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

There's another Christmas 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 last five trading days of the year and the first two days of the new year. Traditionally, those have been good days for stocks — since 1969, the S&P 500 has risen 1.3% on average over that period. The S&P 500 is carrying some momentum into the short trading week, entering Tuesday's session within striking distance of record levels. And all three major averages just posted an eight-week winning streak. Follow live market updates.

It's a surprising question: Why do so many Americans feel bad about an economy that is considered strong? Consumer discontent comes even as the country experiences a strong labor market, rising average hourly wages, rising home values, resilient consumer spending and a rebounding stock market. Economists are still searching for answers, but some have suggested it could be rhetoric on social media or even just pain at the grocery store. “People are still angry about the inflation we saw in 2021 and, in particular, in 2022,” said Karen Dinan, a Harvard University professor and former chief economist at the US Treasury Department. “There's something about the salience of…the lunch bill you see every day that probably resonates with you, compared to the pay raise you get once a year.”

Tech companies like Google and Meta have 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 staff and leaders of various employee resource groups, downsized learning and development programs, and cut the budgets of external DEI groups by up to 90% in 2023, sources told CNBC's Jennifer Elias. The companies pledged millions of dollars to improve diversity in their ranks and support outside groups in the wake of the killing of George Floyd at the hands of Minneapolis police in 2020. But by mid-2023, job site Indeed said DEI-related job postings were down 44% from the same time the previous year. .

Some raw materials – especially sweet ones – that are exposed to the El Niño phenomenon may become more expensive in the coming months. Orange juice, cocoa, coffee and sugar futures rose in part due to severe weather and supply concerns related to the weather pattern. It is a naturally occurring weather pattern that occurs when sea temperatures in the eastern Pacific Ocean rise by 0.5°C above the long-term average, and it can often be the cause of more storms and droughts. Agribusiness bank Rabobank said it is likely to hit major sugar-exporting countries such as Thailand, India and Australia particularly hard, but the impact usually takes time to spread around the world.

Is DC Studios losing its crown? The latest superhero movie, “Aquaman and the Lost Kingdom,” had the fourth-lowest opening in the history of the DC Extended Universe. The film had a domestic opening of $28.1 million after its release is expected To open between $32 million and $42 million. That's less than half the $67.8 million that “Aquaman” grossed in its opening weekend in 2018. It's also likely to be Jason Momoa's final outing as the titular aquatic hero after Warner Bros. announced the release of “Aquaman.” Discovery reported earlier this year that the entire franchise would be rebooted in 2025 by the new heads of DC Studios.

— CNBC's Sarah Main, Fred Imbert, Alex Haring, Jennifer Elias, Sam Meredith and Sarah Whitten contributed to this report.

— Follow the broader market movement like a pro CNBC Pro.