5 issues to know earlier than the inventory market opens Wednesday, June 5

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

It was a muted Tuesday for the markets. The Dow Jones Industrial Average climbed 140.26 points, or 0.36%, for the day. The S&P 500 and the Nasdaq Composite saw milder gains and scraped out increases of 0.15% and 0.17%, respectively. Treasury yields were notably lower on Tuesday, with the rate on the benchmark 10-year note slipping about 7 basis points. Many investors are looking ahead to the nonfarm payrolls report that’s set to drop on Friday, hoping for news that will inspire the Federal Reserve to cut rates but that won’t trigger fears of a recession. Follow live market updates.

Elon Musk ordered Nvidia to ship thousands of artificial intelligence chips reserved for Tesla to X and xAI instead, according to emails written by Nvidia senior staff and widely shared inside the company. The emails also suggest that Musk presented an exaggerated picture of Tesla’s procurement of expensive processors to shareholders, CNBC’s Lora Kolodny reports. That comes as Musk has repeatedly touted his ability to turn Tesla into “a leader in AI & robotics.” But, by prioritizing his privately held social media company X and AI venture xAI, Musk delayed the automaker’s receipt of over $500 million in processors by months.

Paramount Global‘s three CEOs laid out go-forward plans at an annual shareholder meeting Tuesday for if a sale of the company doesn’t go through as anticipated. Paramount and Skydance have agreed to terms of a merger, but the deal is awaiting signoff from controlling shareholder Shari Redstone, CNBC reported earlier this week. Their strategic priorities include exploring streaming joint venture opportunities with other media companies, eliminating $500 million in costs and divesting noncore assets. It’s basically the other option for Paramount’s controlling shareholder, Shari Redstone — owner of National Amusements, which owns 77% of Class A Paramount shares — if she chooses not to sell. The strategies aim to lower Paramount’s long-term debt.

Amazon‘s first U.S. labor union said Tuesday it has taken steps to affiliate with the International Brotherhood of Teamsters. The Amazon Labor Union was formed in 2021 as a grassroots group of current and former workers and won a historic union election in Staten Island, New York. But it’s struggled to negotiate a contract with Amazon and rifts have formed in its ranks. The support of the Teamsters could give the ALU some additional weight to jumpstart its negotiations with Amazon, but the move still needs to be ratified by the Teamsters and the ALU.

A group of more than two dozen investors, including BlackRock and Citadel Securities, wants to start a new national stock exchange in Texas. Texas Stock Exchange Chairman and CEO James Lee said the group has raised more than $120 million, so far, for the endeavor. The Dallas-based TXSE is billing itself as a “more-CEO friendly” alternative to the New York Stock Exchange and Nasdaq as regulations rise, according to an earlier Wall Street Journal report. TXSE said it will be fully electronic and target countries in the southeastern part of the state.

— CNBC’s Brian Evans, Lora Kolodny, Alex Sherman, Lillian Rizzo, Annie Palmer and Christine Wang contributed to this report.

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