The SPDR Portfolio S&P 500 ETF (SPLG) closed at $68.77 on January 2, 2025, down 0.25% as the S&P 500 index fell 0.22% to 5,868.55 amid valuation concerns and a continuation of the late-2024 slump. The S&P 500's high valuation, with a trailing multiple of 28.5X, has raised alarms about future returns, as price gains have significantly outpaced earnings growth. Despite strong earnings projections for 2025, the market's cyclical nature and overvaluation are causing investor caution. The index's decline was also influenced by a lack of economic data and a volatile bond market, with the 10-year Treasury yield fluctuating around 4.6%. Additionally, Tesla's 6% drop after disappointing delivery numbers contributed to the downward pressure, while Nvidia's 3% rise provided some offset.