The ProShares UltraPro Short QQQ ETF (SQQQ) closed on January 2nd up 0.64% to $31.34, as the Nasdaq-100 Index (NDX) fell by 0.17% to 20,975.62 amid a broader market downturn. The initial optimism in early trading faded as major indexes, including the Nasdaq-100, lost momentum by midday. This shift was influenced by a combination of factors, including rising Treasury yields and profit-taking following a strong 2024 performance. Despite a positive start to the year, the market's focus on economic indicators, such as the lower-than-expected initial jobless claims, suggests a cautious outlook on the Federal Reserve's future rate decisions.