04:48 PM EST, 12/30/2024 (MT Newswires) -- US benchmark equities closed lower Monday in the penultimate trading session of 2024.

The Nasdaq fell 1.2% to 19,486.8, the S&P 500 lost 1.1% to 5,906.9 and the Dow Jones Industrial Average fell nearly 1% to 42,573.7. All sectors reported declines, led by consumer discretionary and materials.

The stock market will be closed on Jan. 1.

The New York Stock Exchange and the Nasdaq announced they will close trading on Jan. 9 to observe the passing of former President Jimmy Carter. The Securities Industry and Financial Markets Association recommended an early market close on that day for bond trading.

In economic news, pending home sales in the US rose more than expected last month, reaching the highest level since February 2023, the National Association of Realtors said.

Texas manufacturing activity unexpectedly returned to growth territory as production rebounded, while expectations on the six-month horizon soured, according to the Federal Reserve Bank of Dallas.

In corporate news, TikTok-owner ByteDance plans to spend up to $7 billion on Nvidia's ( NVDA ) advanced AI chips outside China in 2025, The Information reported. Separately, Nvidia ( NVDA ) completed its acquisition of AI software company Run:ai, according to a blog post from Run:ai. Nvidia ( NVDA ) shares were up 0.4% at close.

Boeing ( BA ) shares declined 2.3% after multiple media outlets reported that South Korea's transport ministry will inspect Boeing ( BA ) planes operated by airlines in the country following the crash of one of the planemaker's 737-800 aircraft.

The US 10-year Treasury yield fell eight basis points to 4.54%. The two-year rate slid seven basis points to 4.25%.

West Texas Intermediate crude rose 0.8% to $71.14 per barrel.

Gold was down 0.4% to $2,621.50 per troy ounce, while silver fell 2% to $29.39 per ounce.