Five things to know before the stock market opens on Wednesday, May 29

Here’s the most important news investors should know before the trading day begins.

The Nasdaq Composite Index rose 0.59% in Tuesday trading, crossing the 17,000 threshold for the first time. The index’s surge was buoyed by a more than 6% surge in Nvidia, which set a new record on Tuesday. The S&P 500 also ended up 0.02% higher. In contrast, the Dow Jones Industrial Average fell 0.55%, held back by losses in Merck and other health-related stocks. Follow live market updates.

US Cellular is reconnecting. T-Mobile announced plans on Tuesday to acquire most of US Cellular, including the wireless carrier’s stores, some spectrum assets and customers, for about $4.4 billion. T-Mobile will get about 30% of US Cellular’s wireless spectrum, and US Cellular will lease space on at least 2,100 additional cell towers to T-Mobile. The deal also includes up to $2 billion in debt. The announcement came after T-Mobile acquired Mint Mobile parent company Caena for $1.35 billion. In 2020, T-Mobile completed its $26 billion merger with Sprint.

Another member of FTX is heading to prison. Ryan Salameh, a former executive for FTX founder Sam Bankman Freed, was sentenced to 90 months in prison, or 7.5 years, followed by three years of probation, a stronger sentence than the five to seven years proposed by prosecutors and the 18 months the defense had sought. Salameh must pay more than $6 million in forfeiture and more than $5 million in restitution. Salameh pleaded guilty last year to defrauding the Federal Election Commission, conspiring to make illegal political contributions and conspiring to operate an unlicensed money transmitting business.

American Airlines lowered its second-quarter outlook. The airline said it expects unit revenue to fall as much as 6% from the same period a year ago. It also lowered its adjusted earnings forecast for the quarter to a range of $1 to $1.15 per share, down from $1.15 to $1.45. The cut comes as the airline has lagged behind rivals Delta Air Lines and United Airlines in financial performance in recent months. The airline is also firing its chief commercial officer. Vasu Raja, who had held the role for more than two years, was on leave recently and a company spokesman had previously said he would not be leaving the company. But that has changed in recent days, and Raja is set to leave next month, according to a person familiar with the matter.

Things are still looking up for GameStop. Shares of the video game retailer soared during Tuesday’s trading session after the company said it had raised nearly $1 billion by selling 45 million shares of its common stock. The meme stock closed up more than 25% and is up more than 100% so far this month. The company did not disclose the sale price of the shares but said the transaction was made at “mark to market.” The sale comes after the stock price rose dramatically when “Roaring Kitty,” the person behind a 2021 short sale of the stock, posted online for the first time in nearly three years earlier this month.

— CNBC’s Alex Harring, Pia Singh, Sophie Kiderlin, Todd Hazelton, Sean Conlon and Mackenzie Sigalos Leslie Josephs also contributed to this report.

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