Stocks moved lower Monday in one of the final trading sessions of 2024, potentially putting a sour ending on a banner year for investors.
The Dow Jones Industrials ended Monday off 418.48 points, or 1%, to 42,573.73.
The S&P 500 index slipped 63.9 points, or 1.1%, to 5,906.94.
The NASDAQ swooned 235.25 points, or 1.2%, to 19,486.78.
There was no apparent news catalyst for Monday’s decline and trading was expected to be light given the shortened week.
The major averages are heading into the yearend shy of record levels, with the S&P 500 surging 23% and Dow up13%, and on track for the best year since 2021. The NASDAQ has gained more than 30% in 2024.
The benchmarks are also headed for a winning fourth quarter, with the NASDAQ on pace for its longest quarterly winning streaking since 2021.
Large tech stocks were struggling again Monday, with shares of Tesla losing 2.6% and Meta Platforms falling 1.1%. Chip giant Nvidia did rise 1%, helping to stem losses elsewhere.
Investors are hoping that stocks will find their footing again and trigger what’s known as a Santa Claus Rally. The phenomenon refers to the market rising into the final five trading days of a calendar year and the first two in January. The S&P 500 has returned 1.3% on average during this period since 1950.
The upcoming days are a light period for economic data, with the market closed Wednesday in observance of New Years Day.
Prices for the 10-year Treasury regained ground, lowering yields to 4.54% from Friday’s 4.61 %. Treasury prices and yields move in opposite directions.
Oil prices tacked on 56 cents to $71.16 U.S. a barrel.
Prices for gold backslid $9.40 an ounce to $2,622.50 U.S.
