5 things to know before the stock market opens Wednesday, February 21

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

Chipmaker and AI-play Nvidia reports earnings Wednesday after the market close. Sentiment on Wall Street seems shaky, with the stock falling 4% Tuesday. (It’s still up 40% this year and more than 200% in the last 12 months.) The concern may be around its valuation, which last week surpassed Alphabet to become the third most valuable U.S. company, behind Microsoft and Apple. “NVDA’s stock appreciation has been parabolic,” analysts at Bank of America wrote in a recent report. “We think one interpretation of this NVDA move is a mix of fear and greed and indiscriminate investor chase for all things AI.”

Walgreens Boots Alliance is out. Amazon is in. S&P Dow Jones Indices announced Tuesday the tech behemoth will replace the drug store retailer in the Dow Jones Industrial Average, effective next week. The swap is an effort to rebalance the price-weighted measurement of 30 stocks with increased consumer retail exposure after Dow component Walmart’s 3-for-1 stock split lowered its weight. Also included in the shake-up, airline JetBlue Airways will be removed from the Transportation average, replaced by ride-hailing company Uber.

A new sports streaming joint venture from Disney, Fox and Warner Bros. Discovery is facing its first challenge. FuboTV filed a lawsuit against the media giants over what it called “extreme suppression…