In economic news, Redbook US same-store sales last week rose by 6.5% from a year earlier, matching the increase in previous week.

US consumers are looking to scale back holiday purchases this year due to higher prices, with Gen Z shoppers leading the planned pullback, PwC said in a report. Holiday spending is expected to decline by 5% annually to $1,552 on average, marking "the first noteworthy dip" since the pandemic began in 2020, PwC said.

In corporate news, Campbell's (CPB) shares rose 6.2% after the packaged food company's fiscal Q4 earnings topped Wall Street estimates, even as sales volume declined. Tariff-related headwinds will likely intensify this year, Campbell's said.

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