The US stock market's S&P 500 has reached a new all-time high, with market risk appetite warming, primarily supported by falling inflation, economic resilience, and strong performance in tech stocks.

Meanwhile, the Asia-Pacific markets are trading lightly and showing mixed trends, as most markets are closed on Thursday for Christmas, leading investors to be cautious before the holiday, with some choosing to take profits or reduce positions.

The US stock market will close early on Wednesday, Christmas Eve, and will be closed all day on Thursday, with a potential decrease in short-term liquidity amplifying volatility. Future market attention will focus on inflation and the Federal Reserve's policy path, US Treasury yields, and year-end fund reallocation factors.