Another Christmas is just around the corner, but investors will continue to watch to see if Kris Kringle comes to Wall Street. The “Santa Claus Rally” refers to the last five trading days of the year and the first two of the new year. These have traditionally been good days for stocks – since 1969, the S&P 500 has gained an average of 1.3% during this period. The S&P 500 is bringing some momentum to the shortened trading week and is within striking distance of record levels in Tuesday's session. And all three major averages just snapped eight-week winning streaks. Follow live market updates.
Consumers shop at a retail chain in Rosemead, California, on December 12, 2023.
Frederic J. Brown | AFP | Getty Images
It's a head-spinning question: Why do so many Americans feel bad about an economy that's otherwise considered strong? Consumer dissatisfaction comes at a time when the country is experiencing a solid labor market, higher average hourly wages, rising property values, robust consumer spending and a recovery in the stock market. Economists are still searching for answers, but some suspect it could be social media discourse or just the pain in the supermarket. “People are still angry about the inflation we saw in 2021 and especially in 2022,” said Karen Dynan, a Harvard professor and former chief economist at the U.S. Treasury. “There's something about the significance of … the lunch bill you see every day that maybe resonates in your brain compared to the raise you get once a year.”
Brenda Wilkerson, CEO of AnitaB.org, speaks on a panel discussion with Dr. Jackie Bouvier Copeland at the 2019 Grace Hopper Conference.
Tech companies like Google and Meta have made cuts to their diversity, equity and inclusion programs this year after promoting such initiatives in the recent past. Some companies have laid off DEI staff and heads of various employee resource groups, downsized learning and development programs and cut budgets for external DEI groups by up to 90% in 2023, sources told CNBC's Jennifer Elias. After the killing of George Floyd by Minneapolis police in 2020, companies pledged millions of dollars to improve diversity within their ranks and support outside groups. But by mid-2023, job site Indeed said DEI-related job postings had declined 44% compared to the same time last year.
Farmers plant spring onions in a field in Nong Nok Kaeo, Kanchanaburi, Thailand on Thursday, October 19, 2023.
Bloomberg | Bloomberg | Getty Images
Some commodities – particularly sweet ones – exposed to El Niño could become even more expensive in the coming months. Futures contracts for orange juice, cocoa, coffee and sugar have soared in part due to extreme weather conditions and weather-related supply concerns. It is a naturally occurring climate pattern that occurs when ocean temperatures in the Eastern Pacific rise 0.5 degrees Celsius above the long-term average and can often be the cause of more storms and droughts. Agricultural bank Rabobank said the crisis was likely to hit particularly hard on large sugar-exporting countries such as Thailand, India and Australia, but it typically takes time for the impact to spread around the world.
Aquaman
Source: Warner Bros. | DC comics
Is DC Studios losing its crown? The latest superhero film, Aquaman and the Lost Kingdom, had the fourth-worst opening in the history of the DC Extended Universe franchise. The film grossed $28.1 million domestically, after expectations for a gross of between $32 million and $42 million. That's less than half of the $67.8 million that the film “Aquaman” grossed in its opening weekend in 2018. It is also likely to be Jason Momoa's final outing as the titular aquatic hero, after Warner Bros. Discovery announced earlier this year that the entire series would be rebooted in 2025 by the new heads of DC Studios.
— CNBC's Sarah Min, Fred Imbert, Alex Harring, Jennifer Elias, Sam Meredith and Sarah Whitten contributed to this report.
— Follow general market action like a pro on CNBC Pro.