5 things to know before the stock market opens on Wednesday, July 17

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

of Dow Jones Industrial Average keeps going higher. On Tuesday, the blue-chip index hit new highs, advancing 1.85% to close at 40,954.48. The index not only hit an all-time high and a new record close, but also saw its best session since June 2023. The other two major indexes also closed the session higher. of S&P 500 gained 0.64% to close at 5,667.20, and Nasdaq Composite rose 0.2% to close at 18,509.34. In addition, the small focus cap Russell 2000 also saw its fifth straight day of gains, rising more than 3% on the session. Follow live market updates.

Spirit Airlines heading for a bigger than expected loss. The budget airline said Tuesday it expects to post an adjusted loss of between $160 million and $173 million for the quarter ended June 30. That’s up from its previous estimate of a loss of no more than $145 million. In terms of sales, Spirit expects about $1.28 billion, down from its previous forecast of at least $1.32 billion. The company also cited non-ticket revenue per passenger as “several dollars lower than expected.” Shares fell about 6% in extended trading after the announcement.

SpaceX and X headquarters may soon leave California. Elon Musk — CEO of SpaceX and owner of X — said Tuesday that he will move both companies to Texas in response to Gov. Gavin Newsom, D-Calif., signing a law that prevents the state’s school districts from requiring parents to be notified of the change in the child’s gender identification. After posting on X that SpaceX will move its headquarters from Hawthorne, California, to Starbase, Texas, Musk later added that X HQ will move from San Francisco to Austin. This comes on the heels of Musk’s recent endorsement of former President Donald Trump and planned $45 million monthly contribution to a pro-Trump political action super committee known as America PAC. Trump is expected to roll back transgender rights if elected in November. Musk joins venture capitalists Marc Andreessen and Ben Horowitz in planning to make donations to PACs supporting Trump’s campaign, CNBC has confirmed.

It looks like an interest rate cut is coming soon, according to traders. The CME FedWatch tool, which tracks the likelihood of changes to the Fed’s target rate based on trading in Fed funds futures, shows there is a 93.3% chance the Fed’s target range for the federal funds rate will decrease to a range of 5% to 5.25% in September. This is down from the current range of 5.25% to 5.50%. The tool also shows there is a 6.7% chance the rate will be half a percentage point lower in September. Overall, traders see a 100% chance that a rate cut will happen by September. This comes after Fed Chairman Jerome Powell said earlier this week that the central bank will not wait for inflation to reach its 2% target rate before cutting rates.

San Francisco appears to be a “ghost town,” says mayoral candidate Mark Farrell. As San Francisco sees record commercial vacancies, the Democrat is proposing a 20-year vision to revitalize downtown. His proposal includes a new park at Embarcadero Plaza and mixed-use buildings that offer more housing options. Farrell is also proposing tax incentives for businesses that relocate to the area, as well as those that force workers back into the office four days a week. “Right now the problem is downtown,” Farrell told CNBC. “We don’t have people working here. And it’s a ghost town,” he continued. His comments come as commercial real estate vacancies in San Francisco hit a new high of 34.5% in the second quarter, according to a Cushman & Wakefield report last week. This is up from 5% before the pandemic.

– CNBC’s Alex Harring, Lisa Kailai Han, Leslie Josephs, Lora Kolodny, Hayden Field, John Melloy and Kate Rogers contributed to this report.

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