5 things to know before the stock market opens on Wednesday

Pre-Market Summary 2

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

1. Leap of the future

Traders walk the floor during morning trading at the New York Stock Exchange (NYSE) on May 14, 2024 in New York City.

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2. Some signs of relief?

A customer buys groceries at a grocery store on March 12, 2024 in San Rafael, California.

Justin Sullivan | Getty Images

April brought a slight easing of inflation. The consumer price index, a broad measure of the cost of goods and services at the box office, rose 0.3% from March, according to data released on Wednesday. That was slightly below Dow Jones estimates for a 0.4% increase. On a 12-month basis, the CPI increased by 3.4%, in line with expectations. Last month it showed a reading of 3.5%. The key core measure excluding food and energy came in at 0.3% in the month and 3.6% on an annual basis, both as forecast.

3. AI competition heats up

Google CEO Sundar Pichai takes the stage at the Google I/O developer conference.

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The AI ​​race is hotter than ever. Google used its annual developer conference, Google I/O, to promote its most powerful AI models yet. The company said its new Gemini 1.5 Flash model can quickly summarize conversations, record images and videos, and extract data from large documents and spreadsheets. Google also recently announced an improved Gemini 1.5 Pro model, which can make sense of up to 1,500 pages in total or digest 100 emails, according to a vice president working on the project. The revelation comes a day after competitor OpenAI announced its newest AI model, the GPT-4o. Meanwhile, OpenAI co-founder Ilya Sutskever said on Tuesday that he is leaving the Microsoft-backed startup.

4. More Boeing review

The exterior of the Boeing Company headquarters is seen on March 25, 2024 in Arlington, Virginia.

Kevin Dietsch | Getty Images

Boeing violated a 2021 agreement that shielded the company from criminal charges over two fatal 737 Max crashes, federal prosecutors said Tuesday. Such a violation could open the company to US criminal prosecution. It has 30 days to respond to the Justice Department, which said Boeing failed to establish and implement a compliance and ethics program to detect violations of US fraud laws. Boeing denied these claims. It paid $2.5 billion in January 2021 and admitted that two of its 737 Max technical pilots “misled” the Federal Aviation Administration about the capabilities of a flight control system on the planes.

5. Return to Arkansas

Walmart megastore exterior sign and logo, Denver, North Carolina.

Ucg | Universal Images Group | Getty Images

Walmart is laying off and moving hundreds of corporate employees to its headquarters in Arkansas. The retailer’s chief people officer, Donna Morris, said in a memo that the move is intended to bring more workers into the office after the Covid-19 pandemic. Walmart employees officially returned to the office in February 2022. But now, most employees who work remotely and in offices in Dallas, Atlanta and Toronto have been asked to relocate, according to the memo. The company is currently building a new headquarters in its hometown of Bentonville, Arkansas. Walmart is set to release a highly anticipated earnings report on Thursday.

CNBC’s Lisa Kailai Han, Jeff Cox, Jennifer Elias, Leslie Josephs and Melissa Repko contributed to this report.

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