5 things to know before the stock market opens on Monday, March 4

Here are the most important news investors need to start their trading day:

Those with high technological content Nasdaq composite hit an all-time high on Friday to close the week, driven by enthusiasm for artificial intelligence. The index was the last of the three major averages to hit a new record this year. THE S&P500 it also rose during the week, closing above the 5,100 mark for the first time, but the Dow ended with losses last week. Looking ahead, inflation will return to the spotlight this week as Federal Reserve Chair Jerome Powell prepares to provide monetary policy updates to Congress and investors await Friday’s release of nonfarm payrolls data for February. Follow market updates in real time.

Social media site Reddit is seeking a valuation of up to $6.5 billion in its upcoming initial public offering, a source familiar with the matter told CNBC’s Leslie Picker. Reddit, which filed to go public in February under the ticker RDDT, plans to price its IPO between $31 and $34 per share, according to the source. Some major shareholders stand to benefit from that price, including OpenAI CEO Sam Altman, whose shares in the company would be worth more than $400 million, as well as Tencent and Advance Magazine Publishers, the parent company of publishing giant Condé Nast. This would be the first social media IPO since Pinterest debuted on Wall Street in 2019.

Boeing is in talks to buy Spirit AeroSystems, which makes fuselages for Boeing jets (not to be confused with the budget airline). Both manufacturers have struggled with manufacturing defects in trying to churn out Boeing’s best-selling plane. Spirit AeroSystems was previously part of Boeing but was spun off in 2005. The news comes months after a section of a Boeing 737 Max 9 exploded on an Alaska Airlines flight, just the latest issue for the jets. Spirit shares rose 15% on Friday, while Boeing shares fell nearly 2%.

In the coming weeks, CVS and Walgreens pharmacy chains will begin selling the abortion pill mifepristone in some stores in states where it is legal to do so, according to company spokespeople. However, the companies will not sell the pill – which is the first used in a two-drug abortion regimen – by post. CVS and Walgreens said they have received FDA approval and will begin dispensing prescriptions for the pill at select pharmacies in California, Illinois, Massachusetts, New York and Pennsylvania. The FDA in January said it would allow retail pharmacies to offer mifepristone in the United States for the first time, but the U.S. Supreme Court will hear a case later this month that could decide the pill’s future.

“Dune: Part Two” had the highest opening box office of any film released so far in 2024 with an estimated $81.5 million. The sci-fi epic from Warner Bros. and Legendary Entertainment was filmed using IMAX digital cameras, driving IMAX ticket sales. About 23% of domestic ticket sales, or $18.5 million, came from its theaters. “The only reason it wasn’t higher is that we ran out of seats,” said Rich Gelfond, CEO of IMAX. Meanwhile, Josh Grode, CEO of Legendary Entertainment, did not rule out rumors of a potential third film in the series.

— CNBC’s Pia Singh, Leslie Picker, Jonathan Vanian, Leslie Josephs, Laya Neelakandan, Annika Kim Constantino and Sarah Whitten contributed to this report.

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