Five things to know before the stock market opens on Friday, July 12

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

Thursday was a historically unusual day for the stock market, with big tech stocks weighing on the S&P 500 and Nasdaq Composite. The S&P 500 fell 0.88%, retreating from a recent record high, while the Nasdaq Composite fell 1.95%. The Dow Jones Industrial Average was almost flat, dropping 32.39 points (0.08%). All of the Magnificent Seven stocks fell, with Nvidia down more than 5% and Apple down more than 2%. Meanwhile, winners and losers for the year have switched places, with larger market caps falling while small caps thrive. The Russell 2000 index of small caps, which had been struggling so far this year, rose more than 3% on Thursday. Follow our live market updates.

Monthly inflation fell for the first time in more than four years in June, according to data released on Thursday. The Consumer Price Index, which measures the cost of goods and services, fell 0.1% from May. That brought the 12-month inflation rate to 3%, the lowest in more than three years. Previously, monthly inflation had not fallen since May 2020. The data could help pave the way for the Federal Reserve to start cutting interest rates later this year. Investors will be keeping an eye on further inflation data on Friday, when producer price index results are due to be released in the morning.

JPMorgan Chase & Co. reported second-quarter earnings that beat analyst expectations Friday morning. The bank said second-quarter revenue was $50.99 billion, beating estimates of $49.87 billion. The beat was driven by a 50% year-over-year increase in investment banking fees. Meanwhile, Wells Fargo & Co. reported second-quarter profit and revenue on Friday that beat Wall Street expectations, but also said net interest income fell 9%. Wells Fargo shares fell more than 5% in premarket trading.

Every good upswing must come to an end. Tesla shares fell more than 8% on Thursday after Bloomberg reported that the company would delay the unveiling of its robotaxi by two months. The electric car maker had previously said it would unveil its robotaxi on Aug. 8, but pushed the launch to October to give the team working on the project time to build prototypes, Bloomberg reported, citing people familiar with the matter. Tesla’s share price drop came after 11 days of gains for the company following better-than-expected delivery reports. Tesla has made major job cuts and sales have slumped, sending the stock back into negative territory this year.

President Joe Biden held his first long-awaited solo press conference in eight months on Thursday night. It was a pivotal event for the president, as he has faced growing calls to withdraw from the 2024 presidential race following his disappointing performance in the first presidential debate with former President Donald Trump last month. But Biden brushed off those calls, saying Thursday that he would not withdraw from the race unless the polls told him he “cannot win.” He also mistakenly referred to Vice President Kamala Harris as “President Trump” in the opening question of the press conference and touted the latest inflation report.

—CNBC’s Brian Evans, Jesse Pound, Jeff Cox, Hugh Song, Yun Lee, Katie Bartlett, Rebecca Picciotto, Dan Mangan and Josephine Rozelle contributed to this report.

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