• Stocks fell on Wednesday as investors grew more worried about the U.S.' ballooning deficit.
• The House of Representatives voted to pass President Donald Trump's tax bill.
• OpenAI is acquiring Jony Ive's AI devices startup io in a $6.4 billion all-equity deal

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

1. Deficit drags Dow

The Dow Jones Industrial Average closed down more than 800 points, about 1.9%, on Wednesday as investors grew more worried about the U.S.' ballooning deficit amid spending negotiations on Capitol Hill. A sharp spike higher in Treasury yields pressured stocks, with the S&P 500 dropping 1.61% and the Nasdaq Composite slipping 1.41%. The 30-year Treasury bond yield jumped to 5.09% Wednesday, reaching its highest level since October 2023, while the benchmark 10-year Treasury note yield traded at 4.59%. Follow live market updates.

2. 215-214

The House of Representatives narrowly voted to pass President Donald Trump's tax bill Thursday morning in a vote of 215-214. Every Democrat on the floor voted against the legislation, joined by two Republicans. Rep. Andy Harris, R-Md., voted present. The bill now heads to the Senate, where it still faces a complicated path. Trump's "big, beautiful" bill includes tax cuts, moves up the timeline for imposing Medicaid work requirements, and increases the SALT deduction cap to $40,000. Investors, meanwhile, are concerned that the legislation could only make the U.S. debt-and-deficit problem worse. The Congressional Budget Office puts the bill's price tag at nearly $4 trillion.

3. iOpenAI

OpenAI is acquiring Jony Ive's AI devices startup io in a $6.4 billion all-equity deal, the company announced Wednesday. Ive — the former chief design officer at Apple responsible for creating the iPhone — will advise the artificial intelligence company on the design of new hardware products. The deal reflects a growing belief in Silicon Valley that smart AI assistants could be the next big thing in the gadget space. It may also be a wake-up call for Apple, whose products could be left in the dust. Indeed, shares of Apple fell 2.3% Wednesday following OpenAI's announcement.

4. Just order it

Coming soon to Amazon: Nike products. For the first time since 2019, the sneaker giant will resume selling its goods directly to the online retailer in the U.S., CNBC reported Wednesday. Nike stopped selling its products to Amazon in 2019 in an effort to distribute directly to consumers and control the shopping experience. Over the last six years, the brand has been highly restricted on Amazon to prevent counterfeits, with only a limited selection of Nike items available via third-party sellers. CNBC also learned on Wednesday that the sportswear brand will raise prices on a wide range of its products as soon as this week. The increases range between $2 and $10, but they will not affect items priced under $100. Nike did not say the decision was related to tariffs, which are expected to hit Nike's profit margin.

5. Crypto climbs

Bitcoin rallied to a new all-time high overnight, climbing to $111,886.41 according to Coin Metrics, breaking the record it set just hours earlier. The world's largest cryptocurrency reached its highest level since January Wednesday morning, rising to $109,857 to put bitcoin up 15% so far this month. Earlier this week, the Senate advanced the GENIUS Act, which would regulate stablecoins — a subset of cryptocurrencies whose value is tied to that of a real-world asset. Trump's crypto and AI advisor David Sacks told CNBC's "Closing Bell Overtime" on Wednesday that the legislation could "create trillions of dollars of demand for our Treasuries practically overnight."

— CNBC's Lisa Kailai Han, Alex Harring, Yun Li, Christina Wilkie, Erin Doherty, Jeff Cox, Kate Rooney, Hayden Field, Kif Leswing, Annie Palmer, Gabrielle Fonrouge, Tanaya Macheel, MacKenzie Sigalos and Arjun Kharpal contributed to this report.