Wall St. Slumps In Last Days Of Banner Year For U.S. Stocks

US stocks fell sharply as the market appeared poised to end a strong year on a weak note.

Despite the decline, the benchmark index remained on track for its second consecutive annual gain of over 20%. I Photo: New York Stock Exchange Facebook

The S&P 500 dropped 1.5% in morning trading, with nearly every stock in the index losing ground, Damian J. Troise reported for the Associated Press (AP). 

Despite the decline, the benchmark index remained on track for its second consecutive annual gain of over 20% with just two trading days left in 2024. The Dow Jones Industrial Average fell 624 points, or 1.5%, as of 10:51 a.m. Eastern time, while the Nasdaq composite dropped 1.7%.

Big Tech companies were among the heaviest drags on the market, with Apple and Microsoft declining 1.7% and 1.6%, respectively. Their high valuations amplify their influence on broader market trends.

Boeing shares fell 3.2% after one of its jets skidded off a runway in South Korea, resulting in 179 fatalities out of 181 passengers.

The South Korean government is inspecting all 737-800 aircraft operated within the country.

This latest tragedy compounds Boeing's challenges, including a machinists' strike, ongoing safety issues with its flagship aircraft, and a stock price that has dropped over 30% this year. The crash also hit airline stocks, with United Airlines falling 3.5%, Delta Air Lines slipping 2.3%, and American Airlines dropping 0.8%.