What is the interpretation of the two verses: {And what was given to the prophets from their Lord - We make no distinction between any of them, and we are in submission to Him} and {Those are the messengers - We have preferred some of them over others}?

The aforementioned verse came in the context of a response to the Jews and Christians who called upon Muslims to follow their religion. So, Allah commanded the believers to say: "Say, 'We have believed in Allah and what was revealed to us'" (the Holy Quran), and "what was revealed to Abraham and Ishmael and Isaac and Jacob and the Tribes and what was given to Moses and Jesus" (the Torah and the Gospel and all other books and prophets), affirming that the prophets were united in their call and monotheism, and that "we make no distinction between any of them, and to Him we are submitting," contrary to what the Jews and Christians do.

As for the verse "Those messengers...", it refers to the mentioned prophets or to all of them. The intent behind preferring some of them over others is Allah's granting some of them advantages and perfections superior to others. Among them are "those to whom Allah spoke" (such as Moses, Muhammad, and Adam), and "He raised some of them in degrees" (such as Muhammad, peace be upon him, on the night of Al-Isra'). This preference is according to the varying ranks they hold with Allah.