5 things to know before the stock market opens Friday

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

All three major U.S. stock indexes jumped to all-time highs yesterday following the latest inflation and labor data. While consumer prices rose more than expected in August, surging jobless claims still left investors confident that interest rate cuts are coming.

Let’s break it down:

August’s consumer price index came in slightly higher than anticipated for the month, but the annual inflation reading was in line with expectations.The weekly jobs report stole the spotlight, as an unexpected jump to multiyear highs bolstered fears about cracks in the labor market. However, as CNBC’s Jeff Cox points out, the figure may have been skewed by a spike in Texas and the Labor Day holiday.The closely followed 10-year U.S. Treasury yield fell yesterday, giving upward momentum to the equity market.Fed funds futures are still pricing in a 100% probability of at least a quarter-percentage point cut at the Federal Reserve meeting next week.Stock benchmarks around the world have joined U.S. indexes in soaring to records. Follow live market updates here.

Speaking of the Fed, CNBC learned that Treasury Secretary Scott Bessent has been meeting with potential successors to Chair Jerome Powell.

Former Fed officials Lawrence Lindsey, Kevin Warsh and James Bullard have all scored time on Bessent’s calendar over recent days, a Treasury source told CNBC’s Steve Liesman. Sources said Bessent is waiting to interview current Fed members until after the blackout period surrounding next week’s Federal Open Market Committee meeting ends.

Meanwhile, Fed Governor Lisa Cook still finds herself in the hot seat. Trump yesterday asked an appeals court to let him remove Cook from her role before the Fed’s meeting next week.

Shares of Warner Bros. Discovery had their best day ever yesterday following reports that Paramount Skydance is preparing a bid for the company. WBD stock closed Thursday’s session 28% higher, while shares of Paramount rose 15%.

Warner Bros. Discovery had yet to receive an offer as of last night, sources familiar with the matter told CNBC. But if the deal materializes, it would help build out Paramount’s family of acquired franchises and sports media rights. If the bid is for the entire company, it would also likely throw a wrench in Warner Bros. Discovery’s plans for a spinoff.

As CNBC’s Sarah Whitten reports, a bid would mark yet another major move from David Ellison, who is only a month into his tenure as the company’s CEO and chairman following the $8 billion Paramount-Skydance merger.

Crypto exchange Gemini reportedly priced its IPO at $28 per share on Thursday, well above the previously set ranges, ahead of its expected public market debut today.

Gemini, which will trade on the Nasdaq under the ticker “GEMI,” was founded by Cameron and Tyler Winklevoss in 2014. Its IPO will test market appetite for crypto companies, following successful listings from Circle Internet and Bullish in recent months.

The pricing also comes just days after Klarna shares surged in their first trading session Wednesday. The buy-now-pay-later firm opened at $52, exceeding the $40 price set the night before.

Opendoor, one of the buzziest new meme stocks, sent investors on yet another wild ride yesterday after announcing a leadership shakeup.

Shares rallied nearly 80% (yes, 80%) in Thursday’s session after the real estate tech company named Shopify executive Kaz Nejatian as its next CEO. Opendoor also said it was “going into founder mode” by bringing co-founder Keith Rabois and former CEO Eric Wu back to its board.

As CNBC’s Chris Eudaily and Annie Palmer note, it was only earlier this year that the stock traded below $1 and was in danger of being delisted from the Nasdaq. Now, with a rally of more than 550% this year under its belt, the stock closed yesterday’s session above $10.

It was a busy week. Here’s what you might have missed:

— CNBC’s Chris Eudaily, Annie Palmer, Tanaya Macheel, Alex Sherman, Lillian Rizzo, Sarah Whitten, Jeff Cox and Sean Conlon contributed to this report. Josephine Rozzelle edited this edition.