Tech selloff leads to mostly lower close, Dow rises; NVIDIA plunges 17%

From Nasdaq: 2025-01-28 09:43:00

U.S. stocks closed mostly lower on Monday, driven by a tech selloff due to fears of an AI bubble burst after the launch of a Chinese AI model, DeepSeek. Despite this, the Dow ended in positive territory. The S&P 500 fell 1.5%, with tech, utilities, and industrials hit the hardest. The Nasdaq plummeted 3.1%, marking its largest single-day loss since Dec. 18. NVIDIA plunged 17%, wiping out nearly $600 billion in market value, while other chipmakers and energy providers also suffered losses. The market awaits the Federal Reserve’s January policy meeting for insights on future rate cuts, with a 97% chance of interest rates remaining unchanged. Economic data showed an increase in new home sales, surpassing expectations.



Read more at Nasdaq: Stock Market News for Jan 28, 2025