Stock futures were lower Tuesday, the first trading day of the year, as interest rates rebounded slightly and investors took some money off the table following a surprisingly strong 2023 that saw the S&P 500 rally 24%. Apple shares led the pullback after Barclays downgraded the member of the Magnificent 7 market leaders basket to an underweight rating. Futures on the Dow Jones Industrial Average were down 230 points, or 0.6%. S&P 500 futures shed 0.8% after the benchmark closed Friday just 0.6% from its 2022 record close. Nasdaq 100 futures lost 1.1%. Markets were closed Monday for New Year’s Day. The stock market finished 2023 with a bang, as the S&P 500 climbed for nine weeks in a row to end the year, notching its best weekly win streak since 2004. Risk assets enjoyed a big relief rally as the economy remained resilient and inflation cooled, while the Federal Reserve signaled an end to rate hikes and forecasted rate cuts later this year. The market also endured a regional banking crisis as well as wars in Ukraine and the Middle East. Technology shares, especially megacap stocks, led the 2023 advance with Apple soaring 48%, Microsoft surging nearly 57% and Nvidia skyrocketing 239%. The tech-heavy Nasdaq Composite ended the year up 43.4% for its best year since 2020. That trend was reversing on Tuesday as the new year of trading began with those same stocks declining in early trading. Apple shares were down nearly 2% in premarket trading after the negative call from Barclays. The firm said Apple could lose about 17% this year because of lackluster iPhone sales. Microsoft and Nvidia shares were also in the red in early trading. The blue-chip Dow Jones Industrial Average logged a 13.7% gain and notched a new record during 2023. Part of that rally was helped by a turn in interest rates. The 10-year Treasury yield had spooked investors by climbing above 5% at one point in October, before it topped out and closed the year out lower than 3.9%. After a stellar 2023, Wall Street strategists see much lower returns for stocks in the new year, according to the CNBC PRO exclusive Market Strategist Survey. The top 14 strategists from major firms expect that the S&P 500 will end 2024 at 4,881, only about 2.3% above Friday’s close of 4,769.83. Some are warning about a weaker economy and more tepid consumer spending, which could translate into slower earnings growth for Corporate America. “The biggest actual risk facing equities isn’t the Fed or [European Central Bank] not cutting as much as anticipated but instead that [earnings per share] suffers a larger than expected decline amid an environment of cooler growth and waning price power,” Adam Crisafulli, founder of Vital Knowledge, said in a note. U.S. Treasury yields climbed on Tuesday as 2024 trading kicked off and questions about the outlook for interest rates and the state of the economy remained. The yield on the 10-year Treasury was up by 10 basis points at 3.961%. The 2-year Treasury yield was last 7 basis points higher at 4.324%. Asia-Pacific markets were mixed on the first trading day of the year, as China stocks fell while Australia shares came within striking distance of their all-time closing high. China’s CSI 300 index closed 1.3% lower at 3,386.35 Tuesday, while Hong Kong’s Hang Seng index shed 1.62%. Both markets were among the worst performers of 2023. Australia’s S&P/ASX 200 rose 0.49% to close at 7,627.8, just about 1 point away from its all-time high of 7,628.9 hit on Aug. 13, 2021. Japan was assessing the damage from a powerful earthquake that struck its central region on New Year’s Day, and markets in the country are closed until Jan. 4. Japan’s Nikkei 225 wrapped up 2023 with gains of over 28%, making it Asia’s top-performing market. South Korea’s Kospi rose 0.55% to close at 2669.81, marking its fourth straight day of gains, while the small-cap Kosdaq climbed1.43% to end at near 4-month high of 878.93. Oil prices rose on Tuesday after Iran dispatched a warship to the Red Sea, as the situation remains tense in the critical waterway for global shipments that has seen vessels attacked by Yemen’s Houthi rebels. Global crude benchmark Brent jumped 2.5% to $78.97 a barrel, while the U.S. West Texas Intermediate gained 2.5% to $73.43 per barrel during Asia trading hours. Gold prices gained on Tuesday, boosted by expectations of an easing of monetary policy by the U.S. Federal Reserve in 2024 as investors look forward to a slew of economic data this week that could shed more light on the timing of rate cuts. Spot gold gained 13% in 2023, its first annual rise since 2020. On Tuesday it was up 0.6% at $2,074.40 per ounce as of 1025 GMT. U.S. gold futures also rose 0.6%, to $2,084.00 per ounce.