NEW YORK (TheStreet) -- Stock futures were drifting upwards to close out a holiday-shortened week at record highs. Markets, opening after the Christmas Day break, have little to push the needle in either direction with no earnings or economic data due for release.
"Geo-political risk, the price of oil, and bond yields will play a greater role in equity pricing these next few days," said economist Stephen Guilfoyle in a blog post. "Then again, there's bound to be some window dressing done by under-performing money managers."
Benchmark indexes look to be setting up for new all-time highs over Friday's session after a six-day rally that pushed the Dow Jones Industrial Average over 18,000. Investor confidence had been high after Federal Reserve Chair Janet Yellen and colleagues promised to be "patient" in raising rates over 2015.
S&P 500 futures were up 0.12%, Dow futures added 0.24% and Nasdaq futures climbed 0.34%.
Over the past six sessions, the S&P 500 has charged 5.5% higher and the Dow spiked 5.6%.
Japan's Nikkei held up under pressure after core consumer inflation slowed to 0.7% in November, a factor of plummeting oil prices. The Bank of Japan has a target of 2%. The Nikkei closed 0.06% higher.
Chinese stocks rallied nearly 3% after the country's central bank detailed new steps to increase banks' lending capabilities. Hopes are high that the central bank will also introduce stimulus measures in the coming months to address slowing economic growth.
Qualcomm (QCOM) - Get Qualcomm Inc Report shares were up 1% before the bell after Chinese regulators said a months-long investigation into the company would be completed soon. Officials accused the chipmaker of abusing its monopoly by overcharging.
Trading of Sony (SNE) - Get Sony Corp. Report was quiet after the studio released controversial film 'The Interview' to 300 independent theaters over Christmas without incident. However, hackers did target Sony's Playstation networks and Microsoft's (MSFT) - Get Microsoft Corporation Report Xbox over the holiday, disrupting normal operations for much of the day.
--Written by Keris Alison Lahiff in New York.