Stocks are off to a bumpy start in the early days of 2024. Proponents of the January Barometer are hoping for a turnaround because they believe the market’s performance in the first month of the year sets the tone for the rest.

Major indexes have pulled back in the first two sessions after ending 2023 with a bang. The S&P 500 has fallen 1.4%, and the Dow Jones Industrial Average has declined 0.7%. The Nasdaq Composite has dropped 2.8%, its worst start to a year since 2005.