5 things to know before the stock market opens Thursday

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

Nearly 99% of S&P 500-listed companies have reported earnings for the quarter, according to FactSet. Several key names released results after the bell yesterday, including American Eagle, whose shares surged more than 25% in extended trading after it beat analysts’ expectations. The retailer also touted its controversial campaign with actress Sydney Sweeney as its “best” to date.

Here are the other stocks we’re watching this morning:

President Donald Trump last night officially asked the Supreme Court to take up his appeal of a lower court’s decision that ruled most of his tariffs illegal.

It marks the latest chapter in the White House’s push to prove that its international trade policy is permissible under law. While an appeals court last week found that Trump did not have the power to impose several of his levies, the president said he expected the nation’s highest court to take his side.

Treasury Secretary Scott Bessent also weighed in, writing in a declaration attached to Trump’s request that the lower court’s ruling “gravely undermines the President’s ability to conduct real-world diplomacy and his ability to protect the national security and economy of the United States.”

Read the full story and Trump’s court filling here.

Federal Reserve Governor Christopher Waller told CNBC he believes the central bank can start cutting rates at its meeting later this month. His comments are particularly notable given Waller’s status as a contender to succeed Jerome Powell as chair next year.

Meanwhile Stephen Miran — Trump’s nominee to fill an open Fed governor seat — will be on Capitol Hill this morning for his confirmation hearing with the Senate Banking Committee. Miran said in pre-submitted opening remarks that he would support the Fed’s independence and dual-mandate goal. (The Fed’s beloved phrase — “dual mandate” — refers to achieving both maximum employment and stable prices.)

Yesterday, the Job Openings and Labor Turnover Survey (also known as JOLTS) underwhelmed economists. The headline position openings figure was at one of its lowest levels since 2020.

This morning, private payroll data published by the ADP came in softer than expected and showed a significant slowdown. Now, attention will turn to the all-important nonfarm payrolls report due in tomorrow before the bell.

Even as valuations soared, CNBC found the Dallas Cowboys were able to hold onto its title as the most-valuable team in the league. See how your team stacks up here.

Sen. Rand Paul, R-Ky., didn’t mince words about the U.S. government’s decision to take a 10% stake in Intel. Here’s how he described the deal to CNBC’s “Squawk Box” yesterday:

— CNBC’s Sean Conlon, Yun Li, Gabrielle Fonrouge, Jordan Novet, Ashley Capoot, Michael Ozanian and Erin Doherty contributed to this report. Josephine Rozzelle edited this edition.