US stock futures edge lower after Wall Street slips amid year-end profit taking By Investing.com

Investing.com– U.S. stock index futures edged lower on Monday evening after Wall Street fell sharply amid profit-taking at the end of a strong year. 

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 inched 0.2% lower to 5,946.25 points, while  fell 0.2% to 21,374.75 points by 18:34 ET (23:34 GMT).  were largely steady at 42,911.0 points.

Tech stocks fall amid year-end trading, higher treasury yields

Investors capitalized on substantial gains accumulated throughout the year, particularly in the technology sector. 

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Concurrently, rising treasury yields exerted additional pressure on equities. Higher yields make bonds more attractive to investors seeking lower-risk returns, potentially drawing capital away from stocks.

Among “Magnificent Seven” megacaps, Apple Inc (NASDAQ:) and Microsoft Corporation (NASDAQ:) declined 1.3% each, while Meta Platforms Inc (NASDAQ:) and Amazon.com Inc (NASDAQ:) also fell.

NVIDIA Corporation (NASDAQ:) inched up 0.4%, while Tesla Inc (NASDAQ:) fell more than 3%.

Bank of America called the megacap stocks “expensive and crowded” in a recent note, while it preferred mid-cap equities for better opportunities in 2025.

Boeing slumps after South Korea crash

Boeing Co (NYSE:) shares fell more than 2% after a devastating air accident in South Korea claimed the lives of 179 people on Sunday when a passenger plane crash-landed at Muan International Airport.

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The aircraft, a Boeing 737-800, skidded off the runway, colliding with a wall and erupting in flames, making it the deadliest aviation disaster in the country’s history.

Wall Street set for stellar yearly gains

On Monday, the fell 1.1% to 5,906.94 points, the lost 1% to 42,573.73, while the declined 1.2% to 19,486.79 points.

Despite recent losses, 2024 has been a remarkable year for U.S. equities, with all major indexes nearing record highs. 

The Nasdaq is on track for a roughly 30% annual gain, while the S&P 500 is set to rise over 24%, and the Dow has climbed more than 13%, marking the best performance for these averages since 2021.

Later in the week, investors will scrutinize the Institute of Supply Management’s  survey for December and a weekly report on , ahead of a key  report due in the following week.