5 Things to Know

5 things to know before the stock market opens Thursday

1. Market near record highs

In Thursday's session, the S&P 500 will attempt to reclaim its record high hit before the coronavirus pandemic. The broad market index climbed 1.4% on Wednesday for its best day since July 6 and turned in its eighth positive day in nine. It briefly surpassed its record closing high of 3,386.15 within the last trading hour on Wednesday. The S&P 500 has rebounded 54% from its March bottom, now sitting just 0.39% below its intraday all-time high of 3,393.52 from Feb. 19.

The S&P 500 futures were flat early Thursday, while the futures on the Dow Jones Industrial Average dipped about 10 points, implying a 30-point loss at the open. The Nasdaq 100 futures gained about 0.1%.

2. Cisco drops on disappointing quarterly revenue guidance

Shares of Cisco fell nearly 7% in premarket trading on Thursday after the maker of computer networking equipment provided a disappointing forecast. Cisco called for a fourth consecutive revenue decline in its quarterly guidance, missing expectations. Meanwhile, CEO Chuck Robbins told analysts during a conference call Wednesday that the company's chief financial officer, Kelly Kramer, will be retiring.

The Cisco Webex app logo is displayed on a smartphone with a computer model of the COVID-19 coronavirus in the background.
Rafael Henrique | SOPA Images | LightRocket via Getty Images

3. Stimulus stalemate continues

There's still no signs of a coronavirus relief deal in sight after a call between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin yielded no progress. 

The two sides have not held talks on pandemic aid since Friday, but Mnuchin reached out to Pelosi by phone on Wednesday, a source familiar with the call said. In a joint statement, Pelosi and Schumer signaled they would not yet restart discussions after Mnuchin again rejected their offer to find a middle ground between the Democrats' more than $3 trillion relief package and the GOP's roughly $1 trillion proposal.

House Speaker Nancy Pelosi, D-CA, (R) speaks to the media, flanked by US Senate Minority Leader Chuck Schumer, D-NY, after meeting with the White House Chief of Staff and the US Treasury Secretary on coronavirus relief at the US Capitol in Washington, DC on August 7, 2020.
Mandel Ngan | AFP | Getty Images

4. Peloton slips after Apple reportedly eyes similar product

Peloton shares dropped more than 4% in premarket trading Thursday after Bloomberg News reported Apple is planning to launch a services bundle that includes virtual fitness classes in October. The bundle has a working brand name "Apple One," which lets users subscribe to its digital entertainment and productivity offerings at a monthly rate, Bloomberg reported.

Cari Gundee rides her Peloton exercise bike at her home on April 06, 2020 in San Anselmo, California. More people are turning to Peloton due to shelter-in-place orders because of the coronavirus (COVID-19).
Ezra Shaw | Getty Images

5. Pompeo says Trump's executive orders are 'broader' than just TikTok and WeChat

Secretary of State Mike Pompeo said that President Donald Trump's executive orders against TikTok and WeChat could be "broader" than just those two apps. His comments could hint at action against other Chinese apps or even TikTok parent company ByteDance or WeChat owner Tencent, though Pompeo did not elaborate. Pompeo has said these Chinese social media apps pose "significant threats to the personal data of American citizens"

Trump has vowed to ban TikTok from the U.S. by Sept. 15 unless its U.S. operations are sold to an American company. Microsoft is in talks to buy its U.S. operations.

U.S. Secretary of State Mike Pompeo attends a news conference at the State Department in Washington, U.S. August 5, 2020.
Pablo Martinez | Reuters

Disclosure: CNBC parent Comcast-NBCUniversal is an investor in Peloton.

Correction: Cisco called for a fourth consecutive revenue decline in its quarterly guidance, missing expectations. An earlier version mischaracterized the company's recent earnings.