Key insights
- Stock futures are down after a losing week. Geopolitical tensions in the Strait of Hormuz are impacting oil, helium (semiconductor supply chains), and fertilizer prices. Trump's continued attacks on Fed Chair Powell and the potential Supreme Court ruling on Lisa Cook add uncertainty to monetary policy. Senator Tillis is blocking Fed nominees until the investigation is resolved. These factors create headwinds for US equities.
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Happy Friday. In a tale of two viral hotspots, Polymarket is planning a pop-up bar in Washington, D.C., while a New York City pharmacy is seeing a surge after its feature in FX's "Love Story."
Stock futures are down this morning after another losing day on Wall Street.
Here are five key things investors need to know to start the trading day:
Investors got a spark of optimism yesterday after Israeli Prime Minister Benjamin Netanyahu said Israel was helping the U.S. reopen the Strait of Hormuz. Still, Wall Street is wrapping up a chaotic week across asset classes.
Here's what to know:
President Donald Trump indicated yesterday that the Justice Department should continue its investigation into Federal Reserve Chair Jerome Powell, even after a judge last week blocked subpoenas issued as part of the probe. "All I want to do is bring out to the public that this guy is incompetent, he's a very incompetent guy, and he may be a dishonest guy," Trump said.
But as CNBC's Kevin Breuninger notes, the probe's continuation could make it harder for Kevin Warsh, Trump's pick to succeed Powell, to be confirmed. Sen. Thom Tillis, R-N.C., has pledged to not approve any Fed nominees until the investigation is resolved.
Meanwhile, the Supreme Court has indicated that it could release decisions today, meaning there's a chance we'll get its ruling on Trump's effort to fire Fed Governor Lisa Cook.
It's not just oil. The U.S.-Iran war is threatening the global supply of helium, a key component in semiconductor manufacturing.
Before the war, the U.S. Geological Survey estimated that Qatar produced more than a third of the world's helium. But operations at a QatarEnergy facility that produces the gas as a byproduct have been halted after it was struck by an Iran drone.
Meanwhile, fertilizer prices are soaring due to the transit breakdown in the Strait of Hormuz. As CNBC's Garrett Downs notes, the price spike could give Democrats an affordability pitch in agriculture-focused states heading into the U.S. midterm elections.
CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.
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Meta walked back its decision to shutter Horizon Worlds yesterday after fans of the virtual reality platform spoke out.
Tech chief Andrew Bosworth said that Meta decided to keep Horizon Worlds working for existing games "to support the fans who've reached out." Earlier this week, the tech firm announced that it would fully remove the platform from its Quest VR headsets in June.
As CNBC's Lola Murti notes, Horizon Worlds' popularity pales in comparison to that of its competitors. CNBC previously reported that the platform never saw more than a few hundred thousand monthly users, while Roblox has regularly seen more than 100 million daily active users.
A higher-dose weight loss drug could be hitting the market soon.
The Food and Drug Administration yesterday approved a stronger version of Novo Nordisk's Wegovy. A phase three trial showed that patients with obesity lost an average of more than 20% of their weight after 72 weeks, compared to around 15% weight loss with the standard dosage in clinical trials.
As CNBC's Annika Kim Constantino reports, the new version — which is expected to launch next month — comes as Novo attempts to regain market share from rival Eli Lilly.
Here are some of the stories you may have missed this week:
— CNBC's Sean Conlon, Chloe Taylor, Kevin Breuninger, Lisa Kailai Han, Garrett Downs, Lola Murti and Annika Kim Constantino contributed to this report. Josephine Rozzelle edited this edition.