Crude Prices Hold Steady, Passenger Plane Crashes in South Korea 12/30/24

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Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

David Faber (1:06)

Good morning and welcome to Squawk on the Street. I'm David Faber with Mike Santoli and Leslie Picker. We're at Post 9 on the New York Stock Exchange. Of course, Carl and Jim have the morning off. Let's give you a look at futures as we get ready for the penultimate day of trading ahead. Thank you. Penultimate day of trading ahead. All right. Our roadmap begins with that fact. In fact, those two days left in the trading year, Big Tech coming off a rough day last week. A number of sectors as well under pressure this month.

Mike Santoli (1:35)

Shares of Boeing are down after South Korea ordered an inspection of all 737-800 planes. That's the model involved in that deadly crash over the weekend.

Leslie Picker (1:45)

And remembering the life and legacy of former president Jimmy Carter, who passed away last night. And that's where we begin. Former president Jimmy Carter has died at his home in Plains, Georgia. Carter was 100 years old. He was the 39th president serving in the White House from 1977 to 1981 Carter was awarded a Nobel Peace Prize in 2002 for undertaking peace negotiations, campaigning for human rights and working for social welfare. Carter's death begins a series of memorial services that will take place in his hometown of Plains, Georgia, in Atlanta, home to his presidential library, then to Washington, where he will lie in state at the Capitol. President Biden declaring January 9th as a national day of mourning. The NYSC and NASDAQ are both set to hold moments of silence minutes from now to honor Carter's legacy.

Mike Santoli (2:36)

Remarkable to live 40 plus years as a former president, and there's a lot of assessments going on, you know, of his life. You know, just in terms of kind of, you know, even though it was considered to be a very dark economic moment when he left, Wall Street relevant stuff, he appointed Paul Volcker.

David Faber (2:53)

And towards the end of his term, of course, after 78, very significant inflation under Miller prior to that.

Mike Santoli (2:59)

And, you know, and then even though it's not really kind of like a top line priority or considered to be one of his policy pushes deregulation started under Carter of the airline industry, energy, communication. So obviously that's just the real narrow window in terms of Wall Street investing and how that kind of set the scene for what would happen in the 80s in a way.

Leslie Picker (3:21)

Yeah. And obviously there are a lot of people who look at today's market and take some lessons learned during that period and the risk of stagflation, how to avoid that, the risk of lines at the gas station, how to avoid that. And of course, geopolitics as well. You can kind of harken back to a lot of important aspects of that period.

David Faber (3:41)

Yeah. Well, fortunately, the Mideast today, he did negotiate that piece, of course, between Egypt and Israel, which still is in place despite all of the tumult there. And of course, it was the years after, as Mike said, his presidency in many ways that Jimmy Carter gets the most praise for a great humanitarian. All right. Let's turn back to the markets, of course, what you all care about as we get ready for the penultimate day of trading. Under pressure this morning seemed to be stocks, as you can see, where we stand on the futures. Mike, these last few days, few weeks, really, the equal-weighted S&P is down 6% for the month, and we've seen the resurgence of Mag-7. Nothing's surging today so far, but that has been an interesting dynamic to see as this year ends.