US benchmark equity indexes were lower intraday on the last trading day of the year, but were on track to post double-digit gains for 2024.

The Nasdaq Composite was down 0.8% at 19,330.2 after midday Tuesday, while the S&P 500 fell 0.5% to 5,875.8. The Dow Jones Industrial Average lost 0.3% to 42,422.8.

For the year so far, the Nasdaq has gained 29%, while the S&P 500 has advanced 23%. The Dow is up 13%.

"Investor sentiment is high entering 2025 as several of the 2024 positive trends that remain in place were bolstered by November (US presidential) election results, which ignited pro-growth policy expectations," D.A. Davidson said in a Friday note to clients. "This sets up conditions for equity prices to move higher if the US economy sustains growth above 2% and corporate earnings grow above 10%."

Markets will be closed Wednesday for New Year's Day.

Among sectors, technology was down 1% intraday Tuesday, the steepest decliner, while energy led the gainers.

The US 10-year yield rose four basis points to 4.59%, while the two-year rate was little changed at 4.25%.

In economic news, US home prices increased to fresh record levels in October, though annual price growth decelerated, S&P Global (SPGI) division S&P Dow Jones Indices said.

"With the latest data covering the period prior to the (presidential) election, our national index has shown continued improvement," said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. "Removing the political uncertainly risk has led to an equity market rally; it will be telling should the similar sentiment occur among homeowners."

Texas' services sector activity expanded at a faster pace sequentially in December, the Federal Reserve Bank of Dallas said.

The housing industry is likely to begin 2025 facing the same headwinds it did this year, including mortgage rate volatility and seasonal trade underperformance, Wedbush Securities said in a note to clients.

West Texas Intermediate crude oil rose 1.2% to $71.82 a barrel intraday.

In company news, Sangamo Therapeutics (SGMO) shares plummeted 55%. Late Monday, the genomic medicine company said its partner Pfizer (PFE) decided not to proceed with further development of a new gene therapy to treat hemophilia A, a bleeding disorder. Pfizer shares were up 0.2% intraday Tuesday.

Grail (GRAL) shares fell 5%, the steepest decline on the Nasdaq.

Drugmaker Moderna (MRNA) was the best performer on the S&P 500, up 4.1%.

Chinese e-commerce platform PDD's (PDD) US-listed shares were up 3.3%, the top gainer on the Nasdaq.

Gold rose 0.8% to $2,639.20 per troy ounce, while silver lost 0.6% to $29.25 per ounce.