The new year began with a whimper on its first trading day, but many investors remain hopeful that 2024 will bring modest gains for stock markets as well as the beginning of interest rate relief.

The S&P/TSX Composite Index closed down 86.30 points, or 0.41 per cent, at 20,872.14.

In New York, the Dow Jones Industrial Average was up 25.50 points at 37,715.04. The S&P 500 Index was down 27 points at 4,742.83, while the Nasdaq Composite was down 245.41 points at 14,765.94.

The Canadian dollar traded for 75.10 cents U.S. compared with 75.61 cents U.S. on Friday.

The February crude oil contract was down US$1.27 at US$70.38 per barrel and the February natural gas contract was up five cents at US$2.57 per mm/BTU.

The February gold contract was up US$1.60 at US$2,073.40 an ounce and the March copper contract was down one cent at US$3.88 a pound.