Stocks are skipping the ‘Santa Claus rally’ again this year. That doesn’t bode well for January. The Fed has two bad options in 2025: accept higher inflation or risk a recession. Natural-gas prices see biggest jump in nearly 3 years, leading oil higher.

Wall Street was on track to open with small gains Tuesday, the final day of trading in what's been a banner year for U.S. markets. Futures for the S&P 500 and the Dow Jones Industrial Average each rose about 0.