5 things to know before the stock market opens Friday, June 26

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

The S&P 500 and Nasdaq Composite moved lower Thursday as investors continued to rotate out of major technology stocks into small caps. The broad market index dropped 0.51% to close the session at 5,399.22, and the Nasdaq fell 0.93% to finish at 17,181.72. Outperforming the major indexes, the Dow Jones Industrial Average moved 0.2% higher to finish at 39,935.07. On the big tech front, Meta Platforms and Nvidia each declined 1.7%. They weren’t the only ones, as Microsoft slumped 2.5%, while Alphabet and Advanced Micro Devices saw losses of more than 3% and 4%, respectively. With investors bailing on tech for the second day, the Russell 2000 surged higher, popping 1.26%. Follow live market updates.

The U.S. economy grew much more than expected in the second quarter. According to Thursday’s initial estimate from the Commerce Department, real gross domestic product from April to June rose 2.8% at an annualized pace adjusted for seasonality and inflation. This is above the 2.1% consensus estimate from economists surveyed by Dow Jones and was also twice the amount of growth seen in the first quarter. Personal consumption expenditures, which measure consumer activity, rose 2.3% during the period, above the 1.5% increase seen last quarter. That said, the report also showed a decline in the personal savings rate, falling to 3.5% from the 3.8% seen in the first quarter.

Train services were canceled and delayed in France on Friday after a series of “malicious” acts, including arson, were carried out simultaneously at several locations of the country’s high-speed rail network. The attacks hit the high-speed LGV Atlantique line, as well as northern and eastern lines. Other domestic and intercity routes are also expected to experience delays. In a briefing to French television, the president of Railways operator SNCF, Jean-Pierre Farrandou, said 800,000 people would be affected through the weekend. This comes just before the start of the opening ceremony for the Paris Olympics, which is to take place along the River Seine at 7:30 p.m. local time, or 1:30 p.m. ET.

There’s a new leader in initial public offerings this year. Lineage, a temperature-controlled warehouse real estate investment trust (REIT), raised $4.4 billion at an implied valuation of over $18 billion. That’s the largest public offering since Arm’s $4.8 billion listing in September. Not only that, Lineage’s IPO is more than twice that of Viking Holdings, which went public in May. Lineage debuted on the Nasdaq under the ticker symbol “LINE” and closed up more than 3%. This comes a day after it priced 57 million shares at $78 each, on the higher end of its initial $70 to $82 target range.

Watch out, Google, there may soon be a new search engine in town. On Thursday, OpenAI announced that it’s testing a prototype of its search engine dubbed SearchGPT, which seeks to give users “fast and timely answers with clear and relevant sources.” It plans to offer a more conversational approach to search, promising users the chance to “search in a more natural, intuitive way” and even ask follow-up questions. The company said it plans to eventually integrate SearchGPT into its ChatGPT chatbot, which could pose a threat to Google’s dominance. Alphabet shares fell more than 3% following the announcement.

— CNBC’s Samantha Subin, Pia Singh, Jeff Cox, Jenni Reid, Riley de León and Hayden Field contributed to this report.

— Follow broader market action like a pro on CNBC Pro.