Markets in Japan and China were poised to eke out gains on Christmas Day, with light trading expected on the heels of another record week for Wall Street.

Exchanges in much of the world will remain closed on Monday, including Australia, South Korea, Hong Kong and Singapore.

U.S. stocks racked up more weekly gains, though they closed slightly lower for the day on Friday. The Dow Jones industrial average and the S&P 500 posted gains for the fifth straight week, after U.S. President Donald Trump signed a bill that slashes corporate taxes.

Nikkei futures traded in both Chicago and Osaka were pointing to a marginally higher open for stocks in Japan.

No major economic data is scheduled for release Monday.

Trump’s tax plan cuts the statutory corporate tax rate from 35 percent to 21 percent, though actual tax rates may drop into the single digits because of corporate deductions that were left in, as CNBC reported Thursday.

Investors have enthused over the tax cuts, which they see prompting major U.S. corporations to buy back stock from shareholders.

—CNBC’s Fred Imbert contributed to this report.