5 things to know before the stock market opens Friday

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

1. Stock futures flat after first week of second-quarter earnings

Michael Nagle | Bloomberg | Getty Images

2. Yellen expects more ‘rapid inflation’ ahead before cooling kicks in

Secretary of the Treasury Janet Yellen speaks during a daily news briefing at the James Brady Press Briefing Room of the White House May 7, in Washington, DC.

Alex Wong | Getty Images

3. Biden says U.S. will caution businesses about ‘deteriorating’ situation in Hong Kong

U.S. President Joe Biden delivers remarks on the U.S. COVID-19 vaccination effort at Green Road Community Center in Raleigh, North Carolina, U.S. June 24, 2021.

Jonathan Ernst | Reuters

The U.S. plans to issue an advisory warning to American businesses about “what may happen” in Hong Kong, as the Chinese government further exerts influence over the semi-autonomous region, President Joe Biden said Thursday. Biden said the situation in the Asian financial hub “is deteriorating,” and he criticized Beijing for “not keeping its commitment” to the former British colony, which returned to Chinese rule in 1997. Reuters reported that the Biden administration is preparing a round of sanctions on Chinese government officials for their role in cracking down on democracy in Hong Kong.

The Biden administration’s planned actions reflect the continued tensions in the U.S.-China relationship, which also was frosty under then-President Donald Trump.

4. Intel in talks to acquire GlobalFoundries for roughly $30 billion, WSJ reports

The Intel logo is displayed outside of the Intel headquarters in Santa Clara, Calif.

Justin Sullivan | Getty Images

Shares of Intel rose about 0.6% in premarket trading Friday, following The Wall Street Journal’s report that the semiconductor company is in talks to acquire GlobalFoundries for roughly $30 billion. But the newspaper, citing people familiar with the matter, reported Intel’s potential deal for the U.S.-based chipmaker may not come to fruition. GlobalFoundries, which is owned by Mubadala Investment Company, a United Arab Emirates sovereign wealth fund, had reportedly been exploring a blockbuster initial public offering.

Intel, under the leadership of new CEO Pat Gelsinger, plans to invest billions in building two chip factories in Arizona and launch a new foundry unit. An influential company in the history of Silicon Valley, Intel has in recent years lagged behind Asian rivals such as Taiwan Semiconductor Manufacturing Company.

5. LA County to put indoor mask mandate back in place

A son hugs his mother as a concessions worker hands over napkins and soda inside the AMC movie theater at the Westfield Century City shopping mall in Los Angeles, California, on Monday, March 15, 2021.

Bing Guan | Bloomberg | Getty Images

Los Angeles County, the nation’s largest, is requiring people to wear face masks indoors again due to a rise in coronavirus cases, driven by the highly transmissible delta variant. The mandate, which also applies to people who have been vaccinated against Covid, goes into effect before midnight Saturday.

LA County had dropped its mask requirement for fully vaccinated individuals about a month ago, coinciding with the state of California lifting most of its most-pandemic era restrictions. The county’s public health officer, Dr. Muntu Davis, said Thursday he’s now seeing “substantial community transmission.” The majority of cases are being recorded in people who have not received the Covid vaccine.

Coronavirus cases in the U.S. overall have increased recently, as public health officials across the globe grow concerned about the delta variant.

Correction: An earlier version misstated the Nasdaq winning streak. It’s three weeks.

— The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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