The Vanguard S&P 500 ETF (VOO) closed at $537.46 on January 2, 2025, down 0.25% as the S&P 500 Index fell 0.22% to 5,868.55 amid a volatile start to the new year. The decline in the S&P 500 was influenced by high valuations, with the index's trailing multiple at 28.5X, significantly above its historical median, raising concerns about future returns. The market's downturn was also exacerbated by profit-taking and a surge in the U.S. dollar's value, which pressured equities. Additionally, the Cboe Volatility Index (VIX) fluctuated, reflecting market uncertainty. The S&P 500's losing streak extended to five sessions, its longest since April, as hopes for a "Santa Claus rally" faded.