Stock Market Today: S&P 500 near record high as winter rally rolls on

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U.S. equity futures nudged higher Wednesday, putting the S&P 500 within just a few points of its all-time high, as investors continue to extend the so-called Santa Claus Rally and double-down on the chances of spring interest-rate cuts from the Federal Reserve. 

The S&P 500 last night closed within 22 points of its record following a 20- point gain in typically thin post-holiday trading. This as the dollar held near five-month lows against its global peers and Treasury bond yields extended their historic autumn rally.

More of the same is expected Wednesday, following a solid overnight session in Asia powered in part by dovish minutes from the Bank of Japan's December policy meeting.

On Wall Street, investors are likely to eye a handful of minor economic releases, including the Richmond Fed's manufacturing index for December, while closely tracking Treasury yields and oil prices over the final trading days of the year.

Benchmark 10-year note yields were last seen trading at 4.87% in early New York dealing, while 2-year paper slipped to 4.289%. 

Stock futures were muted, with contracts tied to the S&P 500 indicating a 1-point opening bell gain as the index looks to close out its strongest quarterly gain in three years.

Contacts linked to the Dow are suggesting a 17-point bump while the tech-focused Nasdaq, which is up 14% for the quarter, is set for a 12-point gain.

Europe's Stoxx 600 was marked 0.26% higher in the first full day of trading since last week, with all major markets around the region open. The MSCI ex-Japan index ended the session with a 1.17% gain. 

Tokyo's Nikkei 225, meanwhile, was marked 1.13% higher as the summary of opinions from the BoJ meeting indicated no rush to change its ultra-loose monetary policy over the coming months. 

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