• Meta stock sank as the tech giant reported disappointing guidance.
• Rubrik, a management software company, is set to debut on the NYSE.
• President Joe Biden signed the TikTok bill into law.

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

1. Futures flop

After a lackluster trading day Wednesday, stock futures were lower Thursday morning, led down by tech. Dow Jones Industrial Average futures dropped 300 points, while S&P 500 futures fell 0.7%, and Nasdaq 100 futures dropped 1%. Meta sank about 15% (more on that below) while IBM dropped 9% in early trading after missing consensus estimates for its first-quarter revenue. The drop also came after first-quarter GDP increased at a 1.6% rate in the first quarter, less than expected. Follow live market updates.

2. Meta rout

Meta shares plunged in premarket trading after the tech giant issued weak revenue guidance on Wednesday, wiping out as much as $200 billion in market cap. The light forecast overshadowed first-quarter results that were better than expected. Revenue increased 27% — the fastest rate of growth for any quarter since 2021 — from $28.65 billion in the same period a year earlier. Meta's stock sell-off accelerated Wednesday during the conference call with investors as CEO Mark Zuckerberg discussed investments in mixed reality and glasses, areas where the tech giant doesn't currently make money, as well as increasing investments in AI.

3. Commercial success

Ford Motor topped first-quarter earnings estimates as sales of trucks and other commercial vehicles offset losses in the company's electric vehicle unit. The automaker also maintained its 2024 earnings guidance. Ford's overall revenue for the quarter increased about 3% year over year to $42.78 billion. The company's traditional business, which it calls Ford Blue, reported adjusted earnings that were down 66% compared to a year earlier to $905 million, but its commercial business, called Ford Pro, earned $3.01 billion, up 120% from the first quarter of last year. Ford's Model e electric vehicle unit, meanwhile, reported a loss of $1.32 billion for the period.

4. Check the Rubrik

Data-management software company Rubrik priced its IPO at $32 a share, above its expected range. The company, which is backed by Microsoft, is set to debut on the New York Stock Exchange on Thursday, and will trade under the ticker symbol "RBRK." Rubrik had previously said it expected to sell shares at between $28 and $31. It follows initial public offerings from tech companies Reddit and Astera Labs.

5. Time's ticking

President Joe Biden on Wednesday signed into a law a series of measures to send aid to Israel, Ukraine and Taiwan — and to force Chinese TikTok parent company ByteDance to sell the social media platform or face a national ban. TikTok came out swinging after the singing. "This unconstitutional law is a TikTok ban, and we will challenge it in court," the company said. Notably, the law sets a deadline for ByteDance of nine months — or a year, if Biden invokes a 90-day extension — which means it can maintain ownership through the November election. The Biden campaign told NBC News it would continue to use TikTok for at least the next year.

— CNBC's Pia Singh, Jeff Cox, Ashley Capoot, Michael Wayland, Jordan Novet, Leslie Picker and Rebecca Picciotto contributed to this report.

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