Santa Claus Rally, Nygren on Markets and WBD, Holiday Retail Homestretch 12/24/25

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 24 December 2025

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

On the final trading day before Christmas, Carl Quintanilla and Melissa Lee explored Wall Street hopes for a "Santa Claus rally" one day after the S&P 500 hit a new record high. Oakmark Funds' Bill Nygren shared his outlook for the markets, as well as his take on the battle for Warner Bros. Discovery. Harris Oakmark is WBD's fifth-largest shareholder. Retail veteran Jan Kniffen offered his perspective on stores and the consumer as the holiday shopping season hits the homestretch. Also in focus: Nike shares rise thanks to Apple CEO Tim Cook, the Nvidia connection to Intel shares falling, the financial sector's rally to all-time highs, President Trump expects rate cuts from a new Fed chair, gold's record run, what crypto and a dive bar have in common. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.
0:04.7	Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Melissa Lee here at post-9 of the New York Stock Exchange. Kramer in favor have the morning off. Coming off Tuesday's record close, it's Christmas Eve, of course, shortened session for stocks. market closes at one Eastern bonds an hour later.
0:22.6	Plenty to work with though if you haven't checked out already, news on Novo, Nike, Tesla, Costco. Jobless claims do come in light, 214K. Our roadmap begins with the state of stocks. Today marks the official start of the so-called Santa Claus rally. Oh, ho, ho, strong growth, but a weak labor market.
0:39.6	We will discuss what is going on with the American economy,
0:42.3	what it means for Fed rate cuts and Intel shares,
0:44.9	as Carla mentioned, sliding on a report,
0:47.1	NVIDIA halted testing of Intel's chip manufacturing process.
0:50.0	We're going to have a little bit more,
0:52.0	but sort of a question mark about that intel story, the turnaround story.
0:57.0	Meantime this morning, covering these state of stocks, as we said, as we await to see
1:00.6	whether Santa does in fact arrive, hopes for a Santa Claus rally, the tendency for markets
1:05.6	to rise in the last trading week of December and the first two trading days of the new year.
1:10.0	We haven't really had one
1:11.1	in the last couple of years. Generally, it portends good outperformance for the entire following year,
1:17.7	but we're certainly going out these last few sessions with VIX no longer able old enough to
1:22.8	drive, low volatility, spreads near record lows. Yeah, the macro backdrop has been good, as we've seen in the data.
1:30.0	So far, we also have, you know, Marvell did a lot to affirm the AI trade, which has really
1:35.9	had been having trouble since the fall or so.
1:38.4	And so with that sort of, you know, the wind that are backs in terms of the AI trade, that
1:43.2	really enables a bull narrative to continue to hold on to the hopes for that Santa Claus rally because we will
1:48.4	have the biggest component in the markets participating in theory thanks to those
1:52.7	reports that we saw earlier this month. And you guys do a great job of sort of establishing the
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