The Nasdaq led US stock futures higher on Monday as Wall Street entered a holiday-shortened week calculating the chances of a year-end rally, while gold (GC=F) climbed to a record amid rising Venezuela tensions.
Contracts on the tech-heavy Nasdaq 100 (NQ=F) added 0.5%, and those on the S&P 500 (ES=F) put on 0.3%. Meanwhile, Dow Jones Industrial Average (YM=F) futures held just above the flatline, with the major US gauges eyeing a third straight day of gains.
Tech stocks are continuing to recover from a volatile streak, which came as investors wavered between dueling pressures: worries about AI bubble versus fear of missing out on an AI boom. But faith in the AI trade surged again late last week, thanks largely to positive developments for Oracle (ORCL) and Nvidia (NVDA).
Investors are now looking for tech to maintain the momentum, as they gauge the prospects for a Santa Claus rally. Stocks are entering the final stretch of 2025 trading within striking distance their record highs, after a surprise drop in inflation and lukewarm labor market data left bets on 2026 interest-rate cuts mostly intact.
Elsewhere, geopolitical tensions helped lift gold (GC=F) and silver (SI=F) to fresh record highs, while crude oil (CL=F, BZ=F) futures also gained as the US ramped up its blockade of Venezuela. The Coast Guard chased a third oil tanker off the country’s coast, after seizing a second carrier on Sunday.
Looking ahead, this week brings the release of piecemeal economic data delayed by the US shutdown. Most land on Tuesday, with the highlights a first look at third quarter GDP and updates on the PCE price index for July, August, and September.
US stock markets will shut early on Wednesday for the Christmas Eve start of holidays, and will be closed all of Thursday for Christmas Day.
