Young stone fruit trees like this one can put on a tremendous amount of new growth in a season, so I don't think it would be a bad idea at all to head this one back to around 36" or so. That way you'll be able to start properly training it to the open center form, which it's probably not going to develop on its own given the current structure. Of course, if there are any fruit buds on there, you'll lose those for this year, but you don't really want a newly planted young tree putting energy toward fruit anyway.

I planted two few bare-root Asian Plums last spring that were about 7 feet tall when they went in the ground. I cut both back to about 3 feet tall at planting, and by the end of the summer, they both had regained nearly all of their original height, but with a much improved structure.

Thanks for replying. So your thinking top it off at about 3ft and leave the 2 smaller branches that would be below the cut and start training the tree from there?

Well I ended up cutting it back to 3 ft and no new branches have emerged from the trunk. It's been about 3 weeks. Did I kill it?

I would guess just give it time - it might be putting all its energy into establishing its roots just now.

If the caliper of the trunk was 3/4 Inch or greater peaches can have a hard time pushing buds off the trunk. In my experience a single bud might push just above the graft.

Give it time and mulch the tree.

Thanks for your replies. I believe the caliper is about 1/2 inch. So I might be in luck.

LOL! Branch formation or even budding out is not immediate after pruning and especially with very newly planted nursery stock. You need to think in tree time, not people time :-) It should be spending its first year in the ground developing a good root system so you may not see much in the way of additional top growth at all. And that's to be expected and perfectly acceptable.

Be patient. I once ordered an Stanley plum by mail. They shipped me what must have been a 1" caliper tree and cut it off at 3.5' height to fit it in the shipping box. It was a broomstick! Not a branch on the tree. I planted it in April and it finally got some adventitious buds in June. I really thought it would never do anything. It grew into a beautiful tree and gave me 1-2 bushels of delicious plums for many years.

My fingers are crossed!