Investing.com-- U.S. stock index futures were largely steady on Monday evening after a rally in the world’s largest technology stocks pushed Wall Street higher amid thin trading ahead of the Christmas holiday.

The New York Stock Exchange is set to close early Tuesday for Christmas Eve, and the market is shut on Christmas Day.

S&P 500 Futures were largely unchanged at 6,034.0 points, while Nasdaq 100 Futures edged lower to 21,730.50 points by 19:33 ET (00:33 GMT). Dow Jones Futures were largely steady at 43,324.0 points.

Wall Street recovers from Fed-induced last week's slump

The U.S. Federal Reserve projected fewer-than-expected cuts in 2025 on Wednesday. This had led to sharp falls in all three major indexes and a weekly decline on Wall Street.

The Fed signaled a cautious approach to monetary policy adjustments, emphasizing the need for continued progress on inflation before considering further rate cuts.

Markets scaled back rate cut expectations after the Fed meeting, pricing in just two more cuts in the upcoming year.

Sentiment improved on Friday after (PCE) price index—the Fed’s preferred measure of inflation—rose at a slower-than-expected pace in November, while the rise in core inflation was largely in line with estimates.

Although the recent data indicates a cooling trend, the persistent elevation above the 2% target suggests that inflationary pressures are not yet fully contained. 

Chip stocks jump amid broader tech rally, Rumble shares surge 

Wall Street indexes closed higher on Monday led by a surge in semiconductor stocks that gave tech a strong start to the holiday-shortened week.