Usually this means one of the pulleys is locked up. The belt winds around multiple pulleys, when one locks up it doesn't rotate and the friction is burning away the belt, giving you the smoking and squealing.
Change the belt
Check you serpentine drive belt and pulleys.
serpentine belt loose
Water from the road has splashed up into the engine serpentine belt causing belt slippage that makes a squealing noise. The sqealing is one of your engine assessories that use the serpentine belt to drive it.
it could be a serpentine belt or accessory belt.
Worn serpentine belt and/or belt tensioner.
Either it's too loose or you need a new belt.
sounds like you need to replace the serpentine belt
Possibly the wrong belt was installed or most likely your belt tensioner is bad.
Your serpentine belt is loose or worn.
It Could Be Your Serpentine Belt too tight or not tight enough.
Could also be the belt tensioner ...