Dow and S&P 500 futures reached new highs.

Dow and S&P 500 futures reached new record highs as semiconductor stocks surged, with Western Digital gaining 15% and Texas Instruments up 8%. While the Santa Claus rally period ended with mixed results for the major indexes, traders are now focused on the January barometer and upcoming economic catalysts. Services PMI declined to 52.5 in December, marking the slowest pace in eight months. Equity option volume spiked as implied volatility rose ahead of Friday's non-farm payrolls report and a potential Supreme Court decision on tariffs. In the crypto space, Bitcoin futures pulled back to $93,000 after finding resistance near the 50-day moving average.