5 things to know before the stock market opens Thursday

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• The S&P 500 set intraday and closing records for the second day in a row.
• Trump said he is considering giving 20% of the savings from the Department of Government Efficiency’s cost-cutting efforts back to Americans.
• Walmart shares fell more than 8% before the bell after its weak guidance for the fiscal year overshadowed better-than-expected earnings and revenue results.

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

1. Resilient records

Federal Reserve officials may be worried about tariffs’ impact on inflation, but that hasn’t stopped stocks from climbing to new heights. Despite threats of new tariffs from President Donald Trump, the S&P 500 set fresh intraday and closing records for the second day in a row Wednesday, ending the session up 0.24%. The Nasdaq Composite rose 0.07%, and the Dow Jones Industrial Average gained 71.25 points, or 0.16%. Follow live market updates.

2. AiPhone

Apple on Wednesday unveiled the iPhone 16e, a new lower-cost model that is powerful enough to run AI. The new iPhone is equipped with the tech giant’s A18 chip, meaning it can handle the same apps as Apple’s more expensive models, but it will only costs $599. That’s still a price hike from its prior budget models — the old iPhone SE ran customers $429 — but at least $200 less expensive than its other current AI-enabled phones. The iPhone 16e will go on sale later this month.

3. Benefit buyouts

UnitedHealthcare is offering buyouts to some employees in its benefits unit if they quit by March 3, CNBC reported Wednesday. If the insurance giant doesn’t meet its resignation quota through the buyouts, it plans to lay people off, two people familiar with the matter said. UnitedHealthcare is the insurance arm of UnitedHealth Group, which had a turbulent 2024 after the targeted killing of one of its executives led to nationwide outrage toward the insurance industry. The company also suffered a costly cyber attack and continues to deal with rising medical costs.

4. ‘DOGE dividend’

President Donald Trump on Wednesday said he is considering giving 20% of the savings from the Department of Government Efficiency‘s cost-cutting efforts back to Americans. “There’s even under consideration a new concept where we give 20% of the DOGE savings to American citizens and 20% goes to paying down debt,” he said. Even if Elon Musk‘s campaign to drastically slash government spending is successful — which is so far looking dubious — budget experts say that Trump’s agenda would still substantially increase the federal deficit.

5. Slow your roll

Walmart shares fell more than 8% before the bell Thursday after its weak guidance for the fiscal year overshadowed better-than-expected earnings and revenue results for the fourth quarter. Chief Financial Officer John David Rainey also told CNBC that Walmart is “not going to be completely immune” from tariffs on goods from Mexico and Canada. The company said revenue in its holiday quarter rose about 4% and e-commerce sales grew 20%. Recently, the big-box retailer known for low prices has gotten a bump from a surprising demographic: high-income shoppers.

— CNBC’s Brian Evans, Pia Singh, Jeff Cox, Sean Conlon, Kif Leswing, Annika Kim Constantino, Ashley Capoot, Melissa Repko and NBC News contributed to this report.