Another Christmas is planned, but investors will still be watching to see if Kris Kringle will come to Wall Street. “Santa’s Rally” refers to the last five trading days of the year and the first two of the new year. Traditionally, these are good days for stocks: Since 1969, the S&P 500 has gained 1.3% on average during this period. The S&P 500 maintains some momentum during the shortened trading week, coming into Tuesday’s session within striking distance of record highs. And the three mid-majors just snapped an eight-week winning streak. Follow live market updates.
Consumers shop at a retail chain store in Rosemead, California on December 12, 2023.
Frederick J. Brown | AFP | Getty Images
It’s a question that turns heads: Why do so many Americans feel bad about an economy that is otherwise considered strong? Consumer discontent comes even as the country experiences a strong job market, higher average hourly wages, appreciating home values, resilient consumer spending and a rebound in the stock market. Economists are still searching for answers, but some suggest it could be due to social media talk or even just pain at the grocery store. “People are still angry about the inflation we’ve seen in 2021 and, especially, 2022,” said Karen Dynan, a Harvard professor and former chief economist at the U.S. Treasury Department. “There’s something about the importance of…the lunch bill you see every day that maybe resonates in your brain, compared to the pay raise you get once a year.”
Brenda Wilkerson, CEO of AnitaB.org, speaks on a panel with Dr. Jackie Bouvier Copeland at the 2019 Grace Hopper Conference.
Tech companies like Google and Meta have scaled back their diversity, equity and inclusion programs this year after promoting such initiatives in the recent past. Some companies have laid off DEI staff and leaders from various employee resource groups, cut learning and development programs, and cut budgets for external DEI groups by up to 90% in 2023, sources told Jennifer CNBC’s Elias. The companies had pledged millions of dollars to improve diversity in their ranks and support outside groups following the killing of George Floyd at the hands of Minneapolis police in 2020. But by mid-2023, the job site Indeed said DEI-related job postings were down 44.% compared to the same period a year ago.
Farmers plant spring onions in a field in Nong Nok Kaeo, Kanchanaburi, Thailand, Thursday, October 19, 2023.
Bloomberg | Bloomberg | Getty Images
Certain raw materials, particularly the sweetest, exposed to the El Niño phenomenon, could be even more expensive in the months to come. Futures for orange juice, cocoa, coffee and sugar soared in part because of extreme weather and weather-related supply issues. It is a natural climatic phenomenon that occurs when sea temperatures in the eastern Pacific rise by 0.5 degrees Celsius above the long-term average, and can often cause an increased number of storms and droughts. Agribusiness bank Rabobank said it would likely hit major sugar exporting countries such as Thailand, India and Australia particularly hard, but the impact usually takes time to spread across the world.
Source: Warner Bros. | DC Comics
Is DC Studios losing its crown? The latest superhero film, “Aquaman and the Lost Kingdom,” had the fourth-lowest opening in DC Extended Universe franchise history. The film grossed $28.1 million domestically when it was expected to gross between $32 and $42 million. That’s less than half of the $67.8 million the “Aquaman” movie made in its opening weekend in 2018. It will also likely be Jason Momoa’s final journey as the titular aquatic hero after Warner Bros. Discovery announced earlier this year that the entire franchise would be rebooted. in 2025 by the new leaders of DC Studios.
— CNBC’s Sarah Min, Fred Imbert, Alex Harring, Jennifer Elias, Sam Meredith and Sarah Whitten contributed to this report.
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