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U.S. stock futures were marginally higher on Monday night after the S&P 500 and Nasdaq Composite notched a second winning day.

S&P 500 futures and Nasdaq 100 futures both climbed 0.1%. Futures tied to the Dow Jones Industrial Average added 21 points, or less than 0.1%.

In after-hours action, shares of Ulta Beauty rose more than 1% after the company named a new CEO and hiked its fourth-quarter guidance.

During the regular session, the broader S&P 500 benchmark added 0.55%, while the tech-heavy Nasdaq rose 1.24%. The 30-stock Dow underperformed, slipping 0.06%.

Monday’s advances for the S&P 500 and the Nasdaq were propelled by a surge in chip stocks after Foxconn reported record fourth-quarter revenue. Artificial intelligence darling Nvidia closed at a record, while the VanEck Semiconductor ETF (SMH) added more than 3%.

Another catalyst for stocks was a report by the Washington Post that said President-elect Donald Trump’s tariff plan would be narrower than previously expected. Trump later disputed the report in a Truth Social post.

Investors should expect further market volatility as the year progresses, according to Cameron Dawson, chief investment officer at NewEdge Wealth.

“That is our base case, this idea that you’re going into 2025 with such a higher bar that it sets up for some choppy price action when you consider the valuations that we’re starting the year with, where positioning is and where most expectations are,” she said on CNBC’s “Closing Bell” Monday afternoon.

Major economic reports that will shape the market’s action loom ahead this week. The Job Openings and Labor Turnover Survey is due on Tuesday, while the ADP private payrolls report is slated for Wednesday. The main event awaits on Friday in the form of December’s nonfarm payrolls report.

It is a four-day trading week, with the New York Stock Exchange closed on Thursday in honor of the late former President Jimmy Carter.

Tesla’s influence on the stock market is growing, S3 Partners says

The recent increase in the notional value of the short interest in Tesla stock, together with the heightened volatility in the electrical vehicle maker’s shares, “underscores its growing market influence, surpassing both Nvidia and Apple in recent months,” according to S3 Partners, a researcher that specializes in tracking Wall Street short interest.

In a typical day, Tesla shares now move up or down in a range of 4.5% compared with its prior volatility of 3% to 4%. Nvidia might typically move 3% to 4% each day although, unlike Tesla, its recent volatility has fallen, while Apple only moves 1% or so on an average day.

All three stocks are locked in a three-way race for which has the highest dollar value of shares sold short, S3 said. “NVDA has had the largest short interest notional position, but AAPL surpassed NVDA for two weeks in December. TSLA has been in third place since mid-year but has now surpassed AAPL,” according to the researcher.

— Scott Schnipper

Stocks moving the most in extended trading hours: Inari Medical, Ulta

These are the stocks moving the most in Monday’s after-hours trading:

• Inari Medical — Shares of medical device maker Inari Medical surged 22% after Reuters reported that the company was in advanced talks to be acquired by Stryker, citing people familiar with the matter. Sources said that a deal could be announced as early as this week.
• Ulta — The beauty retailer added nearly 2% after increasing its fourth-quarter outlook, citing a stronger-than-expected holiday season. The company also announced that CEO Dave Kimbell will retire after 11 years in the role, to be succeeded by current President and COO Kecia Steelman.

— Lisa Kailai Han

Stock futures open higher

Stock futures traded higher on Monday night.

Dow futures added 48 points, or 0.1%, shortly after 6 p.m. ET. S&P 500 futures and Nasdaq 100 futures respectively gained 0.1% and 0.2%.

— Lisa Kailai Han