Here are the most important news items that investors need to start their trading day:
1. Flying high
The tech-heavy Nasdaq Composite reached an all-time high on Friday to close the week, spurred by enthusiasm for artificial intelligence. The index was the last of the three major averages to reach a new record close this year. The S&P 500 also rose for the week, notching a close above the 5,100 threshold for the first time, but the Dow ended up with losses last week. Looking ahead, inflation will be back in the spotlight this week as Federal Reserve Chairman Jerome Powell prepares to give monetary policy updates to Congress and investors await Friday's release of nonfarm payrolls data for February. Follow live market updates.
2. Getting reddy
Social media site Reddit is seeking a valuation of up to $6.5 billion in its upcoming initial public offering, a source familiar with the matter told CNBC's Leslie Picker. Reddit, which filed to go public in February under the ticker RDDT, plans to price its IPO between $31 to $34 a share, according to the source. A few notable shareholders stand to benefit from such a pricing, including OpenAI CEO Sam Altman, whose shares in the company would be worth more than $400 million, as well as Tencent and Advance Magazine Publishers, the parent company of publishing giant Condé Nast. It would be the first social media IPO since Pinterest's Wall Street debut in 2019.
3. Boeing back?
Boeing is in talks to buy back Spirit AeroSystems, which makes fuselages for Boeing's jets (not to be confused with the budget airline). Both manufacturers have struggled with production flaws as they try to churn out Boeing's top-selling plane. Spirit AeroSystems was previously part of Boeing but was spun off in 2005. The news comes months after a section of a Boeing 737 Max 9 blew out during an Alaska Airlines flight, just the latest issue for the jets. Spirit's shares rose 15% on Friday, while Boeing's stock fell nearly 2%.Â
4. Mifepristone
Pharmacy chains CVS and Walgreens will start selling the abortion pill mifepristone in the coming weeks at some retail locations in states where it is legal to do so, according to spokespeople for the companies. However, the companies will not sell the pill — which is the first one used in a two-drug medication abortion regimen — by mail. CVS and Walgreens said they received approval from the FDA and will start dispensing prescriptions for the pill at select pharmacies in California, Illinois, Massachusetts, New York and Pennsylvania. The FDA in January said it would allow retail pharmacies to offer mifepristone in the U.S. for the first time, but the U.S. Supreme Court is set to hear a case later this month that could decide the future of the pill.
5. Big 'Dune' energy
"Dune: Part Two" had the highest opening box office of any film released so far in 2024 with an estimated $81.5 million. The sci-fi epic from Warner Bros. and Legendary Entertainment was filmed using IMAX digital cameras, driving IMAX ticket sales. About 23% of domestic ticket sales, or $18.5 million, came from its theaters. "The only reason it wasn't higher is we ran out of seats," said Rich Gelfond, CEO of IMAX. Meanwhile, Josh Grode, CEO of Legendary Entertainment, didn't rule out rumors of a potential third film in the franchise.
— CNBC's Pia Singh, Leslie Picker, Jonathan Vanian, Leslie Josephs, Laya Neelakandan, Annika Kim Constantino and Sarah Whitten contributed to this report.
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