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 Wednesday morning. Welcome to Squawk on the Street.

I am Sarah Eisen with Scott Wapner, live from Post 9 of the New York Stock Exchange.

Carl Jim and David have the morning off.

Take a look at futures, improving throughout the morning.

Getting a higher start, at least,

if you look at S&P and NASDAQ futures, both pointing higher, Dow futures unchanged. Our roadmap

begins with the stock market momentum on Wall Street. The S&P 500 within half a percent of a record

closing high. Also ahead, Tesla joining the December rally.

The stock doubling year-to-date ahead of the company's quarterly deliveries report.

Plus, the latest on Houthi rebels attacking vessels in the Red Sea.

One shipping giant says it will continue to avoid the area.

We'll begin, though, with the markets chasing history here.

Scott, we know the level to watch now.

4796. And change. We're getting closer. Getting closer. But interestingly, this rally, which yesterday, it started on our show and really picked up steam throughout the day into the closing bell, being led by the Russell 2000 index of small caps. And I think it's hard to ignore the one and a half percent move that you've seen there.

Wondering if the Russell's going to break out, we're at a 20-month high.

It's been in this sort of stuck narrow range underperforming the rest of the market.

As the market picks up steam, it broadens out into small caps.

I think just since this really rally got going in the last days of October

into the very first days of November, the rustles up like 23, 24 percent over that period of time.

So it's gone from nowhere to everywhere, really, really quick. You have people like Tom Lee suggesting

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