Nasdaq Suffers Triple-Digit Loss to Start New Year

After a blockbuster 2023, Wall Street started 2024 off on a sour note as all three benchmarks settled mixed. The tech-heavy Nasdaq turned in the steepest loss, shedding 245 points following a bout of profit taking and a slight uptick in interest rates. The Dow and S&P 500 managed more modest moves, while investor's "fear gauge," the Cboe Volatility Index (VIX), closed at its highest level since mid-December.

Continue reading for more on today's market, including:

• Bitcoin's surge helped this crypto-adjacent stock pop.
• Cinemark stock suffered after a New Year's bear note.
• Plus, AAPL's downgrade; Southwest Airlines' fine; and a tip for short-term traders.

5 Things to Know Today

1. Semiconductor stocks suffered a massive selloff today, with the sector's biggest exchange traded fund (ETF), the VanEck Semiconductor ETF (SMH), shedding more than 3%. (MarketWatch)
   
2. The death count stemming from the magnitude 7.6 earthquake that struck Japan has risen to 55. The country's markets are closed until Jan. 4. (CNBC)
3. Magnificent Seven member dinged by downgrade.
4. More on Southwest Airlines' $140 million fine.
5. How short-term traders should approach Wall Street's rally.

There were no earnings of note today.

Commodities Commence 2024 Mixed

Oil futures fell Tuesday, paring earlier gains that followed heightening tensions in the Red Sea. An Iranian warships entry into the waters increased fears of crude-supply disruptions. For the session, West Texas Intermediate (WTI) crude for February delivery shed $1.27, or 1.8%, to finish at $70.38 a barrel.

Gold prices managed to start 2024 off on a better note, as investors bet on the U.S. Federal Reserve to slash interest rates this year. Today, February-dated gold futures added $1.60, or 0.07%, to settle at $2,073.40 per ounce.