The biggest gainer is Broadcom's stock, which was charging up 5.4%. The stock had gained 1.1% on Friday to snap a 3-day losing streak that started after it closed at a record $250 on Dec. 16. The so-called Santa Claus rally could get off to a late start this year. But better late than never.

Traders are also weighing the outlook for interest rate cuts in 2025 in light of recent inflation data. Personal consumption expenditures inflation, the Fed's preferred inflation measure, rose 2.4% year-per-year in November, slightly under expectations.

European stocks bounced around Monday while US equities shook off early weakness to push higher as investors waited to see if a so-called Santa Claus rally sweeps over the market.