The Santa Claus Rally, FDA Authorizes Merck and Pfizer COVID Treatment Pills, Chinese Stocks Under Pressure, Nikola Surges and Disney's Iger Talks Sports Rights.

On the final trading day before Christmas, Carl Quintanilla, Jim Cramer and David Faber focused on stocks aiming for a third straight day of gains, as investors shrug off worries about the omicron variant. Cramer weighs in on the "Santa Claus Rally" and explains why "it's very much an Nvidia market." The anchors discussed the FDA's authorization of Merck and Ridgeback Therapeutics' COVID-19 antiviral pill for emergency use -- one day after Pfizer's version was approved by the agency. Carl, Jim and David also reacted to President Biden's comments to ABC News: He said he doesn't think the shortage of at-home COVID tests is "a failure." Also in focus: Chinese stocks under pressure after Tencent announced it is slashing its stake in JD.com, Nikola shares soar after the EV startup said it completed its first electric vehicle delivery, and David's exclusive interview with Disney's Bob Iger on the future of sports rights. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.