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

Federal Reserve Chair Jerome Powell said that cooling in the labor market prompted the central bank to cut interest rates last week. Speaking to business leaders in Rhode Island yesterday, he warned that there’s a “challenging situation” ahead as the Fed tries to balance its goals of high employment and tame inflation.

Here’s what to know:

• Powell said there’s “no risk-free path” in comments made nearly one week after the Fed lowered rates for the first time in 2025.
• He also said that equity prices are “fairly highly valued,” but added that this is “not a time of elevated financial stability risks.”
• Stocks took a leg down following Powell’s comments and ended yesterday’s session in the red. The S&P 500‘s snapped its three-day streak of record high closes.
• Follow live market updates here.

OpenAI’s flagship site for the $500 billion Stargate program opened in Abilene, a city about 180 miles west of Dallas. It’s only one of OpenAI’s recent buildout announcements, which total about $850 billion in spending, CNBC’s MacKenzie Sigalos reports.

CEO Sam Altman rejected the notion that his company’s spending spree is concerning: “People are worried. I totally get that. I think that’s a very natural thing,” Altman told CNBC. “This is what it takes to deliver AI,” he said.

Elsewhere in the Lone Star state, Eli Lilly announced plans for a $6.5 billion manufacturing facility in Houston. The center will boost the company’s production capability for drugs including its closely watched experimental obesity pill, orforglipron.

Micron beat Wall Street’s expectations for its fourth fiscal quarter yesterday. The company said revenue surged 46% year over year, thanks largely to demand for its memory and storage products tied to the artificial intelligence boom.

Despite Micron’s upbeat report and guidance, its stock rose less than 1% in extended trading. As CNBC’s Kif Leswing points out, the muted reaction may be explained by the stock’s big run already: Shares have nearly doubled in 2025.

President Donald Trump’s $100,000 H-1B visa fee is leaving startups in a tough spot.

Companies are used to paying between $2,000 and $5,000 per visa application. Experts are warning that a jump to $100,000 will particularly hamper the ability of smaller technology companies with less revenue than Big Tech firms to bring top talent to the U.S.

Exequiel Hernandez — an associate professor at the Wharton School of the University of Pennsylvania — said the change will be a “disaster” for America, though he added that large companies will likely find workarounds, like moving jobs offshore. Meanwhile, Y Combinator’s Garry Tan equated the fee to “$100K toll booths,” writing on social media that “it kneecaps startups.”

Feeling grim about the economy, young investors are shelving traditional trading mechanisms in favor of risky bets. Call it “financial nihilism.”

The phenomenon can help explain the prominence of meme stocks, crypto and leveraged funds, as well as prediction markets and sports betting platforms. As young people see economic goals like home ownership falling increasingly out of reach, CNBC found that in some cases, they’re putting short-term luck above long-term strategy.

Jimmy Kimmel’s late-night show returned to air last night after a nearly weeklong a pause following the comedian’s comments about Charlie Kirk’s killing. CNBC has all the details of his first show back.

— CNBC’s Hayley Cuccinello, Samantha Subin, Ashley Capoot, Annika Kim Constantino, MacKenzie Sigalos, Kif Leswing, Jeff Cox, Pia Singh and Sean Conlon contributed to this report. Josephine Rozzelle edited this edition.