Stocks got off to a strong start, with futures particularly high, but there was some profit-taking right out of the gate, especially at majors like Tesla and Apple.

For tax reasons, many investors waited until the new year to take profits, and some high flyers struggled today. Tesla’s delivery numbers have been weak, and Apple has faced demand issues in China, resulting in price cuts. Both were beaten.

Tech stocks as a whole have faced some challenges, but have shown resilience by bouncing off their lows, indicating that there is still solid demand.

Close Changes:

• S&P 500: -0.2%
• Nasdaq Comp: -0.2%
• DJIA: -0.3%
• Russell 2000: +0.1%
• Toronto TSX Comp: +0.7%

Technically, I don’t like what I’m seeing on the Nasdaq, although after breaking the post-Powell low, there was a bounce. He will have to do that on Friday.