Investing.com — U.S. stock index futures were slightly lower Monday night as Wall Street tumbled amid strong year-end profit-taking.
By 18:34 ET (23:34 GMT), it fell 0.2% to 5,946.25 points and fell 0.2% to 21,374.75 points. It remained almost unchanged at 42,911.0 points.
Tech stocks fall during year-end trading, Treasury yields rise
Investors took advantage of significant gains accumulated throughout the year, particularly in the technology sector.
At the same time, rising government bond yields put further pressure on stocks. Higher yields can make bonds more attractive to investors looking for lower-risk returns, drawing money away from stocks.
Among the mega-cap stocks of the Magnificent Seven, Apple Inc. (NASDAQ:) and Microsoft Inc. (NASDAQ:) each fell 1.3%, while Meta Platforms Inc. (NASDAQ:) and Amazon.com Inc. (NASDAQ:) 🙂 also fell.
NVIDIA Corporation (NASDAQ:) rose 0.4%, while Tesla Inc (NASDAQ:) fell more than 3%.
Bank of America said in a recent note that while mega-cap stocks are “overvalued and crowded,” it is prioritizing mid-cap stocks in hopes of better opportunities in 2025.
Boeing slumps due to Korean accident
boeing company (NYSE:) shares fell more than 2% following a devastating air accident in South Korea on Sunday when a passenger plane crashed into Muan International Airport, killing 179 people.
A Boeing 737-800 skidded off the runway, hit a wall and burst into flames, making it the worst aviation accident in the country's history.
Wall Street aims for impressive profits every year
On Monday, it fell 1.1% to 5,906.94 points, 1% to 42,573.73 points and 1.2% to 19,486.79 points.
Despite recent losses, 2024 was a remarkable year for U.S. stocks, with all major indexes near all-time highs.
The Nasdaq is on track to rise about 30% for the year, the S&P 500 is on track to rise more than 24%, and the Dow Jones Industrial Average is up more than 13%, marking the best performance for these averages since 2021.
Later in the week, investors will scrutinize the Institute for Supply Management's December survey and weekly report ahead of next week's important report.
