Top 10 things to watch in the stock market Tuesday

1. Stocks rose slightly to kick off the final trading week of the year, as longer-dated bonds pull back slightly. Santa Clause rally in the making? We closed out last week with the S&P Short Range Oscillator at 6.54%, which means we are still technically overbought. That would typically be a sign for us to lighten up.

2. In case you missed it, here's what on our radar this holiday shortened week.

3. According to data from Mastercard SpendingPulse, total retail spending this holiday season was up 3.1% versus the year-ago period, with in-store sales up 2.2% and e-commerce sales rising 6.3%.

4. With the holiday shopping season winding down, we're entering the holiday return period, a nearly $1 trillion headwind for the retail industry. The Wall Street Journal reports that about 16.5% of holiday goods were returned last year. Given estimates of more than $5 trillion in purchases this year, that would amount to over $800 billion of goods being returned.

5. We're keeping a close eye on oil following a rise of tensions in the Middle East over the weekend in Iraq and the Red Sea.

6. The biotech shopping spree continues. Bristol-Myers Squibb to pay $4.1 billion (or $62.50 per share cash) to acquire RayzeBio. This comes after paying $14 billion for Karuna Therapeutics last week.

7. Nikkei reports that Japanese regulators are considering new rules to prevent Giant IT (information technology) companies such as Apple and Google from abusing their monopoly positions in the Japanese market. 

8. Disney intends to merge its India unit with Reliance Industries, a tie-up that will result in creating the largest media and entertainment industry in India.

9. Apple Watch Series 9 and Ultra 2 are officially no longer available in the U.S. due to loss in patent case against Masimo and decision by the U.S. Trade Representative not to reverse the decision.

10. Intel planning a $25 billion chip plant in Israel following a $3.2 billion grant from Israeli government. This marks the largest ever investment by a company in Israel.

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