5 things to know before the stock market opens Tuesday, October 31

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

Stocks came roaring back Monday in a stunning reversal from last week’s misery. The Dow surged over 500 points for its best day since June, while the S&P 500 ended the day outside of correction territory after falling into it last week. The market faces big tests this week, though, between the Federal Reserve’s rate decision Wednesday (likely to hold steady), big earnings reports like Apple’s on Thursday, and the October nonfarm payrolls report Friday. Futures were higher Halloween morning. Follow live market updates.

And just like that, General Motors and Stellantis reached deals to stop strikes at their factilities. Not long after the United Auto Workers expanded their strike to another GM plant, the automaker and the union reached a tentative agreement, effectively ending the six-week strikes that shook the industry in the U.S. Meanwhile, Stellantis struck a deal with Canadian union Unifor just hours after the company’s workers went on strike in the Great White North. Now that the labor standoff is essentially over, it’s up to the companies – and Wall Street – to figure out the longer term impact. CNBC’s Michael Wayland takes an early look at the winners and losers.

While America’s legacy automakers have their own issues, Elon Musk’s EV behemoth Tesla is stuck in a ditch, as well. After a rough Monday, Tesla’s stock is down about 18% since the company’s third quarter earnings report earlier this month. Then, investors sold off because Musk warned that high interest rates were pressuring the company to keep prices lower. On Monday, though, Tesla shares slid after supplier Panasonic said it had reduced battery production in Japan, giving more credence to growing concerns about diminishing demand for EVs.

McDonald’s will join Chipotle in raising prices in California as the minimum wage for fast-food workers in the state rises to $20 an hour. “There will certainly be a hit in the short term to franchisee cash flow in California,” McDonald’s CEO Chris Kempczinski said after the company reported earnings Monday. It’s not clear how much McDonald’s will raise prices, though, and Kempczinski said it will also cut costs. Chipotle, which has already raised prices four times since June 2021, has similar plans, although things can change. In California, the company said it could hike prices by a “mid-to-high single-digit” percentage.

Social media company Pinterest is set to rip higher Tuesday after it posted big beats on the top and bottom lines. Drilling down, the numbers in the earnings report yielded more positive surprises for Pinterest investors. Global monthly average users increased during the third quarter, putting the figure well above Wall Street’s expectations. Average revenue per user also came in a bit higher than estimates. The company’s revenue outlook for the current quarter also came in rosier-than-expected. Pinterest shares were up more than 15% in premarket trading.

– CNBC’s Hakyung Kim, Michael Wayland, Lora Kolodny, Amelia Lucas and Jonathan Vanian contributed to this report.

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