US open: Stocks higher following Monday's AI-fuelled sell-off
By Iain Gilbert
Date: Tuesday 28 Jan 2025
(Sharecast News) - Major indices were in the green early on Tuesday as big-name tech stocks tried to bounce back from yesterday's heavy AI-fuelled sell-off.
As of 1530 GMT, the Dow Jones Industrial Average was up 0.32% at 44,855.01, while the S&P 500 advanced 0.48% to 6,041.20 and the Nasdaq Composite came out the gate 1.09% firmer at 19,553.24.
The Dow opened 141.43 points higher on Tuesday, taking a modest bite out of losses recorded in the previous session.
Yesterday's sell-off was fuelled by fears regarding the emergence of Chinese startup DeepSeek and its greater implications for the artificial intelligence trade and the stratospheric valuation for some tech stocks. However, Nvidia shares were higher in early trading after the AI darling lost 17% on Monday, which resulted in it shedding almost $600.0bn from its market cap, the biggest single-day drop for a US company in history.
On the macro front, US durable goods orders unexpectedly fell in December, dropping by their most in six months, as a result of a big decline in orders for transportation equipment. The total value of orders for manufactured durable goods was $276.1bn last month, down 2.2% on November, according to the Census Bureau. The consensus forecast was for a 0.6% increase.
Elsewhere, the S&P/Case-Shiller housing price index decreased to 332.59 points in November, down slightly from 332.90 in October.
On another note, consumer confidence fell for a second straight month in January, according to the Conference Board, retreating to 104.1 from 109.5 in December and missing forecasts for a smaller drop to 105.8.
Finally, the Richmond Federal Reserve's manufacturing index rose to -4 in January, up from -10 in December and ahead of expectations of a more modest increase to -8. The reading was the strongest seen in the region since May 2024.
In the corporate space, carmaker GM beat Wall Street estimates and pointed to another year of strong earnings, while aeronautical giant Boeing reported its sixth-straight annual loss.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Boeing Co. (BA) $184.79 5.50%
Salesforce.Com Inc. (CRM) $361.84 4.25%
Apple Inc. (AAPL) $236.07 4.19%
Microsoft Corp. (MSFT) $436.95 2.81%
Amgen Inc. (AMGN) $280.96 0.84%
McDonald's Corp. (MCD) $293.93 0.29%
Goldman Sachs Group Inc. (GS) $634.02 0.12%
Visa Inc. (V) $334.77 0.07%
Travelers Company Inc. (TRV) $251.18 0.07%
Dowdupont Inc. (DWDP) $0.00 0.00%
Dow Jones - Fallers
Walgreens Boots Alliance, Inc. (WBA) $11.10 -7.61%
Intel Corp. (INTC) $19.89 -4.31%
Cisco Systems Inc. (CSCO) $59.12 -2.55%
Walt Disney Co. (DIS) $111.80 -1.36%
Merck & Co. Inc. (MRK) $96.75 -1.22%
American Express Co. (AXP) $313.57 -0.90%
Home Depot Inc. (HD) $421.47 -0.80%
Johnson & Johnson (JNJ) $151.69 -0.78%
Caterpillar Inc. (CAT) $392.09 -0.73%
Nike Inc. (NKE) $75.06 -0.69%
S&P 500 - Risers
Brighthouse Financial, Inc. (BHF) $61.99 22.28%
Royal Caribbean Cr (RCL) $258.96 9.35%
Invesco Ltd. (IVZ) $19.00 7.01%
Carnival Corp. (CCL) $27.14 5.67%
Meta Platforms Inc. (META) $667.95 5.66%
Norwegian Cruise Line Holdings Ltd (NCLH) $27.84 5.51%
Boeing Co. (BA) $184.79 5.50%
Lincoln National Corp. (LNC) $35.75 5.46%
Amazon.Com Inc. (AMZN) $237.77 4.30%
Salesforce.Com Inc. (CRM) $361.84 4.25%
S&P 500 - Fallers
Lockheed Martin Corp. (LMT) $462.60 -8.16%
Walgreens Boots Alliance, Inc. (WBA) $11.10 -7.61%
Synchrony Financial (SYF) $64.80 -7.24%
Nvidia Corp. (NVDA) $119.15 -6.09%
Juniper Networks Inc. (JNPR) $36.31 -6.05%
Broadcom Inc. (AVGO) $203.64 -5.97%
Micron Technology Inc. (MU) $89.94 -5.78%
Hewlett Packard Enterprise (HPE) $21.81 -4.97%
Cadence Design Systems Inc. (CDNS) $292.73 -4.54%
Seagate Technology Plc (STX) $101.52 -4.34%
Nasdaq 100 - Risers
Meta Platforms Inc. (META) $667.95 5.66%
Check Point Software Technologies Ltd. (CHKP) $202.28 4.53%
Amazon.Com Inc. (AMZN) $237.77 4.30%
Workday, Inc. (WDAY) $268.36 4.27%
Apple Inc. (AAPL) $236.07 4.19%
Autodesk Inc. (ADSK) $308.30 4.02%
Costco Wholesale Corp. (COST) $958.61 3.22%
Mercadolibre Inc. (MELI) $1,856.92 3.14%
Cintas Corp. (CTAS) $201.93 3.11%
eBay Inc. (EBAY) $66.75 2.93%
Nasdaq 100 - Fallers
Walgreens Boots Alliance, Inc. (WBA) $11.10 -7.61%
Nvidia Corp. (NVDA) $119.15 -6.09%
Broadcom Inc. (AVGO) $203.64 -5.97%
Micron Technology Inc. (MU) $89.94 -5.78%
Cadence Design Systems Inc. (CDNS) $292.73 -4.54%
Seagate Technology Plc (STX) $101.52 -4.34%
Intel Corp. (INTC) $19.89 -4.31%
Idexx Laboratories Inc. (IDXX) $418.52 -3.27%
Analog Devices Inc. (ADI) $210.02 -3.02%
KLA-Tencor Corp. (KLAC) $696.28 -2.91%
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