• Six people are presumed dead after a major Baltimore bridge collapsed after being hit by a large container ship.
• Shares of H&M soared 14% after the Swedish retailer significantly beat profit expectations in its fiscal first quarter.
• Canada Goose said it would cut about 17% of its corporate workforce.

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

1. Cooling off

All three major indices traded lower Tuesday as markets cooled off from record highs last week. The S&P 500 slid 0.28%, its third consecutive session loss. The Nasdaq Composite fell 0.42% while the Dow Jones Industrial Average dipped just 0.08%. The major averages are still on pace to increase for a fifth straight month. The S&P 500 is up about 2% in March while the Nasdaq and Dow have climbed 1.4% and 0.7% respectively this month. Follow live market updates.

2. Major bridge collapse

Six people are presumed dead after a major Baltimore bridge collapsed Tuesday after it was hit by a large container ship. Contractors were working to fix potholes on the Francis Scott Key Bridge as the vessel struck it in the early morning. The bridge carries Interstate 695 across the Patapsco River, southeast of the Baltimore metropolitan area. The crash has closed vessel traffic into the Port of Baltimore until further notice, leading many logistic companies to scramble.

3. Beating expectations

Shares of H&M soared about 14% in early trading Wednesday after the Swedish retailer significantly beat profit expectations in its fiscal first quarter. The company's operating profit climbed to 2.08 billion Swedish krona ($196 million), compared with the 1.43 billion krona forecast by analysts. Its operating margin increased to 3.9% from 1.3%. H&M is aiming for a 10% operating margin this year as it faces growing competition from Chinese fast fashion retailers such as Shein and Zara owner Inditex.

4. Layoffs continue

Canada Goose said Tuesday it would cut about 17% of its corporate workforce as consumers pull back on their discretionary spending. The cuts will occur at the company's headquarters which had around 915 employees as of April 2023. "Today, we are realigning our teams to ensure that corporate resources are fit for purpose to fuel our next phase of growth across geographies, categories, and channels," CEO Dani Reiss said in a statement Tuesday. The retailer's sales grew 6% from a year ago in the quarter ending Dec. 31, but the results fell short of analysts' expectations.

5. Right to your doorstep

Amazon said it is launching same-day delivery of prescription medications in New York City and the greater Los Angeles area. The service will be offered via the e-commerce giant's online pharmacy service launched in 2020. The company started same-day prescription medication delivery in several locations last year and aims to expand to more than a dozen cities by the end of 2024. Amazon said it is using smaller facilities stocked with the most common medications to speed up deliveries.

— CNBC's Ruxandra Iordache, Laya Neelakandan, Lori Ann LaRocco, Lisa Kailai Han, Hakyung Kim, Gabrielle Fonrouge, Annie Palmer and Jenni Reid contributed to this report.

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