Stocks fell on Wall Street as a strong year for the market looks set to end on a sour note. The S&P 500 closed 1.1% lower Monday. On the second-to-last day of 2024, the benchmark index is still on track for its second straight yearly gain of more than 20%.

The Dow ended more than 400 points lower on Monday, clawing back some of the deepest losses from earlier in the day.

Wall Street veered lower on Monday in light volume at the top of a holiday-shortened week in the second-to-last trading session of an eventful year in which all three indexes posted strong double-digit gains.

The Dow Jones Industrial Average jumped 498 points, or 1.2%, and the Nasdaq composite gained 1%. Superstar stock Nvidia and other Big Tech companies led the market, which got a lift after a report said a measure of inflation the Federal Reserve likes to use was slightly lower last month than economists expected.

The S&P 500 climbed 0.7% in morning trading after erasing an initial drop. The Dow Jones Industrial Average was up 311 points, or 0.7%, as of 10:40 a.m. Eastern time, while the Nasdaq composite gained 0.7%.

Stock indexes are edging higher in morning trading on Wall Street as gains for some Big Tech stocks make up for weakness elsewhere in the market