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

1. Tech heavy

2. Nvidia next

A microchip and the Nvidia logo displayed on a phone screen are seen in this photo taken in Krakow, Poland, on April 10, 2023.

Nurphoto | Getty Images

Chipmaker and AI-play Nvidia reports earnings Wednesday after the market close. Sentiment on Wall Street seems shaky, with the stock falling 4% Tuesday. (It’s still up 40% this year and more than 200% in the last 12 months.) The concern may be around its valuation, which last week surpassed Alphabet to become the third most valuable U.S. company, behind Microsoft and Apple. “NVDA’s stock appreciation has been parabolic,” analysts at Bank of America wrote in a recent report. “We think one interpretation of this NVDA move is a mix of fear and greed and indiscriminate investor chase for all things AI.”

3. Getting the boot

A flag outside the headquarters of drugstore chain Walgreens during a three-day walkout by pharmacists in Deerfield, Illinois, U.S. November 1, 2023. 

Vincent Alban | Reuters

Walgreens Boots Alliance is out. Amazon is in. S&P Dow Jones Indices announced Tuesday the tech behemoth will replace the drug store retailer in the Dow Jones Industrial Average, effective next week. The swap is an effort to rebalance the price-weighted measurement of 30 stocks with increased consumer retail exposure after Dow component Walmart’s 3-for-1 stock split lowered its weight. Also included in the shake-up, airline JetBlue Airways will be removed from the Transportation average, replaced by ride-hailing company Uber.

4. Challenge on the play

TV remote control is seen with fuboTV logo displayed on a screen in this illustration photo taken in Krakow, Poland on February 6, 2022.

Jakub Porzycki | NurPhoto | Getty Images

A new sports streaming joint venture from Disney, Fox and Warner Bros. Discovery is facing its first challenge. FuboTV filed a lawsuit against the media giants over what it called “extreme suppression of competition in the U.S. sports-focused streaming market.” The joint venture aims to offer sports fans a skinnier option to the traditional pay-TV bundle, but it’s raised concerns among traditional cable players and now, sports streamer Fubo. “By joining together to exclusively reserve the rights to distribute a specialized live sports package, we believe these corporations are erecting insurmountable barriers that will effectively block any new competitors from entering the market,” FuboTV CEO David Gandler said. A spokesperson for the joint venture declined to comment.

5. Baggage check

American Airline agents help customers at the Miami International Airport on May 02, 2023 in Miami, Florida.

Joe Raedle | Getty Images

American Airlines is raising baggage fees for the first time since 2018. Travelers can now expect to pay $35 for their first checked bag if they purchase the option in advance or $40 if they opt in at the airport. Previously, either option cost $30. A second checked bag will now cost $45, up from $40, either in advance or in person. It’s the latest example of shoring up the bottom lines as companies make 2024 a year of cost-cutting. Scott Chandler, American’s senior vice president of revenue management and loyalty, said the cost of transporting bags has been “significantly higher” in recent years.

– CNBC’s Hakyung Kim, Kif Leswing, Jordan Novet, Julia Boorstin and Leslie Josephs contributed to this report.

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