The benchmark S&P 500 hit a closing record high yesterday, lifted by megacap technology stocks, while a flurry of data painted a mixed picture of the US economy, prompting traders to stick to expectations of monetary easing next year.

The US economy grew at its fastest pace in two years in the third quarter, according to government data yesterday that was delayed by a 43-day federal shutdown, but worsening consumer confidence in December and a flat reading on November factory production tempered the outlook.

Traders are still pricing in two 25 basis points interest rate cuts by the end of 2026, as per LSEG data, although they pared back odds of such a move in January to 13% from 18% before the data.

US weekly jobless claims data is due at 8.30am.

Recent gains in US stocks have spurred hopes of a “Santa Claus rally”, a seasonal phenomenon where the S&P 500 posts gains in the last five trading days of the year and the first two in January, according to Stock Trader’s Almanac.

The period begins today and runs through Jan 5.

By 6.05am, S&P 500 e-minis were down 4.25 points, or 0.06%.

Nasdaq 100 e-minis dropped 16.25 points, or 0.06% and Dow e-minis dipped 26 points, or 0.05%.

Trading volumes are likely to stay below normal, with US stock markets set to close at 6pm today and remain shut tomorrow for Christmas.

Among single stocks, Nike climbed 2.1% after Apple CEO Tim Cook, the sportwear giant’s lead independent director, bought about US$3 million shares.

Dynavax Technologies surged 37.5% after French drugmaker Sanofi said it would buy the US vaccines company for around US$2.2 billion (€1.9 billion).

UiPath rose 8.3% as the software company is set to join S&P Midcap 400 index.