US pre-open: Futures have stocks continuing historic rally

US futures had stocks opening slightly higher on Monday ahead of the Christmas break in trading later in the week.

As of 1200 GMT, Dow futures were ahead 0.13%, while S&P 500 and Nasdaq-100 futures were up 0.14% and 0.20%, respectively.

The Dow closed 78.13 points higher on Friday after the Street's main boards once again saw a record high close for all three indices. The Nasdaq's gain was its seventh day of increases on the trot.

Donald Trump took to Twitter on Friday to announce that he had held a "very good talk" with his Chinese counterpart Xi Jinping regarding the recently reached "phase one" trade deal - boosting sentiment amongst investors ahead of the holiday season.

China's finance ministry revealed on Monday that it would reduce import tariffs on more than 850 products from 1 January as part of an effort to boost domestic demand and open up its economy.

CMC Markets analyst David Madden said: "The move by China appears to be partly driven by a domestic shortage, and partly by a desire to build bridges with the US.

"Either way it is a step in the right direction for the trading relationship of the two largest economies in the world. As it is Christmas week, market volatility is low, and trading ranges are small, so it is possible today's movements are not a true reflection of market sentiment."

Elsewhere, the President invited British Prime Minister Boris Johnson to the White House in 2020, amid hopes of a transatlantic trade deal following the UK's proposed departure from the European Union on 31 January.

On the data front, durable goods orders for November will be posted at 1330 GMT, while new home sales for last month will be out at 1500 GMT.

No major corporate earnings were slated for release on Monday.