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5 things to know before the stock market opens Tuesday

A Bank of America ATM on July 16, 2024 in Austin, Texas. 
Brandon Bell | Getty Images
  • Stock futures were little changed Tuesday as U.S. stocks continued their record climb.
  • Over one month since more than 30,000 Boeing machinists walked off the job after voting down a tentative contract, costs and tensions continue to rise as the two sides remain at an impasse.
  • Nvidia closed at a record high on Monday as investors prepare for earnings season.

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

1. Markets

Stock futures were little changed Tuesday as U.S. stocks continued their record climb. Dow futures were down 24 points, or less than 0.1%, and S&P 500 futures and Nasdaq-100 futures both slipped less than 0.1%  after the Dow Jones Industrial Average closed above 43,000 for the first time on Monday. Investors are sifting through the latest earnings reports from Bank of America, Goldman Sachs and Citigroup, who all reported before the bell Tuesday. Follow live market updates here.

2. Banks earn on

Bank of America beat expectations for third-quarter profit and revenue before the opening bell Tuesday. The bank reported earnings of 81 cents per share compared to 77 cents per share expected by an LSEG survey of analysts. The U.S. bank also saw higher-than-expected revenue, with $25.49 billion in revenue compared to an expected $25.3 billion. Goldman Sachs and Citigroup also beat on the top and bottom lines Tuesday morning, and Morgan Stanley will report its quarterly earnings on Wednesday. JPMorgan Chase and Wells Fargo also posted earnings that topped estimates on Friday.

3. Harris' new proposal

Democratic presidential nominee, Vice President Kamala Harris pauses while speaking during a campaign rally at the Rawhide Event Center on October 10, 2024 in Chandler, Arizona. 
Brandon Bell | Getty Images
Democratic presidential nominee, Vice President Kamala Harris pauses while speaking during a campaign rally at the Rawhide Event Center on October 10, 2024 in Chandler, Arizona. 

Vice President Kamala Harris on Monday announced an "Opportunity Agenda" for Black men. The proposal includes providing 1 million forgivable loans of up to $20,000 to Black entrepreneurs and new pathways to help Black Americans succeed in the legalized marijuana industry. The loans would be financed through partnerships between "mission-driven lenders," community oriented banks and the Small Business Administration, the Democrat's campaign said. Pollsters in late September and early October found that roughly 15% of Black likely voters said they planned to vote for former President Donald Trump in November — 6 percentage points higher than President Joe Biden's final margin against the Republican in 2020.

4. Strike one month in

IAM International president Brian Bryant speaks to workers outside the Boeing Portland Facility on September 19, 2024, in Portland, Oregon. 
Jordan Gale | Afp | Getty Images
IAM International president Brian Bryant speaks to workers outside the Boeing Portland Facility on September 19, 2024, in Portland, Oregon. 

It's been over one month since more than 30,000 Boeing machinists walked off the job after voting down a tentative contract, and costs and tensions continue to rise. The strike, which S&P Global Ratings estimates costs Boeing more than $1 billion a month, bookends an already difficult year that started with a near-catastrophic blowout of a 737 Max door plug. Despite the added pressure on Boeing's new CEO, Kelly Ortberg, the union and company remain in a standstill, and airplane production at factories in the Seattle area and other locations has been idled. Boeing on Thursday said it filed an unfair labor practice charge against the union with the National Labor Relations Board, but union leaders have maintained that Boeing should return to the negotiating table.

5. Nvidia's rise

CFOTO | Future Publishing | Getty Images

Nvidia is now the second-most valuable publicly traded U.S. company with a market cap of $3.4 trillion, just behind Apple at about $3.55 trillion. Shares of the chipmaker closed at a record high on Monday as Wall Street gears up for earnings season and updates from Nvidia's top customers on their planned spending on artificial intelligence infrastructure. The stock climbed 2.4% to close at $138.07, topping its prior high of $135.58 on June 18 and putting shares up almost 180% for the year. Shares of Nvidia's suppliers and other chip companies also jumped as investors excitement spilled over. South Korean chipmaker SK Hynix, which manufacturers high bandwidth memory chips for AI application, saw its shares jump 2.8%.

CNBC's Hugh Son, Annie Nova, Leslie Josephs, Kif Leswig and Anniek Bao contributed to this report.

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