Stock futures were higher on Thursday as trading got underway for 2025, with hopes that the market can regain the momentum that propelled the S&P 500 to log two-straight years of annual gains above 20%. Futures tied to the Dow Jones Industrial Average rose 315 points, or 0.7%, while S&P 500 futures added 0.8%. Nasdaq-100 futures advanced 1%. Although stocks fell in the final days of 2024, the year still produced solid returns. The S&P 500 surged 23% last year, while the 30-stock Dow added nearly 13%. Fueled by the enthusiasm around artificial intelligence and interest rate cuts, the Nasdaq Composite outperformed with a 29% advance. Members of the so-called Magnificent Seven were behind much of the market’s action in 2024. AI chip darling Nvidia notched a 171% gain for the year, while iPhone maker Apple rose 30%. But these big gains led to some profit-taking at the year’s end. The S&P 500 recorded four-straight down days to cap the year — a first since 1966. All this means, it will be difficult for a “Santa Claus rally” to materialize. That well-known market indicator is usually characterized by rising stocks in the five final days of a calendar year and the first two trading days of January. The broad index rises an average of 1.3% during this period and has finished higher almost 80% of the time, according to Dow Jones market data going back to 1950. The tech-heavy nature of 2024′s rally has raised some concern that the move is unsustainable, but more optimistic investors point to continued economic strength and earnings growth as reasons that the market still has room to run. “The argument that irrational exuberance, animal spirits and bubble-like optimism were the primary drivers behind the market’s levitation seem largely inconsistent with stronger data and more subdued recession risks,” UBS strategist Jonathan Golub said in a note to clients Thursday. “Either way, it is clear that investors are extremely optimistic as we enter 2025. Maybe this exuberance is reason for concern. Maybe 2025 will be another gangbuster year,” Golub continued. The holiday-shortened week has been light on economic data, but Thursday will bring a look at weekly jobless claims that will offer a read on how the labor market is faring. U.S. Treasury yields were lower on the first trading day of the new year, as investors considered what could lie ahead for markets in the coming months. Shortly after 7:30 a.m. ET on Thursday, the yield on the 10-year Treasury was down by 5 points at 4.523%. The 2-year Treasury yield was last at 4.219% after falling by 3 basis points. Asian stocks traded mixed Thursday, with China stocks leading losses as several major markets resumed trading after New Year’s Day holiday. Mainland China’s benchmark CSI 300 dipped over 3% lower before narrowing the losses to 2.91%, ending at 3,820.39. The broad market slump on its first trading day in 2025 came despite President Xi Jinping’s vow during his New Year address on Tuesday evening to implement more proactive policies to support economic growth. Hong Kong’s Hang Seng Index lost 2.37% in the final hour of trade. South Korea’s Kospi index inched lower to close at 2,398.94 while the Kosdaq added 1.24% to 686.63. The markets opened one hour later than usual, due to an opening ceremony for the new year. Australia’s S&P/ASX 200 rose 0.52% to finish at 8,201.2. Markets in Japan will remain closed for the rest of this week. Oil prices rose on Thursday as investors returned for the first trading day of the new year with an optimistic eye on China’s economy and fuel demand after a pledge by President Xi Jinping to promote growth. Brent crude futures rose 65 cents, or 0.87%, to $75.29 a barrel by 0945 GMT after gaining 65 cents on Tuesday, the last trading day of 2024. U.S. West Texas Intermediate crude was up 66 cents, or 0.92%, at $72.38. Gold prices rose on Thursday, extending gains from 2024 as investors weighed potential shifts in the U.S. Federal Reserve’s interest rate outlook in the face of President-elect Donald Trump’s proposed tariffs and their likely impact on inflation. Spot gold rose 0.6% to $2,638 an ounce by 0930 GMT, having gained 0.7% on the last trading day of 2024. U.S. gold futures edged up by 0.4% to $2,651.