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  3. US markets end mostly lower on Monday

US markets end mostly lower on Monday

28 Jan 2025 Evaluate

The US markets ended lower on Monday with Nasdaq settling lower by over three percent. Technology stocks tumbled on earnings concerns following China's low-cost startup DeepSeek's emergence as a powerful AI model. DeepSeek's AI Assistant has overtaken ChatGPT on Apple's App Store, sparking fears that U.S. AI leaders could lose their dominance. DeepSeek's ascendance has doubt on Silicon Valley's hefty AI capex spending and the sustainability of the U.S. technical edge in artificial intelligence. Nvidia shares plunged nearly 17 percent. Micron tumbled 11.7 percent, AMD closed down 6.4 percent, Cisco closed lower by 5 percent. Alphabet, INtel, Tesla and Microsoft also ended sharply lower. Besides, concerns about the outlook for interest rates also weighed on Wall Street ahead of the Federal Reserve's monetary policy meeting.

On the economic data front, new home sales in the U.S. surged by much more than expected in the month of December, according to a report released by the Commerce Department. The report said new home sales shot up by 3.6 percent to an annual rate of 698,000 in December after soaring by 9.6 percent to an upwardly revised ate of 674,000 in November. Street had expected new home sales to climb 0.9 percent to an annual rate of 670,000 from the 664,000 originally reported for the previous month. The Commerce Department said an estimated 683,000 new homes were sold in 2024, up 2.5 percent from the 2023 figure of 666,000. The sharp monthly increase by new home sales partly reflected a spike in sales in the Northeast, where new home sales skyrocketed by 41.7 percent. New home sales in the West also jumped by 20.3 percent, while new home sales in the South and Midwest slumped by 2.1 percent and 3.3 percent, respectively.

Nasdaq declined 612.47 points or 3.07 percent to 19,341.83 and S&P 500 was down by 88.96 points or 1.46 percent to 6,012.28, while Dow Jones Industrial Average rose 289.33 points or 0.65 percent to 44,713.58. 

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