Inflation Surges, Fed "In Trouble," Meme Stock Sadness, Tesla Below $1T Valuation As Musk Sells More Shares, and Pfizer's Antiviral COVID 19-Pill vs. Omicron.

Jim Cramer and David Faber led off the show with market reaction to the latest inflation data: The Producer Price Index shows wholesale prices surged in November, up 9.6% year-over-year. This as the Fed kicks off its final two-day policy meeting of 2021. Cramer explained why he believes "we have a Fed that is in trouble" and what that could mean for investors. Jim and David explored what has been a rough December for "meme stocks" such as AMC and GameStop. The anchors also discussed Elon Musk selling more shares of Tesla -- the company's market cap has fallen below $1-trillion. Pfizer announced that a final study of its antiviral COVID-19 pill showed it to be 89% effective in preventing hospitalizations and deaths in high-risk patients. Pfizer also said the drug appears to be effective against the omicron variant. Also in focus: 3M's food safety unit deal and why Morgan Stanley sees 2022 as "a critical year" for Disney.