US stocks plunged on Monday (1/27), with the S&P 500 down 1.8%, the Dow Jones down about 207 points and the Nasdaq nearly 3%, driven by growing concerns about US dominance in AI. The latest AI model from Chinese startup DeepSeek, which has been praised for its cost-effectiveness and ability to run on less advanced chips, attracted significant attention as its AI Assistant overtook ChatGPT to become the top-rated free app on the US Apple App Store. The technology sector was by far the worst performer. Nvidia plunged more than 10%, Broadcom slumped 11.5% and Micron Technology lost more than 7%. Meanwhile, traders are closely watching upcoming quarterly results from major companies, including Apple, Microsoft, MetaTrader and Tesla, which are expected to significantly influence the trajectory of the AI-driven bull market. On the economic front, the Federal Reserve is expected to keep interest rates steady, while key data releases, including GDP growth and PCE inflation figures, remain in focus.
Source: Trading Economics
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