Five things to know before the stock market opens on Wednesday, June 5

Here are five important things investors should know before starting the trading day.

Markets were quiet on Tuesday. The Dow Jones Industrial Average rose 140.26 points, or 0.36%, while the S&P 500 and Nasdaq Composite Index posted smaller gains of 0.15% and 0.17%, respectively. Treasury yields fell notably on Tuesday, with the benchmark 10-year Treasury yield dropping by about 7 basis points. Many investors are focusing on the nonfarm payrolls report due on Friday, hoping for news that will prompt the Federal Reserve to cut interest rates, but not raise recession fears. Follow our live market updates.

Elon Musk directed Nvidia to ship thousands of artificial intelligence chips reserved for Tesla to X and xAI, according to emails written by senior Nvidia staff and shared widely internally. The emails also suggest Musk exaggerated Tesla’s high-cost processor procurement to shareholders, CNBC’s Laura Kolodny reports. Musk has repeatedly touted his ability to turn Tesla into a “leader in AI and robotics,” but by prioritizing private social media company X and AI venture xAI, Musk delayed Tesla’s receipt of more than $500 million in processors by several months.

Paramount Global’s three CEOs revealed their plans for the future at the company’s annual shareholder meeting on Tuesday if the sale of the company doesn’t go as expected. Paramount and Skydance have agreed to terms for a merger, but the deal is pending approval from controlling shareholder Shari Redstone, CNBC reported earlier this week. Their strategic priorities include exploring streaming joint venture opportunities with other media companies, cutting costs by $500 million, and selling non-core assets. This is essentially another option if Paramount’s controlling shareholder Shari Redstone, owner of National Amusements who holds 77% of Paramount’s Class A stock, doesn’t choose to sell. The strategy is aimed at reducing Paramount’s long-term debt.

Amazon’s first U.S. labor union announced Tuesday that it has taken steps to join the International Teamsters Union. The Amazon Workers Union was formed in 2021 as a grassroots group of current and former employees and won a historic union election in Staten Island, New York. But contract negotiations with Amazon have been stymied, creating rifts within the union. The Teamsters’ support could give the ALU more leverage in accelerating negotiations with Amazon, but the move must be approved by both the Teamsters and the ALU.

A group of more than two dozen investors, including BlackRock and Citadel Securities, wants to open a new national stock exchange in Texas. Texas Stock Exchange Chairman and CEO James Lee said the group has raised more than $120 million so far for the venture. Dallas-based TXSE is pitching itself as a “CEO-friendly” alternative to the New York Stock Exchange and Nasdaq amid tightening regulations, according to an earlier Wall Street Journal report. TXSE has said it will be fully electronic and target states in the southeastern U.S.

—CNBC’s Brian Evans, Laura Kolodny, Alex Sherman, Lillian Rizzo, Annie Palmer and Christine Wang contributed to this report.

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— Correction: TXSE will target states in the southeastern U.S. An earlier version of this article misstated the target region.