02:20 PM EST, 12/30/2024 (MT Newswires) -- US benchmark stock indexes retreated along with government bond yields after midday Monday in the penultimate trading session of 2024.

The Nasdaq fell 0.7% to 19,585.1, the S&P 500 lost 0.7% to 5,931.15 and the Dow Jones Industrial Average fell 0.7% to 42,708.7. Consumer discretionary and materials led the decliners among sectors, while energy was the sole gainer intraday.

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.

Wells Fargo Investment Institute said in a Monday note that "US stocks are poised to end 2024 with strongly positive gains." The performance largely reflects tailwinds from the Federal Reserve's interest rate cuts that began in September, the US presidential election, company earnings and advances in artificial intelligence, it wrote.

"Volatility in December tempered investor enthusiasm but, as of Dec. 19, has not been enough to derail sizable stock gains for the year," according to the report.

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.

In company news, Boeing ( BA ) shares were down 2% in afternoon trade after multiple media reports said that South Korea's transport ministry will inspect Boeing ( BA ) planes operated by airlines in the country following the crash of one of the plane maker's 737-800 aircraft.

Nvidia ( NVDA ) completed its acquisition of AI software company Run:ai, according to a blog post from Run:ai on Monday. Nvidia ( NVDA ) shares climbed 1.5% around midday.

The US 10-year Treasury yield fell seven basis points to 4.55%. The two-year rate slid seven basis points to 4.25%.

West Texas Intermediate crude rose 0.7% to $71.10 per barrel.

Gold was down 0.6% to $2,617.50 per troy ounce. Silver fell 1.8% to $29.42 per ounce.