5 things to know before the stock market opens on Wednesday June 26

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

The S&P 500 and Nasdaq Composite posted gains Tuesday, ending three days of declines. The broad market index rose 0.39% to close the session at 5,469.30, while the tech-heavy Nasdaq gained 1.26% to close at 17,717.65. Both indexes were led by a rebound in Nvidia, which rose 6.7% after falling more than 6% in the previous session. On the other hand, the Dow Jones Industrial Average fell 0.76% to close at 39,112.16. Follow live market updates.

A pedestrian walks past a parked FedEx delivery truck on March 21, 2024 in San Francisco, California.

Justin Sullivan | Getty Images

It appears FedEx’s arrow is right on target. The company beat earnings and revenue estimates for its fiscal fourth quarter after the bell Tuesday, with shares rising in extended trading on the results. FedEx posted earnings of $5.94 per share on revenue of $22.1 billion. Analysts polled by LSEG had expected $5.35 per share on revenue of $22.07 billion. This comes after FedEx adopted the DRIVE transformation program in an effort to cut costs and consolidate the business. In a conference call with analysts, CEO Raj Subramaniam said the company is on track to meet its $4 billion cost-cutting target and expects an additional $2 billion from the planned consolidation of its air and ground services.

Workers assemble second-generation R1 vehicles at electric automaker Rivian’s manufacturing plant in Normal, Illinois, United States, June 21, 2024.

Joel Ángel Juarez | Reuters

Volkswagen is moving into high gear with electric vehicle startup Rivian. The company is taking a $1 billion stake in the startup and is considering a joint venture with it that could bring its investment to $5 billion by 2026. The companies’ announcement comes two days before Rivian’s investor day, with the startup facing increasing pressure over its recent losses. Rivian, which posted a $1.45 billion loss in the first quarter of this year, has sought to cut costs in recent months, taking steps such as laying off employees and halting construction on its new factory in Georgia. The halt to construction at that site is expected to save the company more than $2.25 billion in capital expenditures.

Single family homes in a residential neighborhood in San Marcos, Texas.

Jordan Vonderhaar/Bloomberg via Getty Images

Housing prices have reached a new record. In April, prices rose 6.3% compared to April of last year, according to the S&P CoreLogic Case-Shiller National Home Price Index. This is the second consecutive month that the national index has increased by at least 1% compared to its previous all-time high. Compared to the start of 2020, house prices are 47% higher and the median sales price has become five times higher than the median household income. Additionally, prices for tenants are 26% higher than they were in 2020. This is despite rental growth slowing due to the increase in the number of new apartments in 2024. Today Today, half of all renting households are considered “cost-burdened.” ” according to the HJCH, because they spend more than 30% of their income on housing.

Silhouettes of laptop and mobile device users are seen next to an on-screen projection of the YouTube logo.

Dado Ruvic | Reuters

Americans are crushing the YouTube like button. According to Nielsen’s monthly “The Gauge” report, YouTube accounted for 9.7% of all U.S. viewers on smart and traditional TVs last month. This is the largest TV share for a streaming platform that the report has ever seen. Behind YouTube is Netflix, which recorded 7.6% of all viewers. YouTube’s total audience, among streamers alone, is approaching 25% market share. This has led some traditional media and entertainment companies to devise certain strategies to deal with platform dominance. According to people familiar with the matter, executives at Disney, for example, are actively considering adding user-generated content to Disney+, among other things. Others, like Netflix and Warner Bros. Discovery, are turning their attention to the 90% of the viewing world that YouTube doesn’t dominate.

CNBC’s Hakyung Kim, Samantha Subin, Ece Yildirim, Diana Olick and Alex Sherman contributed to this report.

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