Stocks slipped on Monday in one of the final trading sessions of 2024 as lower trading volumes swung the market negative. The Dow Jones Industrial Average dropped over 400 points, while the S&P 500 Index and Nasdaq Composite lost 1% and 1.2%, respectively.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): -1.07% or -63.91 points to 5,906.93

Dow Jones Industrial Average (DIA  ): -0.97% or -418.36 points to 42,573.85

Nasdaq Composite Index (QQQ  ): -1.19% or -235.25 points to 19,486.78

Making Headlines:

Boeing (BA  ) was in the spotlight on Monday following the fatal crash of Jeju Air Flight 7C2216 in South Korea over the weekend -- killing most aboard the Boeing 737-800 series aircraft. South Korean authorities said they will inspect all Boeing 737-800 planes operated by the country's airlines as part of its ongoing investigation into Sunday's fatal crash.

The crash bookends a troubling year for the U.S. aviation giant, which has been met with multiple safety concerns from global regulators and a muli-week machinist strike throughout the year -- impacting its stock price. Boeing's shares are underperforming the broader market and are down nearly 30% year-to-date.

Natural Gas Futures prices jumped on Monday, reaching a new 52-week high, on reports of a colder-than-usual temperature outlook throughout the United States expected for January. February futures rose 16% in New York as the U.S. National Weather Service expects frigid weather in the U.S. East and Midwest in its latest 8-14 day outlook -- impacting states from Texas to Michigan to Georgia.

In Economic News:

Pending U.S. Home Sales rose for a fourth consecutive month in November, reaching the highest growth level since February 2023, the National Association of Realtors (NAR) reported Monday.

The pending home sales index increased 2.2% month-over-month to 79.0 in November. Annually, pending transactions rose 6.9%. Beneath the headline, Northeast sales rose 5.6%% from November 2023, Midwest sales increased 1.6%, South sales improved 8.5% and West sales were up 11.8%.

"Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory," said Lawrence Yun, chief economist at NAR, in a statement. "Mortgage rates have averaged above 6% for the past 24 months. Buyers are no longer waiting for or expecting mortgage rates to fall substantially. Furthermore, buyers are in a better position to negotiate as the market shifts away from a seller's market."

Looking Ahead:

The New York Stock Exchange and Nasdaq will both be closed on Thursday, Jan. 9, for a National Day of Mourning honoring the death of former President Jimmy Carter.

"Jimmy Carter, with humble roots as a farmer and family man, devoted his life to public service and defending our freedom," said Lynn Martin, president of NYSE Group, in a statement. "During his noteworthy post-presidential life, President Carter left an enduring legacy of humanitarianism. The NYSE will respectfully honor President Carter's lifetime of service to our nation by closing our markets on the National Day of Mourning."