US equity futures remained muted on Friday, expected to remain in thin trading after exchanges were closed for holidays. Contracts tracking the S&P 500 and the Dow were near their record highs amid expectations that sustained economic growth and more-accommodative monetary policy support earnings prospects. Despite optimism that corporate revenues will remain robust, skepticism on the magnitude of rate cuts by the Fed next year and lingering concerns that capital expenditure in AI infrastructure is exaggerated prevented a sharper “Santa Clause rally” ahead of the turn of the year. Commodity players were under the spotlight as precious and base metals extended their rallies, with Newmont and Freeport-McMoRan futures swinging higher. Oil producers were also due for gains as the White House raised its hawkish rhetoric against the Venezuelan regime and oil infrastructure. Meanwhile, Nvidia inched higher on its licensing deal with AI startup Groq.
