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5 things to know before the stock market opens Friday

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

dropped 0.5% and 0.6%, respectively. U.S. gross domestic product expanded 1.6% in the first quarter, less than expected, while the personal consumption expenditures price index increased at a 3.4% pace, well above the previous quarter's 1.8% advance. Taken together, investors worried it could mean a combined slowing economic growth and rising inflation. Still, major averages are on track for a winning week, and traders will be watching March's PCE reading, due Friday morning.

That came as Microsoft's fiscal third-quarter resultsthat would merge the two media companies, sources told CNBC's Alex Sherman. Skydance Media and its private equity backers KKR and RedBird Capital Partners are targeting May for finalized terms of such an arrangement. Skydance's plan would name Skydance CEO David Ellison as CEO of Paramount Global and former NBCUniversal CEO Jeff Shell as president, the sources said.

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