5 things to know before the stock market opens Thursday, July 10

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

All three major averages closed higher on Wednesday after bullish AI sentiment fueled a rally in Big Tech stocks. Leading the way was Nvidia, which became the first company to hit $4 trillion in market cap. The chipmaker briefly touched the record level shortly after the market opened but ended the session up 1.8% with a market cap of $3.97 trillion. The tech-heavy Nasdaq Composite closed at a record high, climbing 0.94% to end the session at 20,611.34. The S&P 500 added 0.61% for its first winning session in three, and the Dow Jones Industrial Average rose 217.54 points, or 0.49%. Follow live market updates.

Eight more countries received letters from President Donald Trump on Wednesday announcing steep tariff rates on their goods, according to photos of the letters posted to the president’s Truth Social account. Chief among them was a 50% tariff on imports from Brazil, which — unlike the other rates revealed on Wednesday — marked a significant jump from the 10% rate imposed on the country in early April. Trump’s letter to Brazil President Luiz Inacio Lula da Silva said the five-fold tariff increase is partly in retaliation for the country’s treatment of its former President Jair Bolsonaro, who is currently on trial for his role in an alleged coup to overturn his reelection loss in 2022. Trump also cited Brazil’s “unsustainable Trade Deficits against the United States,” but data from the Office of the U.S. Trade Representative shows that the U.S. had a $7.4 billion goods trade surplus with the country last year. Lula said Wednesday evening that Brazil will respond to Trump’s 50% tariff with reciprocity.

Linda Yaccarino said on Wednesday that she is stepping down as CEO of X, the social media site owned by Elon Musk. Yaccarino did not provide a reason for her exit, which comes a day after Musk’s AI chatbot Grok made antisemitic comments praising Adolf Hitler on the app. But a person familiar with the matter told NBC News that her departure was in the works for more than a week. Yaccarino joined X in May 2023 and has since staunchly defended Musk on social media. “When @elonmusk and I first spoke of his vision for X, I knew it would be the opportunity of a lifetime to carry out the extraordinary mission of this company,” Yaccarino wrote in an X post announcing her departure. “I’m immensely grateful to him for entrusting me with the responsibility of protecting free speech, turning the company around, and transforming X into the Everything App.” 

Shares of Delta Air Lines climbed more than 10% before the bell on Thursday after the carrier forecast third-quarter earnings and revenue that topped Wall Street’s estimates. The company also beat expectations for its second quarter, but it cut its full-year profit outlook. Delta says it now expects adjusted earnings of $5.25 to $6.25 a share for 2025, lower than its January forecast of more than $7.35 per share. The airline in April said it couldn’t reaffirm that guidance, citing the impact of Trump’s tariffs on bookings. CEO Ed Bastian told CNBC that bookings have since stabilized, but the airline is still dealing with lower-than-expected demand.

Eli Manning is no longer interested in buying a piece of his old team. The former New York Giants quarterback told CNBC Sport on Wednesday that he’s been priced out of owning a minority stake in the team. “Basically, it’s too expensive for me,” he said. “A 1% stake valued at $10 billion turns into a very big number.” NFL team valuations have skyrocketed in recent months. CNBC’s Official NFL Team Valuations released in September valued the Giants at $7.85 billion. The report also valued the Philadelphia Eagles at $7 billion, but the team in December sold a minority stake at a valuation of $8.3 billion. Manning told CNBC that he is not interested in ownership of any other NFL team, and that he still plans to be involved in the Giants organization.

— CNBC’s Lisa Kailai Han, Pia Singh, Sean Conlon, Samantha Subin, Kif Leswing, Kevin Breuninger, Ashley Capoot, Leslie Josephs, Alex Sherman and Jessica Golden contributed to this report.