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Briefing.com Summary:

*S&P 500 near record high after Christmas week rally.

*Hope for Santa Claus rally to cap strong year.

*More indications that a viable Russia-Ukraine peace plan could be reached soon.

The stock market finished last week on a subdued note, keeping the S&P 500 just shy of a record high that was notched during Friday's quiet trade. The early indication points to a modestly lower start to the final week of 2025 with futures on the S&P 500 hovering 20 points below fair value.

With the S&P 500 up nearly 18.0% for the year, market participants have received plenty of gifts in 2025 and they have reason to believe that more rewards are on the way since the Santa Claus rally period, which encompasses the final five trading days of December and the first two trading days of January, is now in effect.

The overnight news flow was limited, save for some developments on the geopolitical front. China announced the start of military drills around Taiwan that will continue tomorrow while reports from Europe point to growing likelihood for a peace deal between Russia and Ukraine, which has weighed on shares of military contractors. Ukraine's President Zelensky met with President Trump over the weekend and asked that the U.S. guarantee Ukraine's security for 50 years as part of the potential peace plan.

Precious metals are off to a volatile start after last week's strong finish with silver having already established a $9.30/ozt trading range in overnight trade.

This week is shaping up to be quiet on the economic data front with today's docket limited to the 10:00 ET release of Pending Home Sales for November (Briefing.com consensus 0.9%; prior 1.9%).

Treasuries hold modest gains with the 10-yr yield slipping two basis points to 4.11%.