Index Slides Heading Into Final Session of 2024 | Global News Avenue

Major U.S. stock indexes were lower at the start of another holiday-shortened trading week as the positive momentum that boosted stocks in 2024 failed to carry over into the penultimate trading day of the year.

The S&P 500 fell 1.1% on Monday. The Dow closed 1% lower, while the tech-heavy Nasdaq fell 1.2%.

Ultramicrocomputer (SMCI) shares fell 4.1%, the largest decline among S&P 500 stocks. The server maker’s stock has been volatile this year as expectations for strong opportunities in artificial intelligence (AI) were offset by accounting-related issues that delayed the company’s annual report. Although Supermicro received an extension request from the Nasdaq exchange, mitigating the immediate threat of the stock being delisted, concerns about its ability to comply with the exchange’s rules remain.

ON Semiconductor (exist) shares fell 3.9%. Unlike many of its peers in the semiconductor industry, which are set to see big gains in AI-driven earnings in 2024, Onsemi’s shares are down about 24% this year. Weakness in the integrated circuit maker’s end markets, particularly in North America and Europe, weighed on the stock’s performance. However, the company is likely to see growth from utility-scale solar power in China, battery electric vehicles, and smart sensors used in artificial intelligence data centers.

Tractor Supply Company stock (taiwan steelShares of the rural lifestyle retailer fell 3.6% as it completed its acquisition of online pet pharmacy Allivet. The deal, initially announced in October, reportedly expands Tractor Supply’s total addressable market by $15 billion and adds a suite of services designed to empower pets by distributing name-brand veterinary drugs via automated delivery and providing professional medication advice. Breeding becomes easier. Monday’s downturn reversed gains in Tractor Supply stock following a 5-for-1 stock split that took effect on Dec. 20.

Shares of frozen potato and french fries supplier Lamb Weston Holdings (long wave) fell 3%. Monday’s decline reversed the stock’s gains over the weekend, following reports that activist investor Jana Partners was working with another former company executive to push for changes to Lamb Weston’s board and operations.

Natural gas futures surged more than 15% as forecasts of below-average January temperatures in many parts of the United States and Europe boosted demand expectations for the main heating fuel. Stake in natural gas explorer and pipeline operator EQT Corp (EQT) rose 5.1%, ranking first among the S&P 500 index constituents.

Other companies involved in natural gas dominate the remaining list of top performers in the benchmark index. Shares of Kotla Energy Corporation (CTRA) and Devon Energy (digital network) rose 3.6% and 2.5% respectively.