5 things to know before the stock market opens Tuesday

SpaceX on Monday inked a computing power deal with artificial intelligence startup Reflection and announced a bond sale to raise $20 billion. But it wasn’t enough to re-excite investors: Shares tumbled 16% in yesterday’s session, bringing the stock’s three-day loss to nearly 24%.

Here’s what else to know:

Treasury Secretary Scott Bessent announced yesterday that the U.S. authorized Iranian oil to be produced, delivered and sold for 60 days, citing “productive talks” between the two countries.

President Donald Trump said later in the day that profits from the oil sales are expected to be used to purchase U.S. agricultural products, but an Iranian central banker said Tehran is not under an obligation to do so. “Well, they’re not supposed to be doing that, so we’ll see,” Trump told CNBC’s Eamon Javers.

Oil prices dropped on Monday following Bessent’s announcement.

Target‘s top brass is facing a crisis of confidence. Brian Cornell, the retailer’s executive chairman and former CEO, saw the lowest level of support ever from investors at the retailer’s annual general meeting this month.

Just over 87% of shareholders voted to reelect him to the board. That’s well below the historical average for Cornell, as well as for directors of S&P 500 companies as a whole this year. As Wharton’s Kevin Kaiser put it, support below the 90% level means “people are going out of their way to say they don’t want you there anymore.”

Cornell became Target’s executive chairman after stepping down as CEO earlier this year in the face of a profit and stock slump. Some see that appointment as a “reward for failure,” according to retail analyst Neil Saunders.

Lucid said yesterday that it is cutting 18% of its U.S. workforce in a bid to lower costs. The electric vehicle maker also said operations chief Marc Winterhoff is leaving the company and that the role would be eliminated.

The California-based company, which had about 9,000 employees as of the end of last year, already slashed its U.S. headcount by 12% in February. Lucid said the new cuts would result in roughly $158 million in annualized cost savings.

Elsewhere in EVs: The The National Highway Traffic Safety Administration opened a special crash investigation into Tesla. The probe is focused on an incident in Katy, Texas, where a Model 3 slammed into a home and killed a 76-year-old.

The United Parcel Service is taking note of the GLP-1 boom.

The logistics company told CNBC’s Laya Neelakandan that it’s investing $48 million into 27 temperature-controlled facilities as it looks to keep up with demand for new medicines that must be stored at specific temperatures, such as some GLP-1s.

Company leadership has previously pointed to healthcare as a top growth opportunity. Kate Gutmann, UPS’ president of international, healthcare and supply chain solutions, said that the company’s work in healthcare logistics in based on “a deep understanding that we’re doing more than moving packages.”

Pennsylvania Gov. Josh Shapiro joined CNBC yesterday to discuss the data center buildout in the Keystone State. Watch the interview here.

— CNBC’s Samantha Subin, Deirdre Bosa, Spencer Kimball, Dan Mangan, Gabrielle Fonrouge, Tobias Burns, Sean Conlon, Michele Luhn, Lora Kolodny, Laya Neelakandan and Scott Cohn contributed to this report. Josephine Rozzelle edited this edition.