The ProShares UltraPro S&P 500 (UPRO) closed at $87.90 on January 2, 2025, down 0.83% as the S&P 500 index faced pressure from high valuations and disappointing performance from major tech stocks. The S&P 500's valuation remains a concern, with its trailing multiple at 28.5X, significantly above the historical median, suggesting potential low forward returns. Tesla's 6.1% drop, following weak delivery data, and Apple's 2.6% decline due to concerns over its market position in China, contributed to the index's decline. Despite a strong start to the year, the S&P 500 and Nasdaq Composite extended their losing streaks to five sessions, the longest since April. The market's initial gains were reversed by midday, with the Dow Jones Industrial Average also closing lower. The broader market sentiment was affected by profit-taking and a surge in the U.S. dollar's value, which added to the volatility.