Yesterday, US markets closed in positive territory. The S&P 500 gained 1.38%, reaching a record close of 4,791.19. The NASDAQ Composite rose by 1.39% to 15,871.26, while the Dow Jones Industrial Average increased by 0.98% to 36,302.38.

Trading is likely to be muted this week, as no important events are planned until after New Year's Eve.

Low liquidity during the holiday season could lead to increased volatility, as most investors are out of the market, resulting in increasing prices. The stock market is likely to gain 1.3% on average with 80% probability during the holiday season, which is frequently called a Santa Claus rally.

Trader concerns over Omicron eased, as the new strain is reported to be milder than previous COVID-19 strains, likely limiting the impact of restrictions on the global economy. The rising vaccination rates and the start of a re-vaccination campaign in several countries added confidence to market players.

Over the last week, more than 3,000 flights were cancelled in the US due to the rapid spread of the new strain, as well as extreme weather conditions. Several thousand flights were delayed. As a result, airline stock went down - United Airlines Holdings Inc. lost 0.7%, while Delta Air Lines Inc. decreased by 0.8%.

Commodity prices are on the rise amid improved economic growth outlook in 2022. WTI crude oil futures added 2.4%, reaching $75.57 per barrel. Natural gas prices increased by 8.8%, as weather forecasts indicated temperatures could drop in various US states.

Shares of energy companies made gains, such as APA Corp (7.3%), Devon Energy Corp. (6.1%), and Diamondback Energy Inc. (4.9%).

Tech stocks were also on the upside, with Advanced Micro Devices Inc. and NVidia Corp. increasing by 5.6% and 4.4% respectively.

Shares of FactSet Research Systems Inc. went up by 1.3% on the news of the company's acquisition of CUSIP Global Services for $1.925 billion.

News Corp. stock price gained 1.1% after the company announced it would acquire Base Chemicals for $295 million.

Shares of GoDaddy Inc. rose by 8.4%, as Starboard Value LP bought a 6.5% stake in the company. Starboard Value typically pushes companies to improve their financial performance, as well as demands board participation.

Unsuccessful clinical trials of the cardiovascular drug Acoramidis resulted in the shares of its developer BridgeBio Pharma Inc. plummeting by 72%

The EU's main index, the STOXX Europe 600, added 0.6%. Asian markets closed in negative territory - the Shanghai Composite lost 0.1%, while the KOSPI and the Nikkei 225 both fell by 0.4%.