5 things to know before the stock market opens Thursday

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

Fed Chairman Jerome Powell made it clear Wednesday that he won't yield in his battle to tame inflation. "We still have some ways to go, and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected," Powell said after the central bank's policy makers voted to raise its benchmark rate by another three-quarters of a point. At first, it appeared the Fed was going to take a more dovish tack, indicating that it may raise rates in smaller increments. Markets jumped on the news. Then Powell delivered his hawkish message and stocks reversed course. The chairman's remarks will put even more focus on Friday's October jobs report. If it's strong, markets could be in for more turmoil. Read live market updates here.

All signs point to Elon Musk preparing to slash Twitter's workforce. Insiders at the social media company are expecting the new CEO and owner to cut headcount by around 50%, or about 3,700 employees. Musk planned to meet with several of his top advisors to discuss the job cuts, CNBC's Lora Kolodny reported, citing internal Twitter communications. What's more, the calendar item for the meeting was widely visible to Twitter employees on their internal systems, although that could have been accidental. Since he took over Twitter late last week, the world's richest man has been pushing for dramatic changes at the social network, including potentially charging users a monthly fee to keep verified blue check marks. He has also come under fire for content moderation lapses, including a tweet he ultimately deleted that spread a baseless, anti-LGBTQ conspiracy theory about the attack on House Speaker Nancy Pelosi's husband, Paul.

Russia's economy, already frozen out by scores of international corporations and hammered by global sanctions, is even worse shape now as its invasion of Ukraine drags on. The country's gross domestic product fell 5% in September, according to the Russian Ministry of Economic Development. Inflation remains high in Russia, much like elsewhere in the world, with inflation growing at a double-digit pace. Ukraine, meanwhile, is contending with damage to its infrastructure due to Russian missile strikes while discovering evidence of atrocities in areas that had been occupied by the Kremlin's forces. Read live war updates here.

Restaurant Brands served up better-than-expected quarterly results Thursday morning. Net sales jumped more than 15%, driven by increases at its Burger King, Popeyes chicken and Tim Hortons coffee-and-doughnut chains. The strong report comes after Burger King in September unveiled a $400 million plan to boost sales in the United States through store renovations and a revamped advertising strategy. The company did point to lingering issues from the Covid pandemic, namely that it has resulted in labor shortages and reduced hours in some regions.

Peloton reported quarterly results Thursday, and, except for a few bright spots, they weren't pretty. The fitness device maker posted a bigger loss than Wall Street expected, and its revenue declined further than projected. But its outlook for the current quarter, which happens to include the holiday shopping season, is even worse. Analysts were expecting $874 million for the period, which would already mark a dramatic decline from the year-ago quarter. Peloton, though, said it expects revenue in the range of $700 million to $725 million, adding that it believes "near-term demand for Connected Fitness hardware is likely to remain challenged." While Peloton has had its own issues and is in the midst of a turnaround effort, this soft guidance fits in with bigger picture trends pointing to consumers spending less on items this holiday season.

The wild MLB postseason took another crazy turn Wednesday night. The Houston Astros tied the World Series at two games apiece as Cristian Javier and three relief pitchers held the Philadelphia Phillies hitless. It was the second no-hitter in World Series history after New York Yankees starter Don Larsen's perfect game in 1956.

– CNBC's Patti Domm, Carmen Reinicke, Lora Kolodny, Holly Ellyatt, Amelia Lucas and Jack Stebbins contributed to this report.

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