• Disney extends CEO Bob Iger's contract.
• PepsiCo and Delta Air Lines report earnings.
• Hollywood actors are on the verge of going on strike.

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

1. Bulls on parade

U.S. equities markets were on a roll heading into Thursday's session. The S&P 500 and the Nasdaq both closed Wednesday at their highest levels since April 2022. The Dow also finished the day higher, as the consumer price index for June showed cooler-than-expected inflation data for June, indicating that the economy could be heading for a soft landing, after all. Wholesale inflation data, known as the producer price index, is slated to hit at 8:30 a.m. ET. Thursday also effectively kicks off earnings season, too. Delta Air Lines and PepsiCo reported before the bell. Follow live market updates.

2. Iger's sticking around

When Bob Iger returned to Disney as CEO in November to replace his hand-picked successor in the role, both he and the company made a big point about how finding his next replacement would be a big part of his job. About seven months later, Iger and Disney are still talking a big game about succession – although now Iger has an extra two years (at least) to figure out the next head of the Mouse House. The company said Wednesday that it had extended Iger's contract through the end of 2026, two years longer than initially planned, as the newly reorganized company looks to juice its moribund stock while getting its costly streaming services to profitability. Tune in: CNBC's David Faber interviews Iger at 8 a.m. ET live on "Squawk Box."

3. Pepsi raises its outlook

PepsiCo raised its outlook for the year as its results for the second quarter easily beat Wall Street's expectations. The snack-and-soda giant said its profit and revenue both surged from the same period last year. Still, higher prices for the company's products hurt demand and resulted in volume declines. Volume, which excludes changes in prices and foreign exchange, dropped 3% for Pepsi's food divisions and 1% for its beverages. Frito Lay North America volumes did grow, however, as consumers snapped up Doritos and Ruffles.

4. Delta sets the tone

Delta Air Lines posted record quarterly revenue and per-share earnings Thursday, while raising its full-year earnings guidance. Delta is the first U.S. airline to post earnings for the second quarter, and its report should set a strong tone as the industry continues to benefit from sky-high travel demand. Lower fuel prices and demand for premium seats and international travel boosted Delta's results. The third quarter is looking strong, as well. The company's outlook for the current period surpassed Wall Street's expectations. "I think the trends that we've seen this year are going to continue," CEO Ed Bastian told CNBC.

5. Two strikes for Hollywood?

Negotiations between the actors union and Hollywood studios fell apart early Thursday morning, setting the stage for yet another showbiz strike. The Screen Actors Guild-American Federation of Television and Radio Artists' national board will decide Thursday morning whether to hit the picket lines. If they do, actors will be striking alongside members of the Writers Guild of America, further slowing the production machine in Tinseltown. "SAG-AFTRA negotiated in good faith and was eager to reach a deal that sufficiently addressed performer needs, but the AMPTP's responses to the union's most important proposals have been insulting and disrespectful of our massive contributions to this industry," said Fran Drescher, the actors union president and star of "The Nanny."

– CNBC's Samantha Subin, Sarah Whitten, Amelia Lucas and Leslie Josephs contributed to this report.

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