5 Things to know before the stock market opens

Can’t Slow Down

The Dow Reaches 40k In a remarkable surge, the Dow Jones Industrial Average briefly soared above the 40,000 mark, marking a significant milestone in its bull market journey that commenced in October 2022. Although it closed slightly lower at 39,869.38, the intraday high underscores the strength of capital formation, innovation, profit growth, and economic resilience. The S&P 500 and the Nasdaq Composite also notched new records before a slight downturn by day’s end. John Lynch, chief investment officer at Comerica Wealth Management, hailed the achievement as a testament to these formidable forces driving the market. Stay tuned for live market updates.

Home-Cooked Success for Walmart

Walmart witnessed a surge in its stock price, reaching an all-time high following its surpassing of Wall Street’s expectations for quarterly sales and revenue, resulting in a 7% increase. The company’s CFO attributed this success partly to customers opting for the affordability of Walmart’s grocery offerings over pricier quick-service restaurant meals. He noted that dining out costs roughly 4.3 times more than eating at home, a factor bolstering Walmart’s business. However, former Walmart U.S. CEO Bill Simon cautioned that retaining affluent customers might pose a challenge.

Supreme Validation:

Consumer Financial Protection Bureau Upheld The Supreme Court handed down a ruling affirming the legality of the Consumer Financial Protection Bureau’s funding structure, safeguarding the agency—funded through the Federal Reserve system—from potential dissolution. Established in response to the 2008 financial crisis, the CFPB ensures fair practices in consumer financial markets, drawing its funding from the Federal Reserve to shield it from political influence. Justice Clarence Thomas authored the 7-2 majority opinion, solidifying the agency’s standing.

Figma’s Offer

A Chance for Investors to Cash Out Figma, a leading cloud-based design tool company, announced a tender offer allowing current investors, including employees past and present, to sell their shares. This offer values the company at $12.5 billion, a 25% increase from its 2021 fundraising valuation. However, it falls short of Adobe’s $20 million acquisition bid in 2022, which collapsed under federal scrutiny. Tech giants like Google, Oracle, Salesforce, and Microsoft rely on Figma’s software, with the latter investing millions annually in its deployment.

Wayfair Ventures Offline

A New Chapter in Retail Online home goods retailer Wayfair is embracing a novel strategy by opening a brick-and-mortar store, joining a trend observed among digitally native brands like Warby Parker, Figs, Glossier, and Everlane. The 150,000-square-foot Wayfair megastore near Chicago will showcase a diverse array of home products, from furniture to appliances to decor. This move comes amid a shift in the retail landscape, where new store openings have surpassed closures, signaling a departure from predictions of a retail apocalypse.