5 things to know before the stock market opens on Friday, February 9

5 things to know before the stock market opens on Friday, February 9

  • The S&P 500 index exceeds the 5000 level for the first time.
  • Another pair of earnings reports dropped in the past 18 hours: Pinterest and PepsiCo.
  • Google is rebranding its AI-powered chatbot, previously called Bard.

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

The S&P 500 surpassed 5,000 points for the first time in the final minutes of trading on Thursday, but came back to close at a record high of 4,997.91 points. The Dow Jones Industrial Average also set a new record high, closing at 38,726.33. Despite the new milestones, gains for each of the major indexes were fairly weak, at just 0.06% for the S&P, 0.13% for the Dow Jones, and 0.24% for the Nasdaq Composite. Each indicator is in the positive zone for the week before the final trading session of this period. Follow live market updates.

Pepsi bottles bearing the new and previous logos at a grocery store in Las Vegas, USA, on November 17, 2023.

Jakub Purzycki | norphoto | Getty Images

Another pair of earnings reports dropped in the past 18 hours: Pinterest and PepsiCo. Pinterest reported fourth-quarter earnings after the bell on Thursday, issuing weaker-than-expected guidance and reporting disappointing revenue. The stock initially fell in after-hours trading but recovered slightly after the social media platform announced a new partnership with Google. PepsiCo reported fourth-quarter results before the bell Friday morning, beating earnings estimates but revealing a slight decline in revenue year-over-year. Higher prices helped support organic revenue, but contributed to lower volume as shoppers watched their wallets.

Google is rebranding its AI chatbot, previously called Bard, in its latest investment in artificial intelligence. The chatbot will now be called Gemini, and is available in a dedicated app for Android users starting Thursday. (iPhone users can access Gemini via the Google app on iOS.) And for premium users, there’s now a subscription option for Google’s most powerful AI model, called Gemini Ultra 1.0, for $19.99 per month. Google is preparing to compete with OpenAI’s ChatGPT, which has skyrocketed in popularity in the past year and has Wall Street talking about big language models.

Workers collect dry cocoa beans in front of a cocoa cooperative shop in the village of Hermancono on November 14, 2023.

Sia Campo | AFP | Getty Images

Cocoa prices have reached an all-time high after bad weather affected crop yields in West Africa. Three-quarters of the world’s cocoa production comes from the region, including Ghana and Ivory Coast, where the El Niño climate phenomenon has brought drier temperatures. Cocoa futures reached an intraday record of $5,874 per metric ton on Thursday, up more than $1,000 or nearly 40% since the beginning of the year.

Delta’s new Sky Club airport lounge at New York’s John F. Kennedy International Airport.

Leslie Josephs/CNBC

The airport lounge has become more exclusive on Delta Airlines. The carrier is offering a “premium” category of lounges, starting with a 38,000-square-foot location at New York’s John F. Kennedy International Airport — with a full-service restaurant and “wellness” areas — that will open in June. It is one solution to the problem of overcrowding in airport lounges as more and more travelers receive credit card rewards, flight or status upgrades. As travel demands continue, airlines are trying to strike the right balance between growing their member ranks while maintaining perks. Delta did not mention what qualifies passengers to enter first class lounges. Other upscale lounges will open in Boston and Los Angeles later this year.

CNBC’s Samantha Subin, Yun Li, Jonathan Vanian, Amelia Lucas, Hayden Field, Spencer Kimball and Leslie Joseph contributed to this report.

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