Investing.com – U.S. stocks slipped sharply on Monday, weighed down by profit-taking as a largely positive 2024 comes to an end.

At 09:35 ET (14:35 GMT), the index was down 505 points, or 1.2%, the index was down 71 points, or 1.2%, and the index was down 280 points, or 1.4%.

But despite these losses, the major averages are expected to end 2024 near record levels, with the S&P 500 and DJIA up more than 23% and 14%, respectively, on track for their best year since 2021. The Nasdaq has gained around 30%.

Benchmarks are also poised for a successful fourth quarter following Donald Trump’s election victory, with the Nasdaq on track for its longest quarterly winning streak since the second quarter of 2021.

Fed announces rate cut in March – Goldman

Monday’s economic data covers both November and December, but activity is expected to be limited as the market is closed on Wednesday.

Later in the week, investors will review the Institute of Supply Management’s December survey and a weekly report before a key report the following week.

Goldman Sachs expects the next rate cut of 25 basis points to occur in March 2025.

In a statement Friday, the bank said the move is expected to be followed by two more cuts of the same magnitude in June and September.

“We expect the Fed to make its next rate cut of 25 basis points in March, followed by two additional 25 basis point cuts in June and September, to a final rate range of 3.5% to 3.75%,” the bank wrote.

Goldman also expects the Fed to slow its balance sheet deleveraging in January 2025 and stop it completely in the second quarter.

Boeing collapses after crash in South Korea

Boeing (NYSE:) shares fell more than 4% after a devastating airline accident in South Korea killed 179 people on Sunday when a passenger plane crashed at Muan International Airport.

The plane, a Boeing 737-800, skidded off the runway, collided with a wall and burst into flames, making it the deadliest aviation disaster in the country’s history.

Crude oil leads to annual losses

Crude oil prices rose slightly on Monday in weak, holiday-affected trading at the start of the final week of the year.

At 9:35 a.m. ET, U.S. crude oil (WTI) futures rose 0.8% to $71.17 a barrel, while the contract rose 0.8% to $74.25 a barrel.

Both benchmarks are on track for significant losses in 2024, with the WTI contract down around 1% so far and the Brent contract down over 3.5%, largely due to concerns about slowing demand in China, the largest oil importer in the world.