5 things to know before the stock market opens Wednesday, April 17

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

The S&P 500 shed 0.21% Tuesday after Federal Reserve Chair Jerome Powell said inflation has not come down to the central bank’s goal, suggesting that interest rate cuts are not expected anytime soon. “More recent data shows solid growth and continued strength in the labor market, but also a lack of further progress so far this year on returning to our 2% inflation goal,” Powell said at a panel discussion Tuesday afternoon. The Nasdaq Composite slipped 0.12% during a choppy afternoon for stocks as Powell spoke. The Dow Jones Industrial Average bucked the trend and rose 0.17%, lifted by UnitedHealth which reported better-than-expected revenue for the first quarter. Follow live market updates.

European Central Bank President Christine Lagarde had a different message than Powell in an interview with CNBC Tuesday. Lagarde said the ECB remains on track to cut interest rates in the near term, subject to any major shocks. “We just need to build a bit more confidence in this disinflationary process but if it moves according to our expectations, if we don’t have a major shock in development, we are heading towards a moment where we have to moderate the restrictive monetary policy,” Lagarde told CNBC’s Sara Eisen. The ECB held its 4% deposit rate steady on Thursday for the fifth consecutive meeting.

President Joe Biden will call on the U.S. Trade Representative to triple China’s tariffs on steel and aluminum imports. Biden’s proposal to raise the current 7.5% average rate comes as his administration has warned China about its trade practices. A senior administration official said Tuesday that the increased tariffs would protect jobs and not lead to higher inflation. Biden is expected to visit the United Steelworkers headquarters in Pittsburgh Wednesday, where he will call for the tariff hike.

Eli Lilly said Wednesday its weight loss drug Zepbound showed the potential to treat people with obstructive sleep apnea, the most common sleep-related breathing disorder. The drug was more effective than a placebo in lowering the severity of OSA in patients with obesity, according to preliminary data from two late-stage clinical trials. An estimated 80 million patients in the U.S. suffer from OSA, which interrupts breathing during sleep because of narrow or blocked airways.

United Airlines is cutting its aircraft delivery expectations as it deals with delays from Boeing in the wake of the plane maker’s safety crisis. United expects to get 61 new narrow-body aircraft in 2024, well below the 101 expected at the beginning of the year. The airline also said it will lease 35 planes in 2026 and 2027 from Boeing’s rival Airbus. United reported an adjusted loss per share of 15 cents Tuesday and said it expects earnings of $3.75 to $4.25 a share in the second quarter. United shares are up about 5% in the pre-market Wednesday.

— CNBC’s Alex Harring, Sarah Min, Lisa Kailai Han, Sam Meredith, Rebecca Picciotto, Annika Kim Constantino and Leslie Josephs contributed to this report.

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