From Nasdaq:

U.S. stock index futures dropped on the first trading day of 2024, following a broker downgrade of Apple. The S&P 500 and Dow ended 2023 with double-digit gains. U.S. stock futures were pressured as the 10-year U.S. Treasury yield rose, reaching a 2-week high before dropping to 3.9707%. Large cap stocks including Nvidia, Tesla and Alphabet fell by more than 1%.

The CBOE Volatility index, also known as Wall Street’s fear gauge, reached a near two-week high at 14.11 points. At 8:26 a.m. ET, Dow e-minis were down by 0.6%, S&P 500 e-minis were down by 0.81%, and Nasdaq 100 e-minis fell by 1.16%. Following a strong 2023, more inflation data and looming presidential elections will test market gains. S&P Global’s final reading of U.S. manufacturing activity for December is due at 9:45 a.m. ET.

Market participants are anticipating the Fed’s December policy meeting minutes set for release on Wednesday. While the Fed is likely to hold interest rates at its January meeting, traders expect a 70% chance of a 25-basis point rate hike in March, per the CME Group’s FedWatch tool. Companies associated with cryptocurrencies, such as Coinbase Global and MicroStrategy, saw a premarket increase as Bitcoin passed $45,000 for the first time since April 2022. Energy majors Exxon Mobil and Chevron inched higher, tracking a 2% boost in crude prices after a naval clash in the Red Sea raised the potential for Middle East supply disruptions. O/R. Boeing decreased 1.4% after Goldman Sachs removed the company from its “conviction list.”



Read more: US STOCKS-Wall St set for dull start to 2024 as yields rise, Apple dips