U.S. stock futures climbed early Monday, as cheerful investors anticipated a rebound in tech names in the holiday-shortened trading week. The New York Stock Exchange (NYSE) will close early at 1 p.m. ET on Wednesday for Christmas Eve and will remain closed on Thursday for Christmas Day.
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Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.49%, 0.32%, and 0.11%, respectively, at 3:48 a.m. EST on December 22.
Wall Street closed last week on an upbeat note, lifted by a late surge in tech stocks. The S&P 500 and the Nasdaq marked their third winning week out of the last four, with indexes up 0.1% and 0.5%, respectively. In contrast, the DJIA, which has been a top performer this month, dropped 0.7% to end its three-week winning streak.
Artificial intelligence (AI) stocks staged a recovery last week following recent declines. Oracle (ORCL) shares surged after inking a deal to co-lead TikTok’s U.S. operations via a new joint venture. Nvidia (NVDA) also climbed on reports that the White House might greenlight sales of its H200 AI chips to select Chinese firms. However, doubts remain about whether AI stocks can stay on top through year-end as investors shift to cheaper market areas.
On the economic calendar, traders will closely watch ADP employment change numbers, durable goods orders, and initial jobless claims data this week.
There are no important earnings reports scheduled for the week.
Notably, the U.S. 10-year Treasury yield was up, floating near 4.16%. WTI crude oil futures were trending higher, hovering near $57.04 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $4,410 per ounce on Monday.
Elsewhere, European indexes opened mixed on Monday following a solid rally last week, when investors reacted to regional banks’ interest rate decisions.
Asia-Pacific Markets Traded Higher
Asia-Pacific markets traded higher on December 22, after the People’s Bank of China kept its loan prime rates unchanged. The central bank retained its one-year loan prime rate at 3% and five-year rate at 3.5%, unchanged for a seventh consecutive meeting.
Hong Kong’s Hang Seng Index surged 0.43%. In China, the Shanghai Composite gained 0.69%, while the Shenzhen Component added 1.08%. Meanwhile, Japan’s Nikkei increased 1.81%, and the Topix rose 0.64%.
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