US markets today: Wall Street opens higher in holiday-shortened week; S&P 500 nears record

US stock markets opened the holiday-shortened week on a positive note on Monday, with major indices posting modest gains amid light trading volumes and heightened moves in commodities.The S&P 500 rose 0.4% in early trade, hovering just below the all-time high it set earlier this month. The Dow Jones Industrial Average was up 170 points, or 0.4%, while the Nasdaq composite also gained 0.4%, according to AP.Market sentiment was supported by strength in commodities, with gold and silver touching record highs and oil prices jumping after US authorities said the Coast Guard was pursuing another sanctioned oil tanker in the Caribbean.Before the opening bell, futures for the S&P 500 were up 0.4%, Nasdaq futures climbed 0.6%, while Dow futures were largely flat.Shares of Uber and Lyft rose about 1.4% each after the ride-hailing firms separately announced plans to launch robotaxi services in London next year through partnerships with Chinese technology company Baidu. The companies said testing would begin in the first half of 2026.With the Christmas holiday approaching, corporate news flow is expected to remain muted, shifting investor focus to key economic data releases later this week. On Tuesday, the US government will publish the first of three estimates of gross domestic product, offering a snapshot of how the economy performed in the third quarter. The Conference Board will also release its December consumer confidence survey the same day.On Wednesday, the Labor Department is set to publish its weekly data on jobless benefit applications, a closely watched indicator of layoffs.Economic sentiment has softened over the year, with persistent inflation pressuring consumers, a cooling job market, and weaker retail sales. Businesses and households are also grappling with uncertainty linked to a broad US-led trade war targeting key partners.The Federal Reserve has cut its benchmark interest rate at its last three meetings, even as inflation remains above its 2% target. Policymakers have signalled concern over labour market slowing, but have adopted a cautious stance heading into 2026. Wall Street largely expects the Fed to keep rates unchanged at its January meeting.European markets were mostly lower at midday, with Germany’s DAX flat, while France’s CAC 40 and Britain’s FTSE 100 both slipped 0.4%.Asian markets closed higher, led by Japan, where the Nikkei 225 jumped 1.8% to 50,402.39. Semiconductor stocks drove gains, with Tokyo Electron surging 6.3% and Advantest climbing 4.5%.Japanese financial stocks and exporters also advanced after the Bank of Japan raised its key policy rate on Friday to its highest level in 30 years. Contrary to expectations, the yen weakened following the decision, prompting warnings from officials.Early Monday, the dollar traded at 157.31 yen, down from 157.60 late Friday. Atsushi Mimura, a senior Finance Ministry official overseeing foreign exchange policy, said regulators would act to curb excessive currency volatility.In Asia, Hong Kong’s Hang Seng added 0.4% to 25,901.77, while China’s Shanghai Composite rose 0.7% to 3,917.36 after the central bank left its one-year and five-year loan prime rates unchanged.South Korea’s Kospi climbed 2.1% to 4,105.93, Taiwan’s Taiex rose 1.6%, and Australia’s S&P/ASX 200 gained 0.9% to 8,699.90.“Asian equity markets are stepping onto the floor with a constructive bias, taking their cue from Friday’s solid rebound in U.S. stocks and the growing belief that the final stretch of the year still belongs to the bulls,” Stephen Innes of SPI Asset Management said.In commodities, US benchmark crude rose $1.17 to $57.69 per barrel after the Trump administration said it had seized a Venezuela-linked tanker for the second time in less than two weeks and was pursuing another vessel.Brent crude climbed $1.23 to $61.70 per barrel. Gold gained 1.3% to $4,443.10 per ounce, while silver surged more than 2% to $68.90 per ounce, setting a new record.