Futures on the Dow Jones Industrial Average were up just 23 points, S&P 500 futures gained slightly, while Nasdaq 100 futures traded near the flatline

Stock futures were flat in overnight trading Tuesday as the market is set to begin the new year after a surprisingly strong 2023 that saw the S&P 500 rally 24%.

Futures on the Dow Jones Industrial Average (DJIA) were just 23 points higher. S&P 500 futures gained slightly, while Nasdaq 100 futures traded near the flatline. Markets were closed Monday during New Year’s Day.

The stock market ended 2023 with a surge as the S&P 500 jumped for nine weeks in a row to close the year, notching its best win streak since 2004. Risk assets enjoyed a big relief rally as the economy stayed strong and inflation cooled, while the Federal Reserve hinted an end to rate hikes. The market also saw a regional banking crisis as well as wars in Ukraine and the Middle East.

Technology shares, particularly mega-cap stocks, led the 2023 advance with Apple jumping 48%, Microsoft climbing around 57% and Nvidia surging 239%. The tech-heavy Nasdaq Composite closed the year up 43.4% for its best year since 2020.

The blue-chip Dow Jones Industrial Average notched a 13.7% gain and logged a new record during 2023.

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 is not the Fed or European Central Bank not cutting rates as much as expected but instead that earnings per share suffers a larger than expected drop amid an environment of cooler growth and fading price power, Adam Crisafulli, founder of Vital Knowledge, said in a note.