The SPDR S&P 500 ETF (SPY) closed at $588.63 on January 7, 2025, down 1.13% as the S&P 500 index fell 1.11% to 5909.03, driven by rising Treasury yields and strong economic data. The 10-year Treasury yield surged to 4.69%, its highest since April 2024, following the release of the Job Openings and Labor Turnover Survey, which showed 8.098 million job openings in November, surpassing expectations. This data, along with a stronger-than-expected ISM Services PMI of 54.1 for December, fueled speculation that the Federal Reserve might delay further rate cuts, pressuring equities, particularly in the technology sector. Nvidia shares dropped 6.2% after initially hitting an all-time high, contributing to the tech sector's decline. The broader market sentiment was further dampened by hedge funds starting the year with a cautious stance, selling shares at the fastest pace in seven months.