Stocks fell on Wall Street as a strong year for the market looks set to end on a sour note. The S&P 500 closed 1.1% lower Monday. On the second-to-last day of 2024, the benchmark index is still on track for its second straight yearly gain of more than 20%. The Dow Jones Industrial Average gave back 1%, and the Nasdaq composite lost 1.2%. Declines in Big Tech companies like Apple and Microsoft weighed on the market.
Big Tech companies were among the heaviest weights on the market, worsening the slump. Apple fell 1% and Microsoft fell 0.8%. Their pricey valuations tend to have an outsized impact on the broader market. Airlines that fly Boeing jets wavered in the wake of the crash. United Airlines fell 1.3% and Delta Air Lines slipped 0.7%.
Natural gas prices jumped 12%. That helped support gains for natural gas producers. EQT Corp. rose 5.3%.Markets are nearing the close of a stellar year driven by a growing economy, solid consumer spending and a strong jobs market. Wall Street expects companies within the S&P 500 to report broad earnings growth of more than 9% for the year, according to FactSet. The final figures will be tallied following fourth-quarter reports that start in a few weeks.
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