Squawk on the Street 2026 Markets, Tesla Deliveries, Mega-Tech Rallies Into the New Year 1/2/26
24 snips
Jan 2, 2026 
David Zervos, Chief Market Strategist at Jefferies, shares insights on a more dovish Fed and a bullish outlook for the S&P 500 in 2026. Automotive reporter Phil LeBeau reveals a disappointing 16% drop in Tesla's Q4 deliveries, questioning their near-term sales strategies. Mike Santoli discusses market momentum and sector rotations, highlighting strength in mega-tech stocks like Nvidia and Apple. The panel also touches on implications of delayed furniture tariffs and evolving dynamics in consumer sectors.
AI Snips
Chapters
Transcript
Episode notes
Tesla Valuation Driven By Future Vision
- Tesla's narrative has shifted from pure deliveries to future bets like robo-taxis and humanoid robots.
- Many investors now price the company on long-term autonomous and robotics potential rather than near-term vehicle metrics.
Tariff Delay Eases Home Furnishing Pressure
- The administration delayed planned tariff increases on furniture and other household goods until 2027 to avoid raising consumer costs.
- That decision relieved stocks like Williams-Sonoma, RH and Wayfair and signals selective tariff easing for affordability concerns.
Lower Neutral Rates Could Lift Multiples
- Jefferies' David Zervos expects neutral rates to drift lower toward pre-COVID levels, which would support higher equity P.E. multiples.
- He links falling rates and a dovish Fed to potential further upside for stocks in 2026.