Investors are full of holiday spirit

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open tells investors everything they need to know, no matter where they are. Do you like what you see? You can subscribe here.

New highs for S&P and Nasdaq
US markets were mixed monday. The S&P 500 i Nasdaq Composite rose to new highs, but the Dow Jones Industrial Average submerged The pan-European Stoxx 600 rose 0.66%, recovering from one previous decline. Shares of stellar fell 6.3% after CEO Carlos Tavares resigned on Sunday in the middle of “different views” with the board.

Intel CEO ousted
Intel Pat Gelsinger, ousted CEO during the weekend. The decision, made public Monday, was prompted by the board’s lack of confidence in Gelsinger’s plans, a source said. Replacing him as interim co-CEOs are CFO David Zinsner and Chief Product Officer MJ Holthaus. Gelsinger was named CEO in 2021, but was unable to turn around the struggling company.

$56 billion package for Musk denied
Tesla CEO Elon Musk didn’t get his $56 billion 2018 Pay Package restored A Delaware judge upheld his earlier ruling that the compensation plan was improperly granted. Tesla shareholders had it voted in June to “ratify” the package. The judge, however, wrote in her opinion that “even if the shareholders’ vote could have a ratifying effect, it could not do so here.”

Crypto laws to be passed ‘quickly’ in the US
The US will approve cryptocurrency legislation “fairly quickly” after President-elect Donald Trump takes office, according to Faryar Shirzad, policy director of Coinbase. “We have the most pro-crypto Congress ever (in) history, we have an extraordinarily pro-crypto president coming into office,” Shirzad told CNBC last week.

(PRO) Rate reductions on the table
Last week, the prospect of a December rate cut by the US Federal Reserve looked like a coin toss. Traders seem to be starting to change their minds and think the Fed will end the year with three rate cuts in total

The S&P 500 added 0.24% and the Nasdaq Compositeelectrified by from Tesla Increase of 3.5%. i super microcomputers 29% increase.rose 0.97%. Both indices closed at new highs. The Dow Jones Industrial Average it fell 0.29%, although it briefly broke above the 45,000 level during the day.

“The holiday season is in full swing and spirits look bright, at least among investors,” UBS he wrote in a note on Monday. In fact, 56.4% of consumers expect stock prices to rise over the next year, according to survey by The Conference Board. This is the highest level on record.

Not to be downbeat this holiday season, but analysts see signs that optimism might have some roots in Wonderland.

The stock could have had a amazing rally in novemberbut it was likely that investors “were bullish on the new pro-business administration,” Jay Hatfield, founder and CEO of InfraCap, told CNBC.

Now, investors “need to get details, not just tweets, but details of what the policy is,” Hatfield added, suggesting the upward momentum may be on pause for now.

Investment bank Oppenheimer also noted that stocks are still expensive. “Benchmarks (are) showing forward PE multiples that are higher than their five-year averages,” chief investment strategist John Stoltzfus wrote Monday.

UBS believes the exuberance among investors is “raising concerns that markets will become frothy”.

Foam implies that things will work out, which isn’t necessarily a bad thing in the long run.

Oppenheimer, however, believes the bull market is “driven by fundamentals” that will guide it higher next year, despite high valuations. Similarly, Savita Subramanian, head of US equities and strategy at Bank of America, sees “ample reasons to stay with equities over bonds over the long term.”

The layer of foamy milk adds to the pleasure of a cappuccino, after all, and does not lose the coffee underneath.

– CNBC’s Lisa Kailai Han, Alex Harring and Pia Singh contributed to this report.