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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today.

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Speaker 2: Karen, let's begin this morning with the markets. Most major

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Speaker 2: markets in Europe are staying closed for Christmas break, but

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Speaker 2: trading resumes today on Wall Street, and the S and

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Speaker 2: P five hundred is coming off a gain of more

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Speaker 2: than one percent. It is now up twenty six point

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Speaker 2: six percent on the year. Lori Calvacina, head of US

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Speaker 2: equity strategy at RBC Capital Markets, thinks stocks are headed.

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Speaker 3: Even higher in twenty twenty five.

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Speaker 4: We think that's going to be another solid year of

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Speaker 4: gains in the US equity market, probably a little bit

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Speaker 4: slower than what we saw this year, and we do

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Speaker 4: think that we are going to have, you know what

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Speaker 4: some of my colleagues term is potholes, right, some bounce

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Speaker 4: of five to ten percent type drawdowns. So we don't

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Speaker 4: necessarily think it's going to be a completely smooth ride

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Speaker 4: that at the end of the day, we think it continues.

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Speaker 4: Moderation and inflation is going to help keep pe multiples elevated,

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Speaker 4: and we think a solid earnings grows backdrop and a

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Speaker 4: solid economy aren't also going to help propel this market higher,

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Speaker 4: but there may be some volatility here and there that

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Speaker 4: we have to deal with.

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Speaker 2: RBC's Lori Calvacina has a sixty six hundred price target

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Speaker 2: for the S and P five hundred next year. That's

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Speaker 2: about a ten percent increase from current levels.

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Speaker 1: So, Nathan, the big winner this year has been the Nasdaq.

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Speaker 1: The index is that more than thirty three percent. Dan Ives,

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Speaker 1: global head of tech research at Wedbush Securities, remains bullish

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Speaker 1: under the Trump administration, and I think.

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Speaker 5: With Trump coming in there would definitely be some white

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Speaker 5: knuckle moments with trying to tariff discussions, game of high

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Speaker 5: stakes poker going on, right, So there's been a lot

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Speaker 5: of headline risk, but you tune the noise down, you

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Speaker 5: focus in the winners. Hey, and again the Bears that

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Speaker 5: talk about valuation, that's how they missed every transformational tech team.

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Speaker 6: In the last twenty years because.

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Speaker 5: You're not focused on paying up for the Ferrari going

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Speaker 5: ninety miles an hour in the left, Liane, But that

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Speaker 5: is AI revolution. You will have those movements and you

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Speaker 5: have your pencils writing and Dan I've.

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Speaker 1: Said Wedbush Security has also sees another bullish sign for

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Speaker 1: tech the departure of Lena Khan from the FTC. He

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Speaker 1: believes that will lead to more acquisitions in the tech industry.

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Speaker 2: Well, Karen, Bitcoin has certainly been on a bullish run

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Speaker 2: since Trump's election victory in November. It's up about forty

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Speaker 2: five percent since that time, more than one hundred and

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Speaker 2: thirty percent on the year. Checking the world's biggest cryptocurrency.

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Speaker 2: Right now, it is down three and a quarter percent,

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Speaker 2: trading at about ninety five two hundred dollars.

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Speaker 1: We do have some companies making news this morning. Nathan

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Speaker 1: Eli Baba Group has agreed to merge at South Korean

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Speaker 1: operations with Emart's e commerce platform. The move is designed

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Speaker 1: to better compete in South Korea's fast paced online retail sector.

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Speaker 1: Sources say the new entity could be valued at about

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Speaker 1: four billion dollars. Ababa has been seeking to expand its

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Speaker 1: international footprint to make up for slower growth in its

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Speaker 1: core Chinese e commerce business and Uber.

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Speaker 2: Meanwhile, Karen says it's still committed to Taiwan. That's after

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Speaker 2: the island's antitrust regulator rejected Uber's plan to buy Delivery

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Speaker 2: Heroes Food Panda business on the island for nine hundred

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Speaker 2: and fifty million dollars. The acquisition was rejected by Taiwan's

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Speaker 2: anti trust regulator due to concerns about reduced competition and

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Speaker 2: potential price increases.

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Speaker 1: Well, Nathan shares of Netflix. They're up three tenths of

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Speaker 1: uppercent this morning. The company is coming off a big night.

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Speaker 1: The streaming service made its NFL debut, broadcasting two games

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Speaker 1: on Christmas. While both games were not competitive and there

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Speaker 1: were no technical issues of note, the highlight may have

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Speaker 1: been Beyonce's performance during the halftime show in Houston.

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Speaker 5: July.

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Speaker 1: Jolly Jolly and the thirty two time Grammy winner rocked

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Speaker 1: her hometown Houston crowd with a nearly thirteen minute halftime performance.

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Speaker 2: Well, let's turn out to the latest on politics, Karen.

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Speaker 2: President elect Donald Trump made a major diplomatic.

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Speaker 3: Announcement on Christmas Day.

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Speaker 2: He's naming Kevin Marino Cabrera his US ambassador to Panama.

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Speaker 2: It comes as Trump's been calling for lower fees for

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Speaker 2: US shipping through the Panama Canal and warning that the

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Speaker 2: waterway could fall into the wrong hands.

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Speaker 3: That's an apparent reference to China.

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Speaker 2: Cabrera is a county commissioner in Miami Dade County, Florida,

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Speaker 2: and worked on Trump's twenty twenty campaign. In his announcement,

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Speaker 2: the president elect said few understand Latin American politics as

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Speaker 2: well as Kevin and He also accused Panama of ripping

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Speaker 2: the US off quote far beyond their wildest dreams.

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Speaker 1: Meantime, Nathan, the current president, is headed to Saint Croix

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Speaker 1: later today to spend the rest of the holiday season

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Speaker 1: on the Virgin Islands. But before President Biden left, he

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Speaker 1: delivered his annual holiday message from the White House on

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Speaker 1: Christmas Eve.

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Speaker 7: Too often we see each other's enemies, not as neighbors,

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Speaker 7: not as fellow Americans. So my hope is Christmas season

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Speaker 7: as if we take a few moments quiet reflection, find

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Speaker 7: that stillness in the heart of Christmas, and looking at

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Speaker 7: each other, that's who we really are fellow Americans.

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Speaker 1: The president is also focused on geopolitics after Russia launched

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Speaker 1: a large scale attack on Ukraine's power infrastructure on Christmas Day.

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Speaker 1: Ukrainian President Vladimir Zelenski said it included more than one

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Speaker 1: hundred attack drones and seventy missiles, some of them ballistic.

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Speaker 1: President Biden called the attack outrageous and said it was

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Speaker 1: designed to cut off the Ukrainian people's access to heat

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Speaker 1: and electricity during winter. Meantime, Russia is rejecting President elect

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Speaker 1: Trump's call for an immediate ceasefire in Ukraine. At the

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Speaker 1: same time, Foreign Minister Sergei Lavrov says Russia is ready

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Speaker 1: to open negotiations and Karen.

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Speaker 2: The turmoil in the Middle East continues this morning. Israel

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Speaker 2: and Hamas are blaming each other for complicating ceasefire efforts

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Speaker 2: in Gaza. Doctors in the Enclaves say three babies have

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Speaker 2: died in the cold in recent days, including a three

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Speaker 2: week old girl overnight, and all made for a solemn

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Speaker 2: Christmas observance in the traditional birthplace of Jesus in Bethlehem.

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Speaker 2: Cardinal Pierre Battista Pizza Pala led midnight Mass at the

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Speaker 2: Church of the Nativity on Christmas Eve.

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Speaker 8: All these songs seems a little bit out of tune

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Speaker 8: after retiring year full of tears, blotshets suffering.

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Speaker 2: As for ceasefire talks, Hamas has accused Israel of introducing

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Speaker 2: new conditions related to the withdrawal from Gaza, release of prisoners,

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Speaker 2: and return of displaced people. Israel says Hamas is renegging

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Speaker 2: on understandings that have already been reached. And in Syria,

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Speaker 2: forces loyal to ex president Bashar al Assad killed fourteen

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Speaker 2: police members today and wounded ten others. That's according to

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Speaker 2: Sirius caretaker government. This is the worst surge of violence

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Speaker 2: in Siria since Asad was toppled earlier this month.

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Speaker 3: And it's time now for.

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Speaker 1: A look at some of their stories making news in

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Speaker 1: New York and around the world. And for that were

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Speaker 1: joined by Bloomberg's Michael Barr Michael, good Morning.

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Speaker 9: Good Morning Karen. And out of control taxi struck six

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Speaker 9: pedestrians in New York City's Harold Square on Christmas Day.

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Speaker 9: One of the victims was a nine year old boy

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Speaker 9: whose mother was also struck. Another pedestrian was treated at

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Speaker 9: an area hospital. Three others refused medical treatment, including this

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Speaker 9: man's wife.

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Speaker 6: My wife got hit kind of up on her back, shoulder,

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Speaker 6: sent her spinning. She didn't knock her to the ground,

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Speaker 6: made sure she was okay, and then noticed that the

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Speaker 6: card come up hit I think the building or hit

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Speaker 6: the post. I'm I even sure what it hit.

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Speaker 9: Police believe the drivers suffered a medical emergency authorities are

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Speaker 9: investigating what caused and Azerbaijohnny airliner with sixty seven people

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Speaker 9: on board to crash in Kazakhstan, and official says thirty

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Speaker 9: eight people were killed but twenty nine survivedane was un

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Speaker 9: route from Azerbaijan's capital to the Russian city of Grosny

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Speaker 9: when it was diverted and attempted at emergency landing. Azerbaijan's

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Speaker 9: president said that the weather had forced the plane to

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Speaker 9: change from its planned course. Russia's Civil Aviation Authority said

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Speaker 9: that preliminary information showed that a bird strike led to

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Speaker 9: an emergency on board. A grim discovery was made on

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Speaker 9: a United Airlines plane. Officials in Hawaii are investigating the

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Speaker 9: discovery of a dead body found in the wheel well

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Speaker 9: of a United Airlines Boeing seven eighty seven. The jet

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Speaker 9: had flown from Chicago to Maui on Christmas Eve. How

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Speaker 9: the body got there remains a mystery. United said the

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Speaker 9: wheel well is only accessible from the outside on Christmas

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Speaker 9: Day in Philadelphia, so we have a home cooked mill.

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Speaker 9: Philadelphia's fourteenth Police District spent the day distributing gifts and

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Speaker 9: hot meals. Captain Stewart McCollum says, it's the twentieth year

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Speaker 9: of the hollow tradition.

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Speaker 10: We selected based upon positive circumstances kids have done exceptionally well,

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Speaker 10: as well as some families that unfortunately fell on hard

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Speaker 10: times or went through some extraordinarily unfortunate circumstances.

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Speaker 9: In Washington, DC, the forty sixth annual National Minora Lighting

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Speaker 9: Ceremony took place last night, ushering in the start of

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Speaker 9: the eight day Hanukkah celebration. Homeland Security Secretary Alejandro Mayorcis

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Speaker 9: gave brief remarks celebrating the history of the holiday.

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Speaker 11: Indeed, the key to our survival despite all those who

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Speaker 11: tried to destroy us, has been the beauty, joy and

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Speaker 11: rituals of Judaism.

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Speaker 9: The start of Hanuka happened to fall this year on

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Speaker 9: Christmas Meme. While New York City let the world's largest

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Speaker 9: manower last night, Global News twenty four hours a day

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Speaker 9: and whenever you wanted with the Bloomberg News. Now, I'm

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Speaker 9: Michael Barn. This is Bloomberg Care.

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Speaker 1: All right, Michael Burn, thank you, and it's time now

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Speaker 1: for the Bloomberg Sports Update to you buy try state

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Speaker 1: OUDI for that, we bring in Dan Schwartzman.

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Speaker 3: Dan good morning, Good morning, Karen and Nathan. The Chiefs

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Speaker 3: improved to fifteen and one in the season while clinching

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Speaker 3: the number one seed in the AFC. Worthy of motion.

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Speaker 6: It's like man covers behoves, rifles touch the hoom.

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Speaker 3: Hey hits Watson for the score. That's courtesy of Netflix.

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Speaker 12: The Chiefs knock off the Steelers twenty nine to ten

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Speaker 12: in Pittsburgh in Game one of the Christmas doubleheader, as

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Speaker 12: Patrick Mahomes throws at three hundred and twenty yards and

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Speaker 12: three touchdowns. Head coach Andy Reid praising the defensive effort

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Speaker 12: against a good Steelers offense, especially without his best defensive player,

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Speaker 12: Chris Jones.

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Speaker 13: They've got good receivers, they've got good running back, some

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Speaker 13: quarterbacks playing well. Their offensive line is stout. I thought

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Speaker 13: our d line stepped up without Chris. The guys stepped

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Speaker 13: up and did a great job there.

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Speaker 3: That's courtesy at Chiefs dot Com.

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Speaker 12: Travis Kelsey with a touchdown catch to pass Hall of

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Speaker 12: Famer Tony Gonzalez, the most touchdown receptions in team history.

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Speaker 12: The Steelers, who have now lost three games in a row,

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Speaker 12: fall to ten and six on the year. In Game two,

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Speaker 12: the Ravens dominated the Texans in Houston thirty one to two,

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Speaker 12: as Lamar Jackson threw for two touchdowns and rush for another.

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Speaker 12: Ravens are now eleven and five on the year. The

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Speaker 12: Texans fall to nine and seven the NBA, with five

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Speaker 12: games on the Christmas Day schedule. Starting out, the Nicks

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Speaker 12: out lasting the Spurs one seventeen to one fourteen at

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Speaker 12: the Garden despite forty two points and eighteen rebounds from

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Speaker 12: Victor win Banyama. Meanwhile, the Celtics lose at home to

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Speaker 12: the seventy six Ers one eighteen to one fourteen, with

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Speaker 12: the Celtics now losing three out their last four games. Elsewhere,

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Speaker 12: the Timberwolves hold off the Mavericks one oh five to

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Speaker 12: ninety nine, the Lakers outlast the Warriors one fifteen to

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Speaker 12: one thirteen, and the Nuggets lose on the road to

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Speaker 12: the Suns one ten to one hundred, both Kevin Durant

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Speaker 12: and Bradley Beale leading the Suns in scoring with twenty

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Speaker 12: seven points a piece. Thatcher Bloomberg Sports Update, I'm Dan Schwartzman.

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Speaker 8: Coast to coast on Bloomberg Radio, nationwide on SYRIUS XM,

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Speaker 8: and around the world on Bloomberg dot Com and the

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Speaker 8: Bloomberg Business app. This is Bloomberg day Break.

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Speaker 2: Good morning, I'm Nathan Hager on this back to work

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Speaker 2: day after Christmas. For the final four trading days of

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Speaker 2: twenty twenty four, the S and P five hundred is

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Speaker 2: coming off a one point one percent gain to kick

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Speaker 2: off the Santa Claus rally period that began on Christmas Eve.

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Speaker 2: Joining us now to help close out this year look

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Speaker 2: ahead to twenty twenty five, Michael Purvis, founder and CEO

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Speaker 2: of tall Buck and Capital Advisors. It's great to have

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Speaker 2: you with us this day after Christmas as we watch

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Speaker 2: futures move a little bit lower ahead of this morning's open.

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Speaker 3: Do you see a Santa Claus rally? Michael, Good morning,

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Speaker 3: Good morning.

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Speaker 14: I'm going to be with you. In terms of the

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Speaker 14: Santa Rally, it's been a slightly unusual one. We have

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Speaker 14: had basically an upward drift to the markets over the

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Speaker 14: last few weeks here. But I think you know you

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Speaker 14: had a couple of things going on obviously coming into

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Speaker 14: the year, coming into the end of the other we

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Speaker 14: had a very strong equity market. We had a very

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Speaker 14: important election in early November there which raises a whole

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Speaker 14: bunch of questions as opposed to what we had before there,

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Speaker 14: and then of course you had the FMC, which was

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Speaker 14: you know, really kind of jolted risk assets at the

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Speaker 14: bomb market of just two weeks ago. So I think

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Speaker 14: there's there's a lot of processing the market has to do,

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Speaker 14: if you will, and I think it's one thing for

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Speaker 14: the market to be you know, when you have these

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Speaker 14: things like that kind of coming in with a hawkage

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Speaker 14: huts as they did. You know, when you're coming into

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Speaker 14: that condition at twenty two and a half times earnings,

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Speaker 14: it's different than if you were coming into it at

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Speaker 14: sort of the low end of the valuation ring. Right,

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Speaker 14: So twenty two and a half times for the S

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Speaker 14: and P five hundred was was was a it was

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Speaker 14: a very robust multiple and a lot can you know,

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Speaker 14: be adjusted quickly on that. So long story short, the

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Speaker 14: the like this Santa rally here, whatever we're going to

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Speaker 14: get in the next few days, feels like it's just

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Speaker 14: more consolidation here, you know, sort of consolidating around the

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Speaker 14: six sss and maybe sixty one hundred level here. But

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Speaker 14: it's not a classic Santa rally like we had last

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Speaker 14: year where we had a spectacular performance in December.

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Speaker 3: Well, let's look, I had to twenty twenty five.

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Speaker 2: Then the setup here with the FED pulling the reins

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Speaker 2: in a bit on cut expectations, and this expectation the

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Speaker 2: president like Trump could deliver market friendly policies. Is there

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Speaker 2: going to be a cross current between the Fed and

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Speaker 2: Trump going into twenty twenty five?

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Speaker 14: Oh, I think absolutely absolutely. I think there's there's always

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Speaker 14: a tension between fiscal policy and monetary policy, and as

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Speaker 14: they're almost you know, almost my design. You know, if

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Speaker 14: you look in the last couple of years with the

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Speaker 14: Biden administration, you had a loose fiscal condition and you

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Speaker 14: had a pretty pretty tight monetary condition there. You know,

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Speaker 14: the White House had its put on the on the

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Speaker 14: accelerator and Powell had us put on the brakes, if

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Speaker 14: you will. And so if we do get a continuation

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Speaker 14: of a loose fiscal policy, I think Powel's instincts were

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Speaker 14: are absolutely to keep the foot on the on the

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Speaker 14: on the brakes. I think the question, of course is

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Speaker 14: Trump's probably going to want lower higher interest rates there,

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Speaker 14: and I think Powell's going to have to, you know,

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Speaker 14: revert more than ever to sort of well, let's see

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Speaker 14: how the data is. If the data continues to be

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Speaker 14: in the first half of twenty twenty five, what we've

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Speaker 14: seen just in the last couple of quarters here, whereas

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Speaker 14: where inflation is brasilient, jobs are resilient, then I think

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Speaker 14: you're going to see. Yeah, a lot a lot of

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Speaker 14: tension here, and probably a lot of commentary on from

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Speaker 14: as well, a lot of growing friction people.

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Speaker 3: And I'm Nathan Hager.

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Speaker 2: Join us again tomorrow morning for all the news you

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