Updated 1 min read
The Nasdaq led US stock futures higher on Monday, as Wall Street entered a holiday-shortened week calculating the chances of a “Santa Claus rally” to end the year.
Contracts on the tech-heavy Nasdaq 100 (NQ=F) adding 0.5%, and those on the S&P 500 (ES=F) put on 0.3%. Meanwhile, Dow Jones Industrial Average (YM=F) held just above the flatline, with the major US gauges eyeing a third straight day of gains.
Behind the upbeat mood is a recovery in tech stocks, after a bumpy streak as investors fretted about high valuations and debt linked to AI plans. But faith in the AI trade surged again, thanks to positive news for Oracle (ORCL) and Nvidia (NVDA).
Investors are now debating whether AI names can hold onto that momentum, as they gauge the prospects for a Santa Claus rally in the remaining seven sessions of the year. Stocks are entering the final stretch within 3% of their record highs, after last week’s surprise drop in inflation and lukewarm labor market data bolstered hopes.
Elsewhere in markets, gold (GC=F) and silver (SI=F) climbed to record highs, while crude oil (CL=F, BZ=F) futures 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.
US stock markets will close early on Wednesday as traders head out for the holidays, and will be shuttered all of Thursday for Christmas Day.
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Gold and silver hit all-time highs as geopolitical tensions rise
Bloomberg reports:
Gold (GC=F) and silver (SI=F)soared to all-time highs, as escalating geopolitical tensions and bets on further US rate cuts added momentum to the best annual performance in more than four decades.
Bullion climbed more than 1.5% to surpass the previous record of $4,381 an ounce set in October, while silver rallied as much as 3.4%, closing in on $70 an ounce, extending gains that have put both metals firmly on course for their strongest annual performance since 1979.
The latest push higher comes as traders bet that the Federal Reserve will cut interest rates twice in 2026, as US President Donald Trump also advocates for looser monetary policy. Lower rates are typically a tailwind for precious metals, which don’t pay interest.
Rising geopolitical tensions are also enhancing the haven appeal of gold and silver. The US has intensified an oil blockade against Venezuela, stepping up pressure on the government of President Nicolás Maduro, while Ukraine attacked an oil tanker from Russia’s shadow fleet in the Mediterranean Sea for the first time.
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Clearwater Analytics shares rise on $8.4B buyout deal
Clearwater Analytics Holdings (CWAN) stock rose 7% before the bell on Monday after a group of private equity firms led by Permira and Warburg Pincus clinched a deal to acquire the investment and accounting software maker for about $8.4 billion, including debt, the parties said in a joint statement on Sunday.
Reuters reports:
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