Advertisment
Stock futures were slightly lower Monday ahead of the last few trading sessions of 2024.
Futures for the Dow Jones Industrials descended 81 points, or 0.2%, to 43,263.
Futures for the S&P 500 fell 15.25 points, or 0.3%, to 6,011.75.
Futures for the NASDAQ sank 52.25 points or 0.2%, to 21,646.25.
Boeing traded 4% lower in the premarket Monday after the South Korean government ordered an inspection of all B737-800 planes following a deadly Jeju Air crash over the weekend.
The major averages are heading into the yearend shy of record levels, with the S&P 500 ahead more than 25% and Dow up more than 14%, respectively, and on track for the best year since 2021. The NASDAQ has gained more than 31% 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.
Investors are hoping that stocks will continue to rise into the year-end and the new year, 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.
This week ushers in a light period for economic data, with the market closed Wednesday in observance of New Years Day. Chicago PMI and pending homes sales data are due out Monday.
In Japan, the Nikkei 225 fell 1% Monday, while in Hong Kong, the Hang Seng declined 0.2%
Oil prices forged ahead 34 cents to $70.94 U.S. a barrel.
Gold prices dipped $1.70 to $2,630.20 U.S. an ounce.