Here are five key things investors should know to start the trading day:
1. The winning streak ends
Stock futures fell on Tuesday morning Dow Jones Industrial Average It snapped its three-day winning streak on Monday by falling more than 344 points, or 0.8%. The S&P 500 It fell 0.2% during Monday’s trading session Nasdaq Composite Added close to 0.3%. Wall Street will continue to focus on the third-quarter earnings season, as about 14% of companies in the broad index have reported results, with more than 7 in 10 earning estimates, according to FactSet. Follow live market updates.
2. GM is crushing income
A view of the main entrance of General Motors’ pickup truck plant as workers vote to elect a new union under labor reforms based on a new trade deal with Canada and the United States, on February 1, 2022, in Silao, Mexico.
Sergio Maldonado | Reuters
General Motors It raised guidance targets for 2024 after easily beating 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 a survey of LSEG analysts. Revenue was $48.76 billion and beat the consensus estimate of $44.59 billion, offset by strong price losses in China and higher year-over-year labor and warranty costs. GM now expects full-year adjusted earnings before interest and earnings of $14 billion to $15 billion, or $10 and $10.50 a share, down from its previous estimate of $13 billion to $15 billion, or $9.50 and $10.50. It’s the third time this year that GM has updated its guidance, beating Wall Street’s top and bottom line expectations.
3. Disney Leadership Programs
The Disney logo is seen on July 13, 2024 in New York City, USA. (Image by Jakub Borzicki/NurPhoto via Getty Images)
NoorPhoto | NoorPhoto | Good pictures
Disney On Monday, James Corman announced that he will replace Mark Parker as the company’s next chairman, 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 to early 2026 will give the board more time to conduct due diligence on internal and external candidates. , said those in the know. Gorman joined Disney’s board a year ago and was named chairman of the succession planning committee in August. He already had experience in succession planning, as former Morgan Stanley CEO Ted Pick oversaw the process to succeed him earlier this year.
4. Trump’s tax reform
Republican presidential candidate and former U.S. President Donald Trump attends a “Building America’s Future” roundtable in Auburn Hills, Michigan, U.S., on October 18, 2024.
Brian Snyder | Reuters
5. Nike’s Ring Dream
People wearing protective masks walk past a closed Nike store on 5th Avenue during the Covid-19 outbreak in New York City on May 11, 2020.
Mike Fresh | Reuters
Nike It will also be the exclusive uniform and apparel supplier for the National Basketball Association and the Women’s National Basketball Association for another 12 years. The sneaker giant and the leagues announced their renewed partnership on Monday. Nike’s previous deal with the NBA, which began in the 2017-18 season, was worth $1 billion, and its latest deal is “huge,” 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 improve relationships with its key partnerships, including as the official uniform supplier for the National Football League and Major League Baseball. Nike’s contract with the NFL expires after the 2027 season, but the league has opened 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 Sun, Rebecca Picciotto, Kevin Breuninger, Lori Konish, Jessica Golden and Gabrielle Fonrouge contributed to this report.
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