5 things to know before the stock market opens on Wednesday May 29

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

THE Nasdaq Composite closed up 0.59% for Tuesday’s trading session, crossing the 17,000 threshold for the first time. The rise in the index was supported by the jump of more than 6% in the Nvidia, which also reached a new record on Tuesday. THE S&P500 also closed up, by just 0.02%. On the other hand, the Dow Jones Industrial Average fell 0.55% and was bogged down by the slide of Merck and other health names. Follow live market updates.

American cell phone reconnects. T Mobile announced plans Tuesday to acquire most of US Cellular — including the wireless carrier’s stores, some of its spectrum assets and customers — in a deal valued at about $4.4 billion of dollars. T-Mobile is set to acquire about 30% of US Cellular’s wireless spectrum, with US Cellular planning to lease space from T-Mobile on at least 2,100 additional towers. The deal also includes up to $2 billion in debt. The announcement comes after T-Mobile acquired Ka’ena – the parent company of Mint Mobile – for $1.35 billion. In 2020, T-Mobile completed a $26 billion merger with Sprint.

Another FTX member goes to prison. Ryan Salame – a former lieutenant of FTX founder Sam Bankman-Fried – was sentenced to 90 months, or seven and a half years, which will then be followed by three years of supervised release. This is a harsher sentence than the five to seven years suggested by prosecutors and the 18 months requested by the defense. Salame must also pay more than $6 million in forfeiture and more than $5 million in restitution. He pleaded guilty last year to defrauding the Federal Election Commission, conspiring to make illegal political contributions and conspiring to operate an unlicensed money transmitting business.

American airlines lowered its outlook for the second quarter. The airline said it expects unit revenue to decline by up to 6% compared to last year. It also reduced the period’s adjusted earnings estimate to a projected range of $1 to $1.15 per share, down from a prior range of $1.15 to $1.45 per share. This reduction comes as the airline is already lagging behind its competitors. Delta And United Airlines in recent months in terms of financial performance. The company also fires its sales director. Vasu Raja, who spent more than two years in the role, was on leave recently and an airline spokeswoman previously said he would not leave the company. But a person familiar with the matter said everything had changed in recent days and Raja is now expected to leave his post next month.

Things are still getting better Stoppage of play. Shares of the video game retailer soared during Tuesday’s trading session after the company announced it earned nearly $1 billion from the sale of 45 million shares of common stock. The meme stock closed up more than 25% and is up more than 100% month to date. Although the company did not disclose the price at which the shares were sold, it said the transaction was a “mark-to-market” offering. The sale comes after “Roaring Kitty” – the person behind the stock’s 2021 short squeeze – went live earlier this month for the first time in about three years, sending shares significantly higher.

— CNBC’s Alex Harring, Pia Singh, Sophie Kiderlin, Todd Haselton, Sean Conlon, MacKenzie Sigalos and Leslie Josephs contributed to this report.

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