5 things to know before the stock market opens Tuesday, December 6

A trader works on the floor of the New York Stock Exchange (NYSE), December 5, 2022.

Brendan McDermid | Reuters

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

1. Rough start

2. Salesforce slumps

Bret Taylor, co-chief executive officer of Salesforce.com Inc., right, and Marc Benioff, co-chief executive officer of Salesforce.com Inc., wear rabbit ears during a keynote at the 2022 Dreamforce conference in San Francisco, California, on Tuesday, Sept. 20, 2022.

Marlena Sloss | Bloomberg | Getty Images

The executive exodus at Salesforce isn’t doing any favors for the cloud software giant’s stock. On Monday, the company said Stewart Butterfield, the CEO of its Slack workplace messaging business, is leaving, days after Salesforce co-CEO Bret Taylor said he would be departing the company soon. The moves, including other recent executive departures, have weighed on Salesforce’s shares, which are down 47% this year, worse than the Nasdaq’s 28% decline. Making matters worse, the company last week posted its weakest quarterly revenue growth in 18 years while opting not to offer guidance for the next year, which it usually does.

3. Most Ford dealers sign up for EV plan

Ford Motor Company’s electric F-150 Lightning on the production line at their Rouge Electric Vehicle Center in Dearborn, Michigan on September 8, 2022.

Jeff Kowalsky | AFP | Getty Images

Ford, which is now a distant no. 2 behind Tesla in the U.S. electric vehicle market, is getting support from most of its dealers as it invests more aggressively in EVs. CEO Jim Farley said Monday that 65% of the company’s approximately 3,000 dealers in the U.S. have agreed to sell EVs under Ford’s “EV certified” programs. Ford is taking a different tack from General Motors, which is requiring dealers to sell EVs if they want to continue selling that company’s vehicles. “We think that the EV adoption in the U.S. will take time, so we wanted to give dealers a chance to come back,” Farley said. Dealers that opt out of the Ford EV program now will have another chance to sign up in 2027.

4. Biden touts Arizona chip investment

U.S. President Joe Biden speaks prior to signing railroad legislation into law, providing a resoluton to avert a nationwide rail shutdown, during a signing ceremony in the Roosevelt Room at the White House in Washington, U.S., December 2, 2022. 

Kevin Lamarque | Reuters

Taiwan Semiconductor Manufacturing Co. on Tuesday will unveil plans to increase its investment in Arizona from $12 billion to $40 billion, as the company plans to open another chip plant in the politically pivotal state. President Joe Biden is set to join TSMC founder Morris Chang in a visit Tuesday to the company’s Phoenix plant, which is expected to start producing chips by 2024. Biden has been pressing for improvements to the chip supply chain as industries from autos to computing have struggled with an overdependence on Chinese suppliers. Apple CEO Tim Cook is also expected to join Biden and Chang.

5. Russia ratchets up missile attacks

A building burns after shelling in Bakhmut, Donetsk region, on December 4, 2022, amid Russia’s invasion of Ukraine.

Yevhen Titov | Afp | Getty Images

And one more thing …

Actress Kirstie Alley

Noam Galai | Wireimage | Getty Images

Rest in peace, Kirstie Alley. The Emmy-winning star of “Cheers,” “Look Who’s Talking” and “Star Trek II: The Wrath of Khan” died Monday at age 71 after suffering from cancer. “As iconic as she was on screen, she was an even more amazing mother and grandmother,” her children said.

– CNBC’s Alex Harring, Ari Levy, Jordan Novet, Michael Wayland, Emma Kinery and Holly Ellyatt contributed to this report.

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