5 things to know before the stock market opens Monday

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

The S&P 500 closed out last week with another new high, lifted by tech stocks. The index added 1.1% on Friday to close at 4,958.61, above the previous record it hit on Monday. Facebook-parent Meta led tech stocks as its shares surged more than 20% after announcing its first-ever dividend. The Dow Jones Industrial Average, meanwhile, rose 0.4%, to 38,654.42, which was also good for a record close, and the Nasdaq Composite climbed 1.7%. It was the fourth week of gains for the major indexes. To start this week, stock futures slipped after Fed Chairman Jerome Powell dashed hopes for an interest rate cut in the near term. Follow live market updates.

The biggest tech companies’ earnings are done for the season, but there are still plenty that have yet to report. The positive news for investors is that it’s been a good earnings season so far: About 80% of S&P 500 company quarterly results have beat estimates, which is slightly higher than normal. Investors will be watching this week to see if the major players, including Disney, McDonald’s and Ford, will keep that trend rolling.

• Monday: McDonald’s (before the bell); Palantir Technologies (after the bell)
• Tuesday: Spotify, Eli Lilly, Spirit AeroSystems, Frontier Group (before the bell); Ford, Enphase Energy, Chipotle Mexican Grill, Snap, Amgen (after the bell)
• Wednesday: CVS Health, Yum Brands, Roblox, Uber Technologies (before the bell); Walt Disney, Mattel, PayPal (after the bell)
• Thursday: Spirit Airlines (before the bell); Pinterest (after the bell)
• Friday: PepsiCo (before the bell)

Satya Nadella has been the top dog at Microsoft for 10 years now — and he’s made his mark. When he took over, the company’s market cap was just over $300 billion and it was mired in mediocrity. Since then, Microsoft has become the most valuable public company in the world with a $3.06 trillion market cap, thanks in part to Nadella’s dealmaking, product integrations and push into cloud computing. Nadella “is special and someone to be considered as one of the GOATs among tech CEOs,” said Aravind Srinivas, co-founder and CEO of AI startup Perplexity. Nonetheless, Nadella faces challenges ahead, with regulation, retention, Microsoft’s relationship with OpenAI and with finding that next big thing that will keep the good times rolling.

There’s a new boss at a 166-year-old retailer. Former Bloomingdale’s CEO Tony Spring took over as Macy’s CEO on Sunday, as the company faces a tougher climate than ever. Macy’s stock fell about 24% in the last year and it currently only has a market cap of $5.11 billion. It’s closed about a third of its namesake stores over the past decade and lost about 45% of its employee headcount. The company is also facing pressure from activist investors. Spring has his challenges cut out for him, but current and former Macy’s employees, industry leaders and investors told CNBC that his retail background and credibility from decades of experience at Bloomingdale’s are assets. “I’m a former merchant,” he said in July. “I still consider myself a merchant at heart.”

Carvana says its restructuring — which took place over the past 18 months since the online used car sales giant faced bankruptcy concerns — is in the rearview mirror. In that time, the company removed more than $1 billion in annualized expenses, cut more than 4,000 jobs and launched a proprietary software platform to process vehicles. The stock lost nearly all of its value in 2022, dropping down to less than $5 per share, but it’s since recovered to $55 per share to start 2024. Carvana still has debt concerns, but CEO and Chairman Ernie Garcia III told CNBC’s Michael Wayland in a rare, wide-ranging interview that the company’s done with the majority of its cost-cutting efforts. Now it’s on to phase three of three: Return to growth. “The march continues,” he said.

— CNBC’s Brian Evans, Jesse Pound, Robert Hum, Jordan Novet, Melissa Repko and Mike Wayland contributed to this report.

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