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 closed in negative territory 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.

An annual ritual is underway at the major Wall Street investment houses: predicting exactly where the S&P 500 will finish the next calendar year.

Darden Restaurants, the company behind Olive Garden and other chains, helped lift the market after leaping 15.5%. It delivered profit for the latest quarter that edged past analysts’ expectations. The operator of LongHorn Steakhouses also gave a forecast for revenue for this fiscal year that topped analysts’.