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5 things to know before the stock market opens Wednesday


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Here are the most important news items that investors need to start their trading day:

1. Eyes on inflation

Hotly anticipated inflation data will roll out this week as investors look for clues to what the Federal Reserve will do in its next few meetings. The consumer price index for June is set to hit at 8:30 a.m. ET on Wednesday, while the producer price index, which tracks wholesale inflation, is on deck Thursday morning. Taken together with June’s jobs data, which showed that hiring was still strong albeit slower, this week’s reports could show that the Fed’s rate hikes are paying off. After taking a pause in June, the central bank is widely expected to raise its benchmark rate later this month. Meanwhile, stocks are coming off two winning days as they head in to Wednesday’s session. Follow live market updates.

2. Microsoft levels up

An Activision Blizzard’s Call of Duty: Modern Warfare video game is inserted into the Microsoft’s Xbox One video game console arranged in Denver, Colorado, on Wednesday, Jan. 19, 2022.
Michael Ciaglo | Bloomberg | Getty Images

A federal judge ruled against the Federal Trade Commission’s attempt to block Microsoft’s nearly $70 billion acquisition of video game giant Activision Blizzardaggressive antitrust push, writes CNBC’s Lauren Feiner. Microsoft

3. Hot union summer

A worker works on the bed for the Ford Motor Co. battery powered F-150 Lightning trucks under production at their Rouge Electric Vehicle Center in Dearborn, Michigan on September 20, 2022.
Jeff Kowalsky | AFP | Getty Images

It’s time to talk in Detroit. The United Auto Workers on Wednesday kicked off its bargaining period with auto companies as the union seeks a new contract ahead of mid-September, when its master agreement expires. The new UAW leadership has promised to take a tougher stance at the negotiating table with FordGeneral MotorsStellantis

4. Another headache for Illumina

Rafael Henrique | Lightrocket | Getty Images

European regulators hit U.S.-based DNA sequencing company Illuminarecord $476 million fine Wednesday over the company’s failure to get approval before closing its deal to buy Grail. Illumina’s acquisition of the cancer test developer has been trouble since the deal closed in 2021. It sparked a fight with activist investor Carl Icahn, while Francis deSouza abruptly quit as CEO in May despite surviving a proxy vote. Illumina’s market value has also tumbled to about $29 billion today from around $75 billion when the Grail deal was finalized. Illumina plans to appeal the EU’s fine.

5. Zelenskyy pushes NATO

Ukrainian President Volodymyr Zelenskyy reacts as he arrives ahead of the social dinner during the NATO summit, at the Presidential Palace in Vilnius on July 11, 2023.
Ludovic Marin | AFP | Getty Images

Ukraine President Volodymyr Zelenskyy wants stronger guarantees from NATO as his country remains under attack by Russian forces. While the U.S. and other Western nations have poured aid into Ukraine’s effort to defend itself against Vladimir Putin’s military, Zelenskyy wants his nation to join NATO, which considers an attack on one of its members an attack on all of them. “We want to be on the same page with everybody, with all the understanding, and for today what we hear and understand that we’ll have this invitation when security measures will allow, so I want to discuss with our partners all these things,” he said. Zelenskyy is also slated to meet with U.S. President Joe Biden at the NATO summit in Lithuania. Follow live war updates.

– CNBC’s Alex Harring, Lauren Feiner, Jordan Novet, Michael Wayland, Annika Kim Constantino and Natasha Turak contributed to this report.

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Illumina hit with record $476 million fine for closing Grail deal without EU regulatory approval

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