Good Tuesday morning. Welcome to another hour of squawk on the street. I'm David Faber with Mike Santoli and Leslie Picker. We're live from Post-Land at the New York Stock Exchange. Carl and Sarah have the morning off. Let's give you a quick look at the markets and treasuries, of course, a half hour into trading. You can see the S&P is up about a quarter of 1%. And the 10-year hanging right around that 4.5% yield. Leslie.

Not bad for the final trading day of the year, and we are 30 minutes into that trading session.

Here are some big movers. We are watching today. More volatility and shares of Bitcoin proxy micro strategy down more than 10% over the last week, despite this morning's gains up about 1.8% currently.

And shares of Fannie Mae and Freddie Mac were surging overnight down a little bit now,

investor Bill Ackman writing a lengthy social media post about the names saying he expects President

elect Trump to remove Fannie and Freddie from conservatorship, potentially making them private

companies again.

Ackman arguing the move should generate more than $300 billion in additional profits for the federal government

and remove $8 trillion in liabilities from the government's balance sheets.

And keep an eye on big tech, all of the Magna 7 in the red over the last week, Tesla, Amazon and Microsoft,

the biggest laggards down 3% or more, although they

did comprise about 53% of the total return of the S&P in 2024.

Almost all of it built up by mid-July.

And since that point, they've been, you know, indifferent, I think.

Some of MET has done well. Amazon's done well since then, Apple, of course. But in general, it was really the first half of the year was very concentrated. Second half, a little bit less so. I also point out, I mentioned earlier, you know, last day of the year, you got this, people trying to get ahead of this reversal trade, laggards into leaders. Right.

You actually have very strong breath today, even though the S&P is only up about two-tenths to one percent. So the recent leaders, the big gap names in the index are taking a bit of a rest on a balance. And, you know, it's a little bit of just sort of, you know, gamesmanship and mechanics around the end of the year. Well, Mike, as we sort of end the year and think about next year, which begins on Thursday,

and I'll be. you know, gamesmanship and mechanics around the end of the year. Well, Mike, as we as we sort of

end the year and think about next year, which begins on Thursday, and I'll be here, uh, what mechanics do we want to be thinking about early in the year? Same kind of thing in terms of the laggard starting to at least outperform for a brief period of time. Maybe for a try for sure. I do think the fact that we have had a lot of below the surface selling and a lot of you know stocks looking like

they've already kind of period of time? Maybe for a try for sure. I do think the fact that we have had a lot of below the

surface selling and a lot of, you know, stocks looking like they've already kind of taken their

medicine for a little while, might give a decent entry point for the new year flows. I do think

we have been contending with elevated expectations. You mentioned some of the sentiment indicators.

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