U.S. stock index futures kicked off the holiday-shortened week on a positive note, as technology stocks rose further on renewed enthusiasm over artificial intelligence, while investors awaited key economic data later this week.

A rally in tech stocks late last week, driven by Micron Technology's blowout forecasts and a benign inflation report, helped the benchmark ‍S&P 500 and tech-heavy Nasdaq reverse weekly losses. The tech sector had come under pressure earlier this month ‍on concerns about inflated valuations and a surge in AI spending.

The latest rebound in stocks put the S&P 500 and Dow about 1% away from their record closing peak on December ⁠11.

Micron rose 3.5% in premarket trading, while other chipmakers — Nvidia, Broadcom, Intel and Advanced Micro Devices — gained more than 1% each.

December has traditionally been a strong period for stock markets. Since 1950, the so-called Santa Claus rally ​has been reflected by the S&P 500 rising by an average of 1.3% over the last five trading days of the year and the first two trading days in January, according to the Stock Trader's Almanac.

Optimism around AI, a resilient U.S. economy and monetary policy easing put the ‍three main indexes on course for their third consecutive year of gains, with the S&P 500 up more than 15%.

At 8:40 a.m. ⁠ET, Dow E-minis were up 28 points, or 0.06%, S&P 500 E-minis were up 31 points, or 0.45% and Nasdaq 100 E-minis were up 173.75 points, or 0.88%.

Trading volumes are expected to remain light this week, with U.S. stock market closing at 1:00 p.m. ET on Wednesday and shut on Thursday for Christmas holiday.

But key economic data, including the preliminary reading of third-quarter GDP, December ⁠consumer confidence data and weekly jobless claims, are scheduled ​for release this week and could shape ⁠market expectations around the U.S. monetary policy path.

U.S. consumer prices increased less than expected in the year to November, data showed last week, supporting expectations of interest ‍rate cuts from the Federal Reserve next year.

"There were questions about the data's methodology given the government shutdown, but the print was still viewed as soft enough ‌to make Fed rate cuts more likely," Deutsche Bank analysts wrote in a note.

Among other movers, U.S.-listed precious metal miners jumped as gold crossed the $4,400-per-ounce level for the first time and silver jumped to a record high, propelled by expectations of U.S. ⁠rate cuts and ​continued safe-haven buying.

Shares of Clearwater Analytics ‍Holdings climbed 8.4% after a group of private equity firms led by Permira and Warburg Pincus clinched a deal to acquire the investment and accounting software maker for about $8.4 billion, including debt.

Honeywell fell 1.2% after ‍the industrial conglomerate said it expects to record a one-time charge of about $470 million in the fourth quarter.

Meanwhile, brokerage RBC upgraded its rating on U.S. healthcare and communication services sectors to "overweight" from "market weight."