The ProShares Ultra S&P500 (SSO) ETF closed at $93.99 on January 16, down 0.38%, as the broader market faced headwinds from a decline in tech megacaps and mixed economic signals. The S&P 500 index slipped 0.21%, with significant pressure from a 3.7% drop in Apple shares, marking its worst day since August 5. The Nasdaq Composite fell 0.89%, driven by declines in major tech stocks like Tesla and Nvidia. Investors are grappling with the implications of Federal Reserve Governor Christopher Waller's comments on potential rate cuts in 2025, which have introduced uncertainty into the market. Additionally, the strong dollar, bolstered by Treasury Secretary nominee Scott Bessent's commitment to its global reserve currency status, is impacting equity markets. Rising import prices, with a y/y increase of 2.2% in December, add to inflationary pressures that could influence future Fed decisions.