Stocks: 5 things to know before the open

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If the Santa Claus rally keeps delivering, Tuesday will be the fifth consecutive day of stock market gains. Ho ho ho, indeed!

Here are the five things you need to know before the opening bell rings in New York:

1. Stocks starting at record highs: The S&P 500 and Dow Jones industrial average closed at record highs Monday, and the Nasdaq closed with a gain of 0.3%, but more gains may be hard to come by Tuesday.

U.S. stock futures were flat ahead of the opening bell.

European markets were edging higher in early trading, while most Asian markets either closed with losses or ended the day unchanged.

2. Big Hong Kong IPO fizzles: One of China's richest men -- Wang Jianlin -- brought his real estate group Dalian Wanda to market Tuesday on the Hong Kong stock exchange. The shares were priced at $48 each but slipped by about 3% on their debut.

The Chinese billionaire is heavily invested in real estate, hotels, entertainment and luxury yachts. He's also been looking at buying Lions Gate (LGF), the studio behind "The Hunger Games" movies.

Related: Fear & Greed Index

3. Greek tragedy? Greece's parliament is trying to elect a president Tuesday, with results expected around 6 a.m. ET. If it fails again, it will have one final chance on December 29, or new parliamentary elections will be called.

That could allow left-wing opposition party Syriza to take power, threatening the viability of Greece's mammoth bailout, its markets and a fragile recovery from six years of painful recession.

4. Earnings and economics: Walgreens (WAG) is set to release quarterly earnings ahead of the open.

On the economic side, the Bureau of Economic Analysis will release its third estimate of U.S. gross domestic product at 8:30 a.m. ET. According to the latest reading, GDP expanded by 3.9% in the third quarter, which was better than expected.

The Census Bureau will also announce new home sales data from November at 10 a.m. ET. The data missed expectations in October.

5. Potential stock market movers -- Dollar stores: The discount retailer Family Dollar (FDO) is meeting today with shareholders to vote on whether or not to join forces with Dollar Tree (DLTR).

This is the latest development in a long-running M&A battle between various dollar store chains.

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