5 things to know before the stock market opens on Friday, May 10th

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

The Dow Jones Industrial Average is on the rise. The 30-stock index rose 331.37 points, or 0.85%, on Thursday, marking its seventh straight positive trading day and its longest winning margin since December. It was helped by Home Depot and Caterpillar, which rose more than 2%. On the other hand, the S&P 500 Index rose 0.51% and the Nasdaq Composite Index rose 0.27% on the day. The boost was fueled in part by new jobless claims figures released Thursday, which reignited hopes that the U.S. Federal Reserve will cut interest rates this year. Follow live market updates.

CNBC reported Thursday that Sinclair is considering selling nearly 30% of the stations it owns or operates. Sinclair, one of the largest broadcast station owners in the United States, has identified more than 60 stations in various regions of the United States that it intends to sell. The company is also considering selling its cable television network, Tennis Channel. The local stations are a mix of affiliates including Fox, NBC, ABC, CBS and The CW, with average revenue estimated at $1.56 billion in 2023 and 2024, officials said. The move comes as the broadcast group struggles as customers cut the cable cord, and Sinclair has lost more than 70% of its market value over the past five years.

Apple took the unusual step of apologizing for the ad, which drew immediate backlash on social media, and said it had decided not to air the spot on television. The video, released to promote the company’s new iPad, shows various utensils, paint cans, and other creative tools being crushed in a hydraulic press, compressing all the items into the new tablet. Ta. “Our goal is to always celebrate the myriad ways users can express themselves and bring their ideas to life through iPad,” Tor Myhren, Apple’s vice president of marketing communications, told advertising trade publication Ad. told Age. “This video misses the point and I apologize.”

Novavax announced Friday that it has signed a deal with French drugmaker Sanofi to co-commercialize its coronavirus vaccine starting next year. Under the agreement, the companies will also work on a combined vaccine for both coronavirus and influenza, among other initiatives. Sanofi will pay Novavax $500 million upfront, up to $700 million for development, regulatory and launch milestones, and an additional $200 million in royalties and further milestones. Novavax CEO John Jacobs told CNBC that the license agreement lifts Novavax’s “continuing concern” warning, which was first issued in February 2023 after raising questions about the company’s ability to continue business. He said it would be possible. Novavax stock rose more than 100% in premarket trading on Friday.

How have times changed? Back when business was strong, pandemic darling Peloton once tried to acquire connected fitness company Hydrow, known for its expensive connected rowing machines that range from $1,700 to $4,000. Now, Peloton itself is a takeover target in an effort to turn around its ailing business. Meanwhile, Hydro is growing. The company has raised more than $300 million to acquire a majority stake in strength training company Speede Fitness as gym-goers shift away from cardio and weight training.

—CNBC’s Pia Singh, Lillian Rizzo, Alex Sherman, Kif Leswing, Annika Kim Constantino, Gabrielle Fonrouge and Brandon Gomez contributed to this report.

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Disclosure: NBC and CNBC are divisions of NBCUniversal.