Happy Thursday. With their perky ears and pointy teeth, I thought no collectible could have a more unique appearance than Labubus. But after reading about the "Mystery Dumpling," I stand corrected.

Stock futures are dropping this morning after a positive day.

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

In a high-profile trial focused on social media addiction, a Los Angeles jury yesterday found that Meta and Google's YouTube failed to warn users of dangers associated with the use of their platforms. It's just one of several cases this year that experts are calling the social media industry's "Big Tobacco" moment.

Here's what to know:

• The Southern Californian jury put compensatory damages at $3 million and punitive damages at another $3 million, both to be divided between the two tech companies.
• The verdict follows Meta's loss in a separate trial over child exploitation on Tuesday. That jury found that the company violated New Mexico's unfair practices act would have to pay $375 million in civil damages.
• New Mexico Attorney General Raúl Torrez told CNBC yesterday that the state will seek platform, algorithm and monitoring changes from Meta following the verdict.
• Meanwhile, a source told CNBC yesterday that Meta is cutting several hundred jobs. The cuts come as Meta offers new stock options to key leaders in hopes of retaining and incentivizing top talent.
• Speaking of leadership, Meta brought back Hugo Barra this week as it aims to regain ground in the artificial intelligence race.
• Shares of Meta are down nearly 10% so far this year.

Stock futures are lower after President Donald Trump said this morning that Iranian negotiators "better get serious soon, before it is too late." The comments come after Tehran said yesterday it had no intention of talking with the U.S.

Oil prices are rising this morning following yesterday's slide on hopes of the conflict winding down. European oil giants on Wednesday warned that energy shortages could be coming due to the war. The U.S. Postal Service meanwhile said it is looking to add a temporary 8% fuel surcharge for deliveries, citing in part rising oil prices.

Follow live markets updates here.

Space stocks rallied yesterday after a report that SpaceX could file to go public as soon as this week. Firefly Aerospace soared 16%, while AST SpaceMobile and Rocket Lab each jumped around 10%.

As CNBC's Lola Murti reports, excitement around SpaceX's possible IPO has helped drive broader interest in the space sector. CNBC previously reported that SpaceX could execute the biggest IPO ever as it seeks a $1.75 trillion valuation.

Wondering how to play the potential IPO? Here's a list of funds with exposure to the Elon Musk-led company.

Citrini Research, the little-known firm that brought stock investors to their knees earlier this year with its bearish AI take, has a fresh warning for investors.

In a Substack post published yesterday, founder James van Geelen said continuously high energy prices could throw cold water on consumer behavior and corporate earnings. That could create a rough patch for stocks — even if the Federal Reserve began moving toward rate cuts, he said.

"If the war doesn't end, equities will go lower," van Geelen wrote.

A group of congressional Democrats introduced legislation this morning that would prohibit prediction market bets on elections, government decisions, war and sports.

It's the latest in a salvo of legislative efforts aimed at putting guardrails on prediction markets, which are seeing booming interest — and rising scrutiny. But as CNBC's Justin Papp notes, the bill would place broader restrictions on the markets than other similar bills.

Meanwhile, Rep. Seth Moulton, D-Mass., announced an office-wide ban on prediction markets yesterday. Moulton's office said the rule is believed to be the first of its kind in Congress.

While investors are hoping that the U.S.-Iran war ends soon, Lloyd Blankfein, Goldman Sachs' senior chairman and former CEO, cautioned that the market impacts would "last longer" than the conflict itself.

— CNBC's Jonathan Vanian, Ashley Capoot, Sean Conlon, Michael Considine, Dan Mangan, Kevin Breuninger, Sam Meredith, Yee Ling Shan, Lola Murti, Justin Papp, Yun Li and Hugh Leask contributed to this report. Josephine Rozzelle edited this edition.