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

Here are five key things investors need to know to start the trading day:

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

General Motors raised its guidance targets for 2024 after easily exceeding Wall Street’s third-quarter earnings estimates. The Detroit automaker reported adjusted earnings of $2.96 per share compared with the $2.43 per share expected by an LSEG survey of analysts. Revenue was $48.76 billion and also beat the consensus estimate of $44.59 billion, as strong pricing 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 of between $14 billion and $15 billion, or $10 and $10.50 a share, up from its prior estimate of $13 billion to $15 billion, or between $9.50 and $10.50 a share. This marks the third time this year that GM has updated its guidance after beating Wall Street’s top- and bottom-line expectations.

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

Donald Trump’s tax reform ideas could offer total or partial income tax exemptions to roughly 93.2 million Americans, according to CNBC’s analysis of several estimates. So far, the Republican presidential nominee has officially proposed eliminating income tax on tips, Social Security benefits and overtime pay. Trump also said that he would consider tax exemptions for firefighters, police officers, military personnel and veterans. All in all, the proposals could exempt at least a portion, if not all, of their income taxes for about 38% of the 244 million Americans eligible to vote in 2024. On the flip side, Trump’s campaign proposals would significantly accelerate when Social Security is projected to run out of money, a nonpartisan budget group said Monday. The group found that Trump’s agenda would make the government program insolvent in six years, shrinking the current timeline by a third, and expanding Social Security’s cash shortfall by trillions of dollars.

Nike will be the exclusive uniform and apparel provider for the National Basketball Association and Women’s National Basketball Association for another 12 years. The sneaker giant and the leagues announced their renewed partnership on Monday. Nike’s previous contract with the NBA, which started with the 2017-18 season, was reportedly worth $1 billion and its latest contract is “much bigger,” a person familiar with the matter told CNBC. The company’s contract renewal with the NBA comes as new CEO Elliott Hill tries to regain market share and shore up relationships with its 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 up the process to other bidders and is already in talks with several interested companies, a source 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.