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Squawk on the Street

American Airlines Grounded, Big Banks Sue the Fed, Steel Deal in Biden's Hands 12/24/24

Squawk on the Street

CNBC

News, Investing, Business

4.1567 Ratings

🗓️ 24 December 2024

⏱️ 42 minutes

🧾️ Download transcript

Summary

Sara Eisen and Scott Wapner led off the show with a Christmas Eve travel nightmare for American Airlines and holiday travelers. The carrier halted its flights for more than an hour due to a technical outage before resuming them. Sara broke news about big banks suing the Federal Reserve over stress tests. Also in focus: A deadlocked government panel leaves the fate of the Nippon Steel-U.S. Steel deal in President Biden's hands, Apple's march toward a $4 trillion valuation, the Santa Claus rally, Netflix's NFL Christmas. Squawk on the Street Disclaimer

Transcript

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0:00.0

Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

0:05.9

Good Tuesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Squat Wapner here at Post 9 of the New York Stock Exchange. Carl Jim and David have the morning off.

0:13.7

We've got an abbreviated session this Christmas Eve. The stock market will close at 1 p.m. Eastern time.

0:20.1

So an early close. Bond market closes an hour later.

0:23.6

And remember, the market's closed tomorrow, resumes full day trading Thursday and Friday.

0:28.2

Take a look at futures as we head into. Now what is technically the Santa Claus rally period.

0:33.5

Five final trading days of the year. We've got Dow Futures down about 34 points. NASDAQ futures

0:38.8

pointed up, 62, and S&P futures higher as well. Our roadmap begins with some news that we broke here

0:45.5

first. Big Banks officially filing a lawsuit against the Federal Reserve over stress tests.

0:51.1

We've got all the details. Also ahead, holiday stress from American Airlines and its passengers today.

0:56.1

The carrier halting all flights due to a technical issue.

0:59.1

It has since ended that ground stop, though.

1:01.8

Plus, a government panel deadlocked on the Nippon Steel-U.S. Steel merger.

1:05.9

The deal's fate now left up to President Biden.

1:09.0

We'll begin with holiday travel headaches for American airlines and passengers.

1:13.9

Earlier this morning, the carrier suffering a technical outage that resulted in a nationwide ground stop.

1:19.5

Lasted about an hour, was lifted around 8 a.m. Eastern when the airline began boarding flights.

1:26.1

I can't think of a worse day for this to happen.

1:28.9

We don't really know what the issue was yet, do we?

1:31.0

That was a technical issue of some kind.

1:34.2

And hopefully the flights are going to get back to normal in some reasonable order.

1:39.0

Although, you know, big cities around the country, like here in New York, it is snowing this morning,

...

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