Wall Street looked set to push further into record territory Wednesday, Jan. 3, putting the Dow Jones Industrial Average on a collision course with 25,000, as global markets continue to ride a bullish wave powered by synchronized growth and accelerating corporate profits.

Contracts tied to the Dow rose 42 points, or 0.17%, and those linked to the S&P 500 gained 4 points, suggesting modestly positive gains for the benchmarks at the start of trading ahead of manufacturing data from the Institute for Supply Management and minutes from the Federal Reserve's policy meeting in December.

U.S. chipmaking stocks were stronger in premarket trading, following solid gains for their European peers, after record semiconductor sales in November suggested solid demand for component suppliers and hardware providers over the holiday season.

The Semiconductor Industry Association, a lobby group, said Tuesday that global chip sales hit a record $37.7 billion in November, up 21.5% from the same period last year, and 1.6% from the previous month. The moves follow an all-time high close for the Nasdaq, which topped the 7,000 markon Tuesday following solid gains from Apple Inc. (AAPL - Get Report)  , Google parent Alphabet Inc.  (GOOGL - Get Report) and Facebook Inc. (FB - Get Report) .

Nvidia Corp. (NVDA - Get Report) shares were indicated 1.83% higher in premarket trading, suggesting an opening bell price of $203, a move that would extend the stock's three-month gain to around 13.5%. Rival Advanced Micro Devices Inc. (AMD - Get Report) was also trading firmly to the upside, rising 1.6% in premarket trading to take its two-day gain to around 8.5% if it opens at its indicated price of $11.16 .

Scana Corp. (SCG) shares jumped 26% in premarket trading after reaching an agreement to merge with Dominion Energy Inc. (D - Get Report) in a stock-for-stock deal valued at about $7.9 billion.

In Europe, the Stoxx 600 Europe index, the region's broadest measure of share prices, added 0.3%, driven in part by solid gains for benchmarks in Germany, where the DAX gained 0.46%, and France, where stocks were marked 0.39% higher from their Tuesday close. Britain's FTSE 100 was also in the green, rising 0.05% despite further gains for the pound, which took the currency to 1.3593 against a beaten-down U.S. dollar.

Overnight in Asia, the dollar continued to tumble as investors swapped more cash into regional currencies in the wake of much stronger-than-expected readings for manufacturing activity in both China and its neighbouring economies.

The MSCI Asia ex-Japan index rose 0.4% as it headed to the close of the session, taking the broadest measure of regional share prices to within touching distance of its all-time peak reached in 2007. Markets in Japan remain closed for the traditional January holiday festival.

Global oil prices rose in Asia and European trading amid the upbeat forecasts for growth in some of the world's most heavily-industrialised economies, with investors keeping a keen eye on data from the United States this week on both the domestic levels of crude supplies and the weekly pace of output.

Brent crude contracts for March delivery, the global benchmark, were seen 25 cents higher from their Tuesday close at $66.80 per barrel while WTI contracts for the same month gained 22 cents per barrel to around $60.62.

Bitcoin prices climbed past the $15,000 mark in early European trading, with futures on both the CME Group and CBOE platforms trading at $15,250, before easing to around $14,800. Gold prices, however, eased modestly from their multi-month peaks Tuesday, trading at $1,315 an ounce in early London dealing.

Jim Cramer and the AAP team hold positions in Nvidia, Alphabet, Apple and Facebook for their Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells NVDA, GOOGL, AAPL or FB? Learn more now.

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