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5 things to know before the stock market opens Thursday, June 10

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Here are the top news, trends, and analysis investors need to start their trading day:

1. Dow futures rise despite hotter inflation data; S&P 500 close to record

Traders on the floor of the New York Stock Exchange, June 4, 2021.

Source: NYSE

Dow futures rose Thursday despite an unexpectedly hotter-than-expected consumer inflation report. The Dow posted its third straight losing session on Wednesday. In a rather subdued June, the average of the 30 stocks was still below 1% from the record close of last month. The S&P 500, which also fell on Wednesday, trailed 0.3% from its record high from May. The Nasdaq broke a three-session winning streak, but Wednesday’s modest decline still kept the tech-heavy index within 1.6% from its record high in late April.

2. Consumer prices are rising fastest since summer 2008 in May

A customer wearing a protective mask loads wood onto a cart at a Home Depot store in Pleasanton, California on Monday, February 22, 2021.

David Paul Morris | Bloomberg | Getty Images

The 10-year government bond yield rose on Thursday and traded 1.5% after the government released its red-hot consumer price index for May. The headline CPI rose more than expected by 5% year-on-year, the highest rate since sky-high energy prices in August 2008 pushed inflation figures up slightly higher than expected and recorded an increase of 3.8% year-on-year, the highest since June 1992. The Federal Reserve, which has said hotter inflation will be temporary, meets next week. The government also reported a new pandemic-era low of 376,000 initial jobless claims for last week.

3. GameStop Appoints Former Amazon Executives as New CEO and CFO

A person wearing a protective mask leaves a GameStop Corp. store on Thursday, April 22, 2021. at a mall in San Diego, California.

Bing Guan | Bloomberg | Getty Images

GameStop’s shares fell about 6% in the premarket the morning after the video game retailer named former Amazon executive Matt Furlong as its new CEO. GameStop also named another former Amazon executive, Mike Recupero, as CFO. The company is trying to move from a largely stationary store to an online one. Chewy co-founder Ryan Cohen, who invested in GameStop last year and drove the new strategy, became chairman. GameStop’s revenue rose 25% in the first fiscal quarter due to a lower-than-expected loss per share. The stocks of the original Reddit preferred Meme stock rose 1,500% in 2021.

4. Meat supplier JBS paid ransomware hackers $ 11 million

JBS meat processing facility will be visited on June 2, 2021 in Plainwell, Michigan.

Jeff Kowalsky | AFP | Getty Images

Brazil’s JBS, the world’s largest beef supplier, paid the ransomware group that invaded their computer networks around $ 11 million. The company was hacked by REvil, one of several Russian-speaking gangs, in May, which resulted in plant closings. The news of the JBS payment comes according to a statement from Congress by Joseph Blout, CEO of Colonial Pipeline, which was recently hacked by another Russian hacker group, DarkSide. In a statement to the Senate Tuesday, Blout said Colonial Pipeline’s decision to pay for ransomware demand was “right for the country.”

5. Biden presents Covid vaccine donations and calls on leaders to join

U.S. President Joe Biden stops before the G7 summit near Mildenhall, Britain, on Jan.

Kevin Lamarque | Reuters

President Joe Biden, who met with leaders of affluent G-7 democracies on his first overseas trip since taking office, is expected to unveil plans on Thursday for the US to donate 500 million doses of vaccine around the globe over the next year. That’s in addition to the 80 million recordings that Biden has already committed to by the end of the month. US officials said the president will also submit a direct request to his other G-7 leaders to do the same. As Covid wears off in the US, the pandemic has reached new levels of devastation in many countries. India reported a daily record of more than 6,000 deaths from the disease on Thursday.

– NBC News and the Associated Press contributed to this report. Follow all market activity like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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Robert Dunfee