5 things to know before the stock market opens Tuesday, October 22

Here are five important things investors should know to start their trading day:

Stock futures slid Tuesday morning after Dow Jones Industrial Average broke a three-day winning streak by closing more than 344 points, or 0.8%, low there. At S&P 500 declined 0.2% during the trading session on Friday, while at Nasdaq Composite added close to 0.3%. Wall Street will continue to focus on third-quarter earnings season as roughly 14% of companies in the broad index have reported results, with more than 7 in 10 topping earnings estimates, according to FactSet. Follow live market updates.

General Motors raised its guidance target for 2024 after easily beating Wall Street’s third-quarter earnings estimate. The Detroit automaker reported adjusted earnings of $2.96 per share compared with the $2.43 per share expected by analysts surveyed by LSEG. Revenue was $48.76 billion and also beat the consensus estimate of $44.59 billion, as strong prices offset losses in China and year-over-year increases in labor and warranty costs. GM now expects full-year adjusted earnings before interest and taxes to be between $14 billion and $15 billion, or $10 and $10.50 per share, down from its previous estimate of $13 billion to $15 billion, or between $9.50 and $10.50 per share. . It marks the third time this year that GM has updated its guidance after beating Wall Street’s top and bottom expectations.

Disney announced on Friday that James Gorman will replace Mark Parker as the next chairman of the company, starting in January. The media giant also plans to name a successor to CEO Bob Iger in early 2026. Disney initially targeted 2025 to announce a successor, but pushing the date back to early 2026 will give it more time to conduct due diligence on internal and external candidates. , said a person familiar with the matter. Gorman joined the Disney board less than a year ago and was named chairman of the succession planning committee in August. He has experience with succession planning, as the former CEO of Morgan Stanley oversaw the process for Ted Pick to succeed him earlier this year.

Donald Trump’s tax reform ideas could provide total or partial income tax exemptions for approximately 93.2 million Americans, according to a CNBC analysis of several estimates. So far, the Republican presidential nominee has formally proposed eliminating income taxes on tips, Social Security benefits and overtime pay. Trump also said he would consider tax breaks for firefighters, police, military personnel and veterans. All in all, these proposals could eliminate at least part, if not all, of the income tax of about 38% of the 244 million Americans who are eligible to vote in 2024. On the other hand, the Trump campaign’s proposal would be very fast when it comes to Social Security. projected to run out of money, a nonpartisan budget group said Friday. The group found that Trump’s agenda would bankrupt the government program within six years, cut the current timeline by a third, and increase Social Security’s cash shortfall by trillions of dollars.

Nike will be the exclusive supplier of uniforms and apparel to the National Basketball Association and the Women’s National Basketball Association for another 12 years. The sneaker giant and the league announced the renewed partnership on Monday. Nike’s previous contract with the NBA, which began in the 2017-18 season, was reportedly worth $1 billion and the latest contract is “bigger,” a person with knowledge of the matter told CNBC. The company’s contract renewal with the NBA comes as new CEO Elliott Hill tries to regain market share and maintain relationships with critical partnerships, including being the official uniform supplier for the National Football League and Major League Baseball. Nike’s deal with the NFL expires after the 2027 season but the league has opened the process to other bidders and has been in talks with several interested companies, sources told CNBC.

— CNBC’s Michael Wayland, Alex Sherman, Hugh Son, Rebecca Picciotto, Kevin Breuninger, Lorie Konish, Jessica Golden and Gabrielle Fonrouge contributed to this report.