5 things to know before the stock market opens Thursday

Happy Thursday. It was a big night for the Knicks — and for the New York City bar that used prediction markets to hedge its customers’ tabs.

S&P 500 futures are falling this morning. The major indexes are coming off a down day.

Here are five key things investors need to know to start the trading day:

Stocks pulled back sharply yesterday, pressured by rising oil prices and Treasury yields amid the latest concerns about the Iran war. As a result, the S&P 500 snapped its longest win streak in more than a year.

Here’s what to know:

In an interview with CNBC’s Sara Eisen yesterday, Israeli Prime Minister Benjamin Netanyahu said he and U.S. President Donald Trump have some “tactical disagreements” about how to handle the Iran war, though the two leaders “agree on the main things.”

Netanyahu also told CNBC that alternatives for oil shipping through the Strait of Hormuz are being developed and that he expects a regime change in Iran, though “you can’t predict when it’ll happen.”

Hours after the exclusive interview, Israel and Lebanon announced in a joint statement with the U.S. that they agreed to implement a ceasefire. Meanwhile, the GOP-led House of Representatives passed a resolution limiting Trump’s war powers in a rare rebuke of the president.

SpaceX set a fixed price of $135 per share ahead of its public market debut, according to a regulatory filing yesterday. Elon Musk’s space startup said it plans to sell 555.6 million shares, equating to a $75 billion fundraise. 

SpaceX would be valued at $1.77 trillion, assuming its EchoStar spectrum and Cursor transactions close. As CNBC’s Leslie Picker and Annie Palmer note, that would make the company the seventh-largest U.S. firm by market cap. Musk’s net worth could also surge past $1 trillion.

But SpaceX investors should be ready for a tough ride, at least at first. Data shows that after a major IPO, the stock tends to fall significantly in its first year.

Broadcom missed revenue expectations for its second quarter yesterday, sending shares of the chipmaker tumbling 15% in extended trading. CEO Hock Tan further disappointed investors by leaving the company’s forecast for full-year artificial intelligence chip sales unchanged.

Still, Broadcom said revenue climbed 48% from the same quarter a year prior, a sign of soaring demand for its custom AI chips. The California-based firm also offered better-than-expected guidance for current-quarter revenue.

CrowdStrike shares suffered a similar fate: The cybersecurity stock dropped roughly 10% overnight despite a beat on both lines for the first quarter. The company also announced a four-for-one stock split.

The largest World Cup ever is kicking off next week, and public health officials are readying to take on an opponent of their own: infectious diseases.

An Ebola outbreak in Congo and Uganda has been designated by the World Health Organization as a “public health emergency of international concern.” But infectious disease experts told CNBC’s Annika Kim Constantino that the risk of widespread Ebola transmission during the World Cup is low.

Instead, they’re keeping an eye out for more contagious disease that could be harder to contain during large events with international visitors. The list includes measles, Covid-19 and influenza.

Sen. Thom Tillis, R-N.C., lambasted Trump’s pick of Bill Pulte to lead U.S. national intelligence yesterday. Here’s what Tillis said in an interview with CNBC about Pulte’s chances of being confirmed by the Senate:

— CNBC’s Sean Conlon, Hugh Son, Hugh Leask, Chloe Taylor, Dan Mangan, Emma Graham, Kevin Breuninger, Leslie Picker, Annie Palmer, Sarah Min, Ari Levy, Kif Leswing, Samantha Subin and Annika Kim Constantino, as well as Reuters, contributed to this report.

CJ Haddad assisted in the production of this newsletter. Josephine Rozzelle edited this edition.