban on prediction markets. Moulton’s office said the rule is believed to be the first of its kind in Congress.

Investors are hoping the war between the US and Iran will end soon, but Lloyd Blankfein said: goldman sachs” The senior chairman and former CEO warned that the impact on the market would “outlast” the conflict itself.

— CNBC’s Jonathan Bunyan, Ashley Caputo, Sean Conlon, Michael Considine, Dan Mangan, Kevin Breuninger, Sam Meredith, Yi Ling Xiang, Laura Multi, Justin Papp, Yun Li and Hugh Leask contributed to this report. Josephine Rozzelle edited this version.