Futures on the S&P 500 and Nasdaq 100 are up, pointing to a higher open on Wall Street. Tech stocks are driving the rally, with hopes for a “Santa Claus” rally. However, higher bond yields are limiting gains. Investors will focus on U.S. economic data this week. In Friday’s trading, Carnival and chip stocks surged, while Nike plunged. Fed officials see no urgency to lower interest rates further. U.S. markets will close early on Wednesday and be closed on Thursday for Christmas. European markets are mixed, with U.K. GDP data released. Asian markets closed higher, with China’s private fund sector growing to a record. Japan’s Nikkei 225 surged, buoyed by a weaker yen and Wall Street’s rally. Chip stocks are moving higher in pre-market trading. Today’s U.S. earnings spotlight includes Ennis, Calavo Growers, Immersion Corp, and RCI Hospitality.

Read more at Barchart: Stocks Set to Extend Tech-Led Rally, U.S. Economic Data Awaited