5 things to know before the stock market opens on Wednesday, July 3

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

It seems that S&P 500 AND Nasdaq Composite records are meant to be broken. The broad market index moved 0.62% higher during Tuesday’s trading session, closing at 5,509.01. This marks the first time the S&P 500 has closed above 5500. The S&P’s performance was boosted by a 10% gain. Tesla shares after its better-than-expected second-quarter shipments. Like the S&P, the Nasdaq Composite also closed at a new record, jumping 0.84%. In the meantime, Dow Jones Industrial Average gained 0.41%, closing at 39,331.85. Follow live market updates.

Americans are feeling the pain of the empty promise of fintech. More than 100,000 Americans with $265 million in deposits have been locked out of their accounts since the collapse of a fintech broker known as Synapse. Of those customers, roughly 85,000 were on the Yotta banking app, says Adam Moelis, the startup’s co-founder. This comes after Synapse filed for bankruptcy in April, following the departure of several key partners from the startup. Then, on May 11, Synapse cut off access to its system that allowed lenders like Evolve Bank & Trust to process transactions and account information, according to the filings. With the debacle, regulators have moved to crack down on banks that provide services to fintechs.

A deal is back. Skydance and National Amusements have reached a tentative agreement to join Paramount, according to two people familiar with the matter, which comes just weeks after a deal between the parties fell through. The deal has been referred by controlling shareholder National Amusements to Paramount’s special committee, which is now reviewing and voting on it, according to a person familiar with the matter. While Shari Redstone, who killed the original deal in June, will receive a reduced consideration of $1.75 billion, the other financial terms of the deal are set to remain unchanged, with Skydance buying roughly half of Paramount’s controlling stake for 15 dollars per share. $4.5 billion and contributing $1.5 billion to its balance sheet.

Inflation is not yet at the stage of lowering interest rates. On Tuesday, Federal Reserve Chairman Jerome Powell said he was pleased with the big progress inflation made last year, but did not have enough confidence to make any cuts just yet. At a forum that also saw European Central Bank President Christine Lagarde and Brazil’s Central Bank Governor Roberto Campos Neto in attendance, Powell said the latest inflation reading and even the one before it “suggest we’re back on track disinflation”. His comments come as the personal consumption expenditure price index in May rose at a 2.6% 12-month pace. The index was around 4% a year ago.

Eli Lilly’s Alzheimer’s drug has officially received the green light. On Tuesday, the Food and Drug Administration approved donanema, which will be sold under the brand name Kisunla, for adults with early symptomatic Alzheimer’s disease, the company said. This comes as the number of Americans with the condition is projected to rise from nearly 7 million to about 13 million by 2050. Last month, an FDA advisory panel recommended full approval of the treatment, arguing that its benefits outweigh the risks. The agency previously denied approval last year due to insufficient data.

– CNBC’s Pia Singh, Sarah Min, Lora Kolodny, Hugh Son, Lillian Rizzo, Alex Sherman, Rohan Goswami, Jeff Cox and Annika Kim Constantino contributed to this report.

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