5 things to know before the stock market opens Friday, December 1

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

Stocks enter the final month of the year Friday with some decent momentum at their backs. The Dow Jones Industrial Average on Thursday gained 1.47%, or more than 500 points, notching a new high for the year. The S&P 500 added 0.4% during the session, and the Nasdaq Composite, while lower on the day, outperformed the other major averages for the month, advancing more than 10% in November. The Dow and S&P each gained nearly 9% for the month. Heading into December, the Dow is up 8.5% year to date, the S&P 500 is up nearly 19% and the Nasdaq is up more than 35%. Follow live market updates.

Pfizer is discontinuing a version of its experimental oral weight loss drug that’s taken twice a day after high rates of adverse effects in a mid-stage clinical trial. The reported side effects were mostly mild and gastrointestinal but caused an unusually high percentage of participants to stop taking the drug during the trial. Pfizer will still carry forward a study of a once-a-day version of the drug, planning to release data on that pill’s efficacy and tolerability in the first half of 2024. Pfizer said those results will “inform a path forward” in the competitive weight loss market.

Nelson Peltz’s Trian Partners is launching another proxy battle for seats on Disney’s board. The firm said Thursday it owns about $3 billion in Disney stock and is (still) dissatisfied with the corporate governance. Peltz previously sought a board seat, citing concerns over succession and shareholder returns, but dropped his battle after on-again Disney CEO Bob Iger restructured the business. Now Peltz is back, again raising concerns about shareholder value and saying Trian “intends to take our case for change directly to shareholders.” Disney chalks the proxy battle up to a personal grudge held by Peltz ally Ike Perlmutter and said in a statement his “longstanding personal agenda against Disney’s CEO, Robert A. Iger … may be different than that of all other shareholders.”

A weeklong truce between Israel and Hamas expired Friday morning, and combat has resumed. The Israeli Defense Forces said early morning local time that they had fired against Hamas in Gaza after what they claimed was a launch attempt against Israel. The pause in fighting was originally intended to last four days but was extended to allow for more humanitarian efforts in Gaza and the release of hostages and prisoners. As of Friday, 110 hostages taken by Hamas on Oct. 7, as well as 240 Palestinian prisoners held in Israeli prisons, had been released.

Elon Musk on Thursday revealed the pricing and performance specifications of the long-hyped Tesla Cybertruck. Musk touted the durability of the futuristic-looking pickup truck, complete with bullet-proof bodywork, along with its towing capabilities and 0-60 acceleration. “We have a car here that experts said was impossible, that experts said would never be made,” Musk said during a reveal event in Austin, Texas. “I think it’s our best product. I think it’s the most unique thing on the road.” The base model comes with 250 miles of estimated battery range and starts at $60,990, according to the electric automaker’s website. An all-wheel drive version with 340-mile battery range will start at $79,990, and a “Cyberbeast” model with 320 miles of range and 845 horsepower will start at $99,990.

— CNBC’s Pia Singh, Annika Kim Constantino, Lisa Kailai Han, Mike Calia, Drew Richardson, Natasha Turak and Lora Kolodny contributed to this report.

— Follow broader market action like a pro on CNBC Pro.