Dow's "Santa Claus Rally," Jensen Huang's CES Showcase, Venezuela Effect 1/6/26

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David Faber (1:00)

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

Carl Quintanilla (1:05)

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post Night of the New York Stock Exchange. Futures are mixed but sturdy after Monday's record high for the Dow. Semi is pretty strong coming out of CES. We got some Fed speak. The president huddles with House GOP today on Venezuela. Roadmap begins with the state of stocks as the Dow did hit new record highs.

David Faber (1:26)

Plus, President Trump says US oil companies may get reimbursed for rebuilding Venezuela's infrastructure. And Nvidia CEO Jensen Huang unveiling the company's next generation AI platform. They're making a big push into autonomous driving and physical AI.

Carl Quintanilla (1:42)

To get with the markets this morning, the Dow's new record high sparked by a rally in banks and of course in oil names that all resulted in the best Santa Claus rally for the blue chips in about four years, posting gains through the last five trading days of last year and the first two of this year. But if you look at the S&P Jim, Santa was red for the third straight year.

Jim Cramer (2:03)

Right. I mean look, we've got, yesterday, look, I'm gonna just say good things about him. He was led by the banks and I always liked that when the banks lead things. But yeah, it was very spotty. I mean, if you looked at your portfolio, if you ever personally look at the portfolio, you would say, jeez, I don't know what, people aren't making a lot of money. Maybe someone's making a lot of money and it's very concentrated. It was not in a lot of the typical tech names. Some of these scattered industrials do really well.

Carl Quintanilla (2:28)

I know you mentioned the MR in Dover this morning.

Jim Cramer (2:31)

I got to tell you this, Caterpillar is incredible because the more you dig into it, the more you say even Nvidia recognizes the role of Caterpillar. That company is so pivoted. David, there's companies that we remember. That company is in 56 I remember Goldman Town created it before it was 100 What happened is that you had just a, Jim Elfby came in and said, we're done. We're done with this episodic. We're done with the idea of China was it good, was it bad. What we're going to do is return money to shareholders. We're going to grow the business. We're going to go to all new areas because he was from solar and it worked.

David Faber (3:07)

It worked. It worked. I mean, I can't say there was certainty on their part that they would suddenly become a key data center play and be wrapped up in the whole AI trade. Can you, Jim? I mean, sometimes it's also good to get to be, you know, you got to have some luck.

Jim Cramer (3:22)

It's better to be lucky than good. And by the way, you know what we would say? It's better to be lucky than good. But I did think that his idea of making it so it was a secular grower, that was something he said day one. I remember when I met him at lunch, he said, I said, I don't think you can do that. And he just said, well, you know what, there are a lot of dollars. He didn't say, like, just watch me. It wasn't like that. It was not boisterous. He said, I have to do it. We have to end this stuff. And he pulled it off.