5 things to know before the stock market opens Tuesday, December 26

Here are the most important news items that investors need to start their trading day:

Another Christmas is in the books but investors will still be watching to see if Kris Kringle comes to Wall Street. The “Santa Claus Rally” refers to the final five trading days of the year and the first two of the new year. Traditionally, those have been good days for stocks — since 1969, the S&P 500 has gained 1.3% on average during this period. The S&P 500 is carrying some momentum into the shortened trading week, coming into Tuesday’s session within striking distance of record levels. And all three major averages just marked an eight-week winning streak. Follow live market updates.

It’s a question that’s making heads spin: Why do so many Americans feel bad about an economy that’s otherwise considered strong? The consumer discontent comes even as the country is seeing a solid labor market, higher average hourly pay, appreciating home values, resilient consumer spending and a stock market rebound. Economists are still looking for answers but some have suggested it could be social media discourse or even just the pain at the grocery store. “People are still angry about the inflation we saw in 2021 and, in particular, 2022,” said Karen Dynan, a Harvard professor and former chief economist for the U.S. Treasury Department. “There’s something about the salience of … the bill for lunch that you see every single day that just maybe resonates in your brain, relative to the pay increase you get once a year.”

Tech companies like Google and Meta made cuts to their diversity, equity and inclusion programs this year after promoting such initiatives in the recent past. Some companies have laid off DEI staffers and leaders of diverse employee resource groups, downsized learning and development programs, and cut budgets for external DEI groups by as much as 90% in 2023, sources told CNBC’s Jennifer Elias. Corporations had pledged millions of dollars to improve diversity in their ranks and support external groups in the wake of George Floyd’s murder at the hands of Minneapolis police in 2020. But by mid-2023, job site Indeed said DEI-related job postings had declined 44% from the same time a year prior.

Some raw materials — particularly sweet ones — that are exposed to El Niño could be even more expensive in the coming months. Futures contracts on orange juice, cocoa, coffee and sugar have soared in part because of extreme weather and supply concerns related to the weather pattern. It’s a naturally occurring climate pattern that takes place when sea temperatures in the eastern Pacific rise 0.5 degrees Celsius above the long-term average, and it can often be the cause of more storms and droughts. Agribusiness bank Rabobank said it’s likely to hit major sugar exporting countries such as Thailand, India and Australia especially hard, but the impact typically takes time to spread across the globe.

Is DC Studios losing its crown? The newest superhero movie, “Aquaman and the Lost Kingdom,” had the fourth-lowest opening in the DC Extended Universe franchise history. The film brought in a $28.1 million domestic opening after being expected to open between $32 million and $42 million. That’s less than half the $67.8 million the “Aquaman” movie made in its opening weekend in 2018. It’s also likely to be Jason Momoa’s last ride 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 heads 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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