Market moving insight and analysis.

Join Jim Kramer, David Faber and me, Carl Cantonia, on the opening bell hour of CNBC Squawk on the Street. Good Tuesday morning and welcome to the final squawk on the street for the year of 2024. I'm David Faber with Mike Santoli and Leslie Picker. We're post line of the New York Stock Exchange. Carl and Jim, they're missing this big day. We have the morning off. Let's give you a look at futures this morning as we get ready for the

final trading day. Did I mention that? I'll mention it again. As you see, reversing things

from a bit from yesterday where at this time, we were down, looking down sharply on the futures,

not the case at this point in the morning. Our roadmap does begin with this final day of trading for 2024.

It has been a record-breaking year.

But the Bulls, as you know, been stumbling to the finish line.

December right now, said to be a losing month.

Plus, Bill Ackman expecting the Trump administration to remove Fannie Mae and Freddie Mac

from conservatorship,

potentially making them private companies again.

And the Treasury Department hacked by China in what it calls a major incident, the fallout ahead.

All right, let's start with the markets course as we wrap up the year.

It would be the best set for a best two years in a row since, let's call it, the late 90s, I guess, Mike. Yeah. You've been talking about that plenty. Of course, as we set up for next year, we've all been asking that question. Can you make it three in a row with these kinds of returns for the broader market for the S&P? I mean, well, in the late 90s, it was the only time it happened, really, is when you had a 20, 25% back-to-back gains, and you actually repeated for a third year. In really four years, I think, straight of 20% plus back then. I mean, I think the big takeaway is this market kind of owes you nothing in terms of historical returns, 25% total returns for current year. By the way, David, you might have been facetious saying that Jim and Carl were missing this today, but this is the most exciting day of the year. It's when the year-to-date charts and the one-year charts are the same. I mean, it's kind of this beautiful synchrony. It's a special day for you, isn't it? I'll be feasting on that all day. Yes, all day.

And long into the evening. Exactly. It'll be dark out here. But three years is the one time

period trailing where the S&P looks like it's got more muted returns. It's 9.1% total return

annualized. Not bad. We had a bare market in between, like a 10-month bare market in

2022. So just because the market has been kind of overachieving in that way, it doesn't in itself

mean, hey, game over. But I think it does mean, and a lot of people have said this, you have to

kind of moderate your expectations in terms of what valuation, expansion can get you from here.

You do.

If the forecast are okay for earnings, it's time.

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