What to watch in the markets: Tuesday, Dec. 24

Yahoo Finance's Myles Udland highlights how Tuesday is the fifth-to-last trading day of the year, which means the Santa Claus rally begins and what that means for markets.

Turning to the calendar for Tuesday, the Richmond Fed's manufacturing index will be released and no major companies are set to report corporate earnings. The market will also be open for just a half day since it is Christmas Eve.