Major U.S. equities indexes moved lower at the onset of another holiday-shortened trading week as the positive momentum that has lifted stock markets in 2024 failed to carry over into the year's penultimate trading session.

The S&P 500 fell 1.1% on Monday. The Dow industrials ended the session 1% lower, while the tech-heavy Nasdaq dropped 1.2%.

Super Micro Computer (SMCI) shares dropped 4.1%, falling the most of any S&P 500 constituent. The server maker's stock has been highly volatile this year, with expectations for strong artificial intelligence (AI) opportunities offset by accounting-related issues that resulted in the delay of the firm's annual report. Although Supermicro received an extension for the filing from the Nasdaq exchange, alleviating the immediate threat of the stock being delisted, concerns persist about its ability to remain in compliance with the exchange's rules.

ON Semiconductor (ON) stock declined 3.9%. Unlike many peers in the semiconductor industry that have posted outsized AI-driven gains in 2024, Onsemi shares have dropped around 24% for the year. Weakness in the integrated circuit maker's end markets, particularly in North America and Europe, have dragged on the stock's performance. However, the company could be positioned for growth from utility-scale solar, battery electric vehicles in China, and intelligent sensors used in AI data centers.

Shares of Tractor Supply Co. (TSCO) lost 3.6% as the rural lifestyle retailer completed its acquisition of online pet pharmacy Allivet. Initially announced in October, the deal reportedly expands Tractor Supply's total addressable market by $15 billion, adding a roster of services designed to make pet ownership easier by distributing brand-name veterinary medications with automatic deliveries and providing expert pharmaceutical advice. Monday's downturn reversed the gains posted by Tractor Supply shares surrounding company's 5-for-1 stock split, which became effective on Dec. 20.

Shares of frozen potato and french fry provider Lamb Weston Holdings (LW) sank 3%. Monday's drop reversed gains posted by the stock at the end of last week following reports that activist investor Jana Partners was working with another former company executive as it pushes for changes to Lamb Weston's board and operations.

Natural gas futures prices skyrocketed more than 15% as forecasts of below-average January temperatures in various regions of the U.S. and Europe lifted demand expectations for the key heating fuel. Shares of natural gas exploration and pipeline operator EQT Corp (EQT) jumped 5.1%, securing the top performance in the S&P 500.

Other companies with exposure to natural gas dominated the remaining list of the top performers in the benchmark index. Shares of Coterra Energy (CTRA) and Devon Energy (DVN) advanced 3.6% and 2.5%, respectively.