Squawk Pod: Warren Buffett’s new job & a nonalcoholic cheers to 2026 - 01/02/26 | Audio Only

Watch on YouTube ↗  |  January 02, 2026 at 17:35  |  43:42  |  CNBC
Speakers
Mike Santoli — Senior Markets Commentator
Becky Quick — Co-Anchor, Squawk Box
Bill Shufelt — Co-founder and CEO, Athletic Brewing
Pat Toomey — Former Republican Senator of Pennsylvania
Robert Frank — Wealth Editor, CNBC

Summary

On the first trading day of 2026, Squawk Pod hosts reviewed 2025’s strong market returns and flagged key January indicators. Mike Santoli focused on AI as the determinant trade, cyclical sector leadership, and a December-low watch signal. The episode also covered Berkshire Hathaway’s CEO transition, California’s proposed wealth tax and New York tax politics, and Athletic Brewing’s growth in non-alcoholic beer.

  • U.S. futures rose on Jan. 2 after a strong 2025 for major averages.
  • Mike Santoli highlighted financials, transports, and cyclicals as market leadership.
  • Santoli said AI is the key determinant for 2026 and flagged a Q1 December-low break signal.
  • Berkshire Hathaway transitioned to Greg Abel as CEO with Buffett remaining chairman.
  • Former senators debated California's proposed billionaire wealth tax and potential exodus.
  • New York Mayor Mamdani's affordability agenda raised questions about tax increases.
  • Athletic Brewing's CEO discussed NA beer growth, market share, and Dry January demand.
Ideas
Mike Santoli Senior Markets Commentator 4:11
Cyclicals, financials, transports lead on growth hopes.
After a two-month sideways market, financial, transportation, and economically sensitive cyclical stocks have taken leadership, suggesting investors are positioning for stronger economic growth early in 2026 even as tech sees profit-taking.
XLF JETS XLI MED
Mike Santoli Senior Markets Commentator 6:34
Watch Q1 break of December lows.
A rare but worth-watching January indicator is whether the market breaks December's low in the first quarter; if it does, it often signals potential difficulty ahead and less firm footing, though not necessarily a full-year washout.
SPY HIGH
Mike Santoli Senior Markets Commentator 7:37
AI trade determines 2026 market outcomes.
The AI trade is the key determinant for 2026 market performance; a JPMorgan note showed 42 AI-related companies generated 65% to 75% of S&P 500 earnings and profits, so Wall Street outlooks hinge on where investors land on AI.
AI-SECTOR MED
Becky Quick Co-Anchor, Squawk Box 13:47
Abel inherits Berkshire cash and Buffett backing.
Greg Abel takes over as CEO with a strong operating track record, while Buffett remains chairman providing protection and runway; Berkshire's huge cash pile could be deployed into infrastructure, energy, or large deals, though the conglomerate model's long-term record is mixed.
BRK.B MED
Bill Shufelt Co-founder and CEO, Athletic Brewing 38:02
Non-alcoholic beer growth is durable mega trend.
Non-alcoholic beer is a durable mega trend growing while alcoholic beer declines; Gallup data shows 53% of Americans view one to two drinks per day as unhealthy, up 14 points in two years, and weekly alcohol drinking at a record-low 54%, down eight points, while Athletic Brewing's trailing 12-month sales grew 53% and it holds 18.4% category share and 52% NA craft share.
Non-alcoholic beer HIGH
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This CNBC video, published January 02, 2026, features Mike Santoli, Becky Quick, Bill Shufelt discussing XLF, JETS, XLI, SPY, AI-SECTOR, BRK.B, Non-alcoholic beer. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mike Santoli, Becky Quick, Bill Shufelt  · Tickers: XLF, JETS, XLI, SPY, AI-SECTOR, BRK.B, Non-alcoholic beer