Dow Slides 600 Points in Thin Trading, Extending Sell-Off to End 2024
Stocks moved lower on Monday in one of the last few trading sessions of 2024, potentially putting a sour ending on a banner year for investors.
The Dow Jones Industrial Average shed 608 points, or 1.4%. The S&P 500 lost 1.4%, and the Nasdaq Composite slid 1.5%.
There was no apparent news catalyst for Monday’s decline and trading was expected to be light given the shortened week. The SPDR S&P 500 Trust (SPY) had less than 11 million shares in total volume at around 10:30 a.m. ET, an abnormally low amount for a day for with a significant market decline.
The major averages are heading into the yearend shy of record levels, with the S&P 500 and Dow up more than 23% and 12%, respectively, and on track for the best year since 2021. The Nasdaq has gained more than 29% 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.
However, some worries have mounted that the market may be losing momentum, with what appears to be year-end profit taking after the major averages notched losing sessions Friday. Large tech stocks were struggling again on Monday, with shares of Tesla losing 2.2% and Amazon falling 1.2%. Chip giant Nvidia did rise less than 1%, helping to stem losses elsewhere.
Source : CNBC
