After a blockbuster 2023, Wall Street started 2024 off on a sour note as all three benchmarks settled lower. 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 losses, while investor's "fear gauge," the Cboe Volatility Index (VIX), closed at its highest level since mid-December.

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.

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