6-Week Win Streak, Deals in Focus, Top 2024 Airline Pick 12/11/23

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Jim Cramer (0:30)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (0:37)

Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber, Sara Eisen at Post 9 of the New York Stock Exchange. Cramer has the morning off. Bulls trying to extend this six-week, 12% rally that's taken the S&P to a 52-week high. Futures choppy though as yields are up to about a one-week high ahead of CPI and the Fed on Wednesday. Our roadmap begins with the six-week rally. S&P coming off its highest close since March of 22

The stock set for a muted open.

David Faber (1:02)

Plus, we got deals in focus this Monday morning. Macy's getting a nearly $6 billion buyout offer. Cigna abandons its pursuit of Humana. And Oxy, it expands in the Permian Basin.

Sara Eisen (1:14)

And Apple's bullish call. Why one analyst expects it to be the first trillion-dollar company next year.

Carl Quintanilla (1:21)

You might have noticed our screen looks a bit different today. It's all part of a new look for CNBC that we're pretty excited about.

Over time, we do hope it'll make it easier for you to understand the market and the stories that we bring to you. We're gonna run through a few examples, guys, of different looks, different charts, the way information is telegraphed differently. Ticker's a little bit different as well.

Sara Eisen (1:40)

Very clean. Very clean and easy to understand.

Jim Cramer (1:44)

Yeah.

Sara Eisen (1:45)

Whoa. With some fun music.

David Faber (1:48)

Mm, I like that. You know, people often times can be somewhat resistant to change.

Sara Eisen (1:53)

Not us.

David Faber (1:53)

So just give us a chance, give us a chance. Give it all a chance. I kind of like it initially. And I'm sure it'll grow on me.

Sara Eisen (2:00)

Let's do dollar yen. Can we get a dollar yen in the new look? The most important chart of the day.

It's up today. The dollar is strong, the yen is weak. After some Bank of Japan rumors that they might not get out of negative rates forever.

David Faber (2:13)

I think that's a...

Sara Eisen (2:15)

It's the first place I look in the morning.

David Faber (2:16)

That's where we should be leading the show today. Sure, dollar yen, why not?

Sara Eisen (2:20)

They said pick a chart, any chart, to see it in the new look, so I picked my favorite chart.

David Faber (2:23)

Got it. All right, well, I'll pick the Faber Report then, cause that's my favorite. I'm gonna have one later today, so we can do it again, but I wanna get a look at it.

Oh!

Sara Eisen (2:33)

Looks great. Is that a new picture of you?

David Faber (2:36)

I guess so.

That's a new picture. It's updated. Yes, old. How about that? Is that what you were thinking?

Sara Eisen (2:43)

No, I was thinking handsome.

David Faber (2:45)

Uh-huh, handsome. I don't know about that.

Sara Eisen (2:47)

It's serious.

David Faber (2:47)

All right, thanks guys. I like that.

Sara Eisen (2:49)

Can't wait for that to happen in real time. Let's turn to the broader markets.

Now, as the major indices ride the six week wind streak, you know, it's been amazing to see the strength in stocks overall. We had a new high for the year on Friday or closed at a new high for the year for the S&P 500 We're now what, 4%, 4.3% from an all time high that was reached back in January 3rd, 2022, Carl. And the question I think people are asking is, we've got a lot of macro events this week. Can we continue to climb through year end and into 2024? We've got central bank meetings, Galore, we have the Fed, we have the ECB, we have the Bank of England, we have Norway, we have Mexico, we have Brazil, which has been cutting rates. And then of course we have some supply. We're still watching this treasury supply in the next day, today and tomorrow. We're gonna auction off some 10 year and 30 year bonds, which people are watching. The last 30 year was not that great.