Computers Hacked at Treasury Department, Top Tech Picks for 2025 12/31/24

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Carl Quintanilla (1:02)

Market moving insight and analysis. Join Jim Cramer, David Faber and me, Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street.

David Faber (1:10)

Good Tuesday morning and welcome to the final Squawk on the Street for the year of 2024 I'm David Faber with Mike Santoli and Leslie Picker. We're at post line of the New York Stock Exchange. Carl and Jim, they're missing this big day. We have the morning off. Let's give you a look at futures this morning as we get ready for the final trading day. Did I mention that? I'll mention it again. As you see, reversing things from a bit from yesterday where at this time we were down, looking down sharply on the futures. Not the case at this point in the morning. Our roadmap does begin with this final day of trading for 2024 It has been a record breaking year, but the Bulls, as you know, been stumbling to the finish line. December right now said to be a losing month.

Leslie Picker (1:51)

Plus Bill Ackman expecting the Trump administration to remove Fannie Mae and Freddie Mac from conservatorship, potentially making them private companies again.

Mike Santoli (2:00)

And the Treasury Department hacked by China in what it calls a major incident, the fallout ahead.

David Faber (2:06)

All right, let's start with the markets, of course, as we wrap up the year. Would be the best set for the best two years in a row since, let's call it the late 90s, I guess, Mike.

Mike Santoli (2:17)

Yeah.

David Faber (2:18)

You've been talking about that plenty, of course, as we set up for next year, we've all been asking that question, can you make it three in a row with these kinds of returns? For the broader market, for the S&P.

Mike Santoli (2:27)

I mean, well, in the late 90s, it was the only time it happened, really, is when you had a 20-25% back-to-back gains and you actually repeat it for a third year, in really four years, I think, straight of 20% plus back then. I mean, I think the big takeaway is this market kind of owes you nothing in terms of historical returns, 25% total returns for current year. By the way, David, you might have been facetious saying that Jim and Carl were missing this today, but this is the most exciting day of the year. It's when the year-to-date charts and the one-year charts are the same. I mean, it's kind of this beautiful synchrony.

David Faber (3:00)

It's a special day for you, isn't it?

Mike Santoli (3:01)

I'll be feasting on that all day.

David Faber (3:03)

Yes, all day and long into the evening.

Mike Santoli (3:05)

Exactly, it'll be dark out here. But three years is the one time period trailing where the S&P looks like it's got more muted returns. It's 9.1% total return annualized. Not bad, we had a bear market in between, like a 10-month bear market in 2022 So just because the market has been kind of overachieving in that way, it doesn't in itself mean, hey, game over. But I think it does mean, and a lot of people have said this, you have to kind of moderate your expectations in terms of what valuation expansion can get you from here.