I’ve got a 10 month old girl and noticed from the first day in the hospital that she dreamed. You know, jerky movements, noises, etc. But what do newborns dream about? A bottomless appetite and an endless supply of warm milk? Floating in a warm place? They have almost no reference points so I’m sure it isn’t putting the pedal to the metal in a red Ferrari in Maui while liquidating an entire portfolio of stocks at sky high valuations then flipping into long dated put options seconds before a big Dow crash and immediately thereafter arriving at the beach to catch some awesome 60 foot waves caused by a typhoon that passed by the day before.
The same thing I dream about- Boobies!… That, and when are they going to show themselves to my eager eyes and mouth again.
Wow, China Guy, I’ve never thought about this before but it’s a fascinating question…
My WAG would be that by now your daughter may be replaying her daily experiences as she dreams, maybe. As a very new newborn, I don’t know-- do spankin’ new babies have memories of the womb? That’d be pretty cool… makes me wonder when they eventually forget. Probably when thoughts of boobies drive everything else out 
I’m not a doctor, nor do I have kids, so I hope the teeming millions have more to say on this one.