5 things to know before the stock market opens Wednesday, June 25

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

The Dow Jones Industrial Average jumped 507.24 points, or 1.19%, on Tuesday as a ceasefire between Israel and Iran lifted investor sentiment. The S&P 500 advanced 1.11% to close at 6,092.18 — just 0.9% away from its record high — while the Nasdaq Composite gained 1.43%. It was also a record day for the Nasdaq 100, which ended the session up 1.53% at 22,190.52, a new all-time closing high. Oil prices fell for a second-straight day, settling down 6% which in turn helped to lift stocks. Follow live market updates.

As a fragile ceasefire appears to hold between Israel and Iran, an initial American intelligence report found that the U.S. strikes on Iranian nuclear targets did not completely destroy the facilities, three sources familiar with the report told NBC News. “This assessment is already finding that these core pieces are still intact. That’s a bad sign for the overall program,” one of the sources said. Trump refuted news reports of the assessment in a Truth Social post Tuesday evening, doubling down that the strikes “COMPLETELY DESTROYED” the three Iranian nuclear sites targeted in the Saturday attack. The president, who is in the Netherlands for the NATO summit, later told reporters that the intel assessment was “inconclusive” but maintained that the attack “was obliteration.”

Federal Reserve Chair Jerome Powell will head back to Capitol Hill on Wednesday for a second day of testimony before Congress, this time in front of the Senate Banking Committee. Powell on Tuesday told the House Financial Services Committee that he expects central bank officials to remain on hold as they wait to see the impact of President Trump’s tariffs on prices. “The effects of tariffs will depend, among other things, on their ultimate level,” he said. Powell has been the target of persistent attacks from Trump, who in an early morning Truth Social post Tuesday called the Fed chair “very dumb” and said, “We should be at least two to three points lower.” Trump’s comments are “having no effects” on policy, Powell told the committee on Tuesday. “We’re doing our jobs.”

In a major victory for artificial intelligence companies, a federal judge ruled that Anthropic did not violate authors’ copyrights when it used their books to train its AI model Claude. Anthropic’s large language models “have not reproduced to the public a given work’s creative elements, nor even one author’s identifiable expressive style,” the judge wrote. Several AI companies have been hit with copyright infringement lawsuits in recent years. Most recently, Disney and Universal sued Midjourney earlier this month, alleging the AI image company used and distributed AI-generated characters from their movie studios.

Disclosure: Universal is owned by NBCUniversal, the parent company of CNBC. Comcast owns NBCUniversal.

Starting next week, McDonald’s diners will no longer be able to buy Krispy Kreme doughnuts at the fast-food restaurant. The two companies announced in a press release Tuesday that they are ending their partnership, saying the deal wasn’t as profitable as expected for the doughnut chain. “Ultimately, efforts to bring our costs in line with unit demand were unsuccessful, making the partnership unsustainable for us,” Krispy Kreme CEO Josh Charlesworth said in a statement. The chains put the partnership — which brought Krispy Kreme doughnuts to 2,400 McDonald’s locations — on hold in May after a slowdown in sales, and after Krispy Kreme pulled its full-year financial outlook. The duo previously said they would expand the partnership to all McDonald’s locations by the end of next year.

— CNBC’s Brian Evans, Lisa Kailai Han, Alex Harring, Kevin Breuninger, Dan Mangan, Christina Wilkie, Spencer Kimball, Laya Neelakandan, Erin Doherty, Ruxandra Iordache, Jeff Cox, Ashley Capoot and Krysta Escobar contributed to this report.