5 things to know before the stock market opens

Here are five key things investors need to know to start the trading day:

The S&P 500 and Nasdaq Composite closed at record highs on Monday, moving 0.26% and 0.35% higher to close at 5,360.79 and 17,192.53, respectively. The Dow Jones Industrial Average also moved higher, increasing 0.18% to end the day’s trading session at 38,868.04. For its first trading day following a 10-for-1 stock split, Nvidia moved 0.8% higher, raising other tech stocks along with it. The gains come as investors look ahead to the Fed’s interest rate decision this week. Follow live market updates.

There’s a new contender in the artificial intelligence arms race. At Apple’s annual Worldwide Developers Conference on Monday, the company unveiled “Apple Intelligence” – its long-awaited AI software. Apple CEO Tim Cook stressed privacy and personalization with the system, moving beyond AI into “personal intelligence.” The new system will feature capabilities like asking it to perform tasks within apps on your behalf and creating generative photos based on your photo library, among others. Siri will also be getting some upgrades with Apple Intelligence, and Apple announced that Siri will also be able to tap into ChatGPT when needed through the company’s partnership with OpenAI. While Apple Intelligence is set to be available across iOS, iPadOS and macOS, it will only support at least the 2023 iPhone 15 Pro Max and iPhone 15 Pro – not regular iPhone 15 – and devices with an M1 chip or later like the iPad Air, iPad Pro and Macs.

Elliott Management has a new stake, and this time it’s one of the airlines. The activist hedge fund has taken a $1.9 billion stake in Southwest Airlines, which makes it one of the airline’s biggest investors. The firm said in a letter and presentation on Monday that it’s also seeking to replace both CEO Bob Jordan and Chairman Gary Kelly with outside candidates. Believing the airline has shifted from being “best-in-class” to one of the biggest laggards, Elliott wants Southwest to announce a transition for those positions with “immediate” effect. This follows a number of other stakes the firm has built within the past two months, such as a $2.5 billion stake in Texas Instruments, a $2 billion stake in SoftBank and a $1 billion stake in Anglo American.

A new vaccine may be on its way to hitting the market next year. Moderna said its combination vaccine that aims to protect against both Covid-19 and the flu was more effective in a late-stage trial than already existing vaccines that target each virus separately. This makes it the first biotech company to release positive phase three data on a combination Covid, flu vaccine. The company’s CEO, Stephane Bancel, said in an interview that Moderna plans to file the shot for approval in the U.S. this summer, anticipating that it may even hit the market next year.

Baltimore’s main shipping channel is now open again. The Army Corps of Engineers said late Monday that the Fort McHenry Federal Channel – which was impacted by the Francis Scott Key Bridge collapse on March 26 – was cleared for commercial transit through the Port of Baltimore. The restoration comes after a clean-up process that began days after the collapse removed around 50,000 tons of wreckage from the Patapsco River and paved the way for the channel’s reopening. Six people were left dead following the bridge’s collapse.

— CNBC’s Lisa Kailai Han, Sarah Min, Rohan Goswami, Kif Leswing, Todd Haselton, Leslie Josephs, David Faber, Annika Kim Constantino, Ruxandra Iordache, Ryan Anastasio and Laya Neelakandan contributed to this report.

— Follow broader market action like a pro on CNBC Pro.