Since the start of 2024, the S&P 500 has never once closed below its 200-day moving average, according to Bespoke Investment Group. Barring a sharp selloff between now and the end of the year, this would be only the 12th time since 1952 that this has happened.

Traders are also weighing the outlook for interest rate cuts in 2025 in light of recent inflation data. Personal consumption expenditures inflation, the Fed's preferred inflation measure, rose 2.4% year-per-year in November, slightly under expectations.

Technology stocks look set to be the stars of the festive season as U.S. markets were set for a muted open on Tuesday. S&P 500 futures were rising 0.1% and Nasdaq 100 futures were gaining 0.2%. MicroStrategy and Palantir joined the Nasdaq 100 on Monday.