NEW YORK (AP) — U.S. stocks fell Monday as a strong year for the market looks set to end on a sour note.
The S&P 500 fell 1.6% in morning trading. Nearly every stock within the index lost ground. With just two days left in 2024, the benchmark index is still on track for its second straight yearly gain of more than 20%.
The Dow Jones Industrial Average fell 680 points, or 1.6%, as of 10:07 a.m. Eastern time. The Nasdaq composite fell 1.7%.
Big Tech companies were among the heaviest weights on the market, worsening the slump. Apple fell 1.5% and Microsoft fell 1.6%. Their pricey valuations tend to have an outsized impact on the broader market.
Boeing fell 4.4% after one of its jets skidded off a runway in South Korea, killing 179 of the 181 people aboard. South Korea is inspecting all 737-800 aircraft operated by airlines in the country.
The disaster was yet another blow for Boeing following a machinists strike, further safety problems with its troubled top-selling aircraft and a plunging stock price. Its shares have declined more than 30% this year.
Bond yields fell. The yield on the 10-year Treasury fell to 4.55% from 4.63% late Friday. The yield on the two-year Treasury fell to 4.26% from 4.33% late Friday.
Crude oil prices rose 0.9%. Energy stocks held up better than the rest of the market. The sector slipped 0.5% for the smallest drop within the S&P 500 index.
Indexes in Europe and Asia mostly fell.
Investors have very little corporate and economic news to review this week, which is shortened by the New Year holiday. Markets will be closed on Wednesday.
On Thursday, investors will get an updated snapshot of U.S. construction spending for the month of November. On Friday, Wall Street will receive an update on manufacturing for December.
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Today, the stock market witnessed a sharp decline as Wall Street slumped in the final days of what has been a remarkable year for US stocks. Despite a strong performance throughout most of the year, the major indices closed lower as investors grappled with uncertainty surrounding global economic growth and the ongoing COVID-19 pandemic.
The Dow Jones Industrial Average, S&P 500, and Nasdaq all finished the day in the red, with tech stocks leading the decline. The tech-heavy Nasdaq fell the most, shedding over 2% as investors rotated out of high-growth stocks and into more defensive sectors.
Despite the recent volatility, the stock market has had a stellar year overall, with all three major indices posting double-digit gains. The S&P 500 is on track to end the year with a gain of more than 25%, marking its best performance since 2019.
As we head into the final days of the year, investors will be closely watching for any developments that could impact the markets. From geopolitical tensions to inflation concerns, there are a number of factors that could influence the direction of stocks in the coming weeks.
Overall, while today’s slump may have dampened some spirits on Wall Street, it’s important to remember the strong performance of US stocks throughout the year. As we look ahead to 2022, there is still optimism for continued growth and opportunities for investors in the stock market.
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