CNBC Business News Update - Market Open: Stocks Open Mixed, Wall Street Awaits Santa Claus, Nordstrom and Lexmark Go Private In Separate Deals

Episode Date: December 23, 2024

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. If a Santa Claus rally is to emerge on Wall Street before year-end, it's not quite happening just yet. Stocks have opened mixed following two straight losing weeks for the Dow and S&P 500. The Nasdaq is the only one of the major averages still higher for December. The Dow down 69 points at 42,771. The S&P 500, though, going positive, up 12 points or two-tenths of a percent. The Nasdaq, a half percent higher. Stephanie Link, chief investment strategist at Hightower, weighs in on whether Santa Claus will show up on Wall Street. I want to keep it into perspective.

We were up 26 percent last year, 24 percent this year. I actually think we could rally into the end of the year. And I think the winners are going to continue to win into the end of the year because you have portfolio managers that are underperforming their benchmarks and they're going to just try to catch up. And I think the losers probably continue to lose too on tax loss harvesting. Retailer Nordstrom has agreed to be taken private in a $6.25 billion deal. It will be bought by members of the Nordstrom family and a Mexican retail group. Another deal will see office equipment maker Xerox buy printer and printer

software company Lexmark for $1.5 billion. Lexmark was spun out of IBM back in 1991, most recently owned by a group of China-based investors. One economic number on the agenda this morning. The conference board will issue its December read on consumer confidence shortly. It's expected to show a slight rise from November. Automakers Honda and Nissan have signed a memorandum of understanding, which will set a goal of concluding merger talks by June and then setting up a joint holding company. Peter Schach now, CNBC. Experience the power of CNBC Pro. Track your portfolio from every angle on one optimized platform. Become a smarter investor with the power of CNBC Pro. Go to CNBC.com slash get pro now.