5 things to know before the stock market opens Monday, October 24

Traders on the floor of the NYSE, Oct. 21, 2022.

Source: NYSE

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

1. You want earnings? We’ve got earnings.

2. Xi tightens his grip on China

China’s President Xi Jinping (R) talks to former president Hu Jintao as he is ushered out from the closing ceremony of the 20th Chinese Communist Party’s Congress at the Great Hall of the People in Beijing on Oct. 22, 2022.

Noel Celis | AFP | Getty Images

China’s ruling Communist Party wrapped up its congress this weekend, leaving no doubt about President Xi Jinping’s authority. He is in line for a third term as president and is poised to stay on for longer than that, as the core leadership group around him is now even more stocked with loyalists. The changes also indicate, according to political analysts who study China, that the nation’s government is putting more emphasis on its increasingly fraught relationship with the United States. Then there’s the mystery surrounding Hu Jintao, China’s former leader, who was publicly removed from his seat next to his successor, Xi, and ushered out of the party’s congress on Saturday. As he was pulled away, Hu spoke to Xi, who appeared more focused on the meeting. China has not explained the incident with Hu.

Read more: Shares of major Chinese companies fall after Xi’s power grab

3. UK prime minister race sorts itself out

Conservative leadership candidate Rishi Sunak meets with supporters as he attends a hustings event, part of the Conservative party leadership campaign, in Birmingham, Britain August 23, 2022.

Phil Noble | Reuters

For a minute there, it looked like Boris Johnson might actually come back to 10 Downing Street not two months after he left. His successor, Liz Truss, quit as prime minister in an even more embarrassingly spectacular fashion than Johnson did after his scandal-plagued tenure, and Johnson had suggested before that he could return. But he withdrew from the Conservative leadership race over the weekend, paving the way for Rishi Sunak, his former finance minister, to take the reins. Sunak had finished second to Truss in their race during the summer after pushing back on her economic plans, which called for steep tax cuts. Markets rebelled once her government actually proposed such an economic package as Britain contended with a cost-of-living crisis and high levels of wealth inequality, and Truss retreated. Now investors are looking to Sunak for stability.

4. U.S. slams Russia over ‘dirty bomb’ claims

An electrician works to repair an electricity power line that was damaged from shelling above a former battlefield, amid Russia’s attack on Ukraine, in Kharkiv region, Ukraine, October 21, 2022.

Clodagh Kilcoyne | Reuters

5. ‘Black’ magic at the box office

Dwayne Johnson stars in Warner Bros.’ “Black Adam.”

Warner Bros.

Dwayne “The Rock” Johnson and Warner Bros. conjured quite the spell at the weekend box office. The superhero flick “Black Adam” scored the best opening weekend for any movie since July with a $67 million domestic haul. It’s a relief for movie theaters, which had been craving a big blockbuster-style movie after “Thor: Love and Thunder” and “Top Gun: Maverick” ran their lucrative courses. But the win may be short-lived. Superhero movies tend to have fairly large dropoffs in their second weekends of release, and “Black Adam” still has to recoup a reported $200 million budget. The real test of the box office’s mettle will come Nov. 11, when the hotly anticipated “Black Panther: Wakanda Forever” lands in theaters.

And one more thing …

Bryce Harper #3 of the Philadelphia Phillies celebrates with teammates after defeating the San Diego Padres in game five to win the National League Championship Series at Citizens Bank Park on October 23, 2022 in Philadelphia, Pennsylvania. (Photo by Michael Reaves/Getty Images)

Michael Reaves | Getty Images Sport | Getty Images

The World Series is set. The surprising Philadelphia Phillies, who took out the San Diego Padres in five games, will take on American League juggernaut the Houston Astros, who swept the New York Yankees. Game 1 is scheduled for Friday. While the Astros are the favorites, we here at 5 Things are willing to bet a DiNic’s roast pork sandwich that the Phillies will at least put up a good fight.

– CNBC’s Carmen Reinicke, Evelyn Cheng, Hannah Ward-Glenton, Natasha Turak and Sarah Whitten contributed to this report.

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