MS AI Concerns Drag Down S&P 500 & Nasdaq | Tesla Falls 3.45%

[뉴욕증시] MS發 ‘AI 회의론’에 S&P500·나스닥 하락…테슬라, 3.45% 급락

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New York stock markets closed mixed on January 29th, as concerns surrounding the profitability of artificial intelligence investments resurfaced following Microsoft’s latest earnings report. While the Dow Jones Industrial Average managed a late-day rally, the S&P 500 and Nasdaq Composite both finished lower.

The market’s shift in sentiment followed Microsoft and Meta Platforms’ earnings releases after the market closed on January 28th. Microsoft shares plummeted nearly 10% after the company failed to fully demonstrate a clear return on its substantial AI investments, while Meta surged over 10% after showcasing the profitability of its AI initiatives.

Tesla experienced a significant decline, falling 3.45% during the trading session. The overall market trend reflected growing skepticism regarding the near-term financial benefits of AI, impacting several key technology stocks.

The Dow Jones Industrial Average ultimately rebounded to close up 0.11% at 49,071.56. However, the S&P 500 decreased by 0.13% to 6,969.01, and the Nasdaq dropped 0.72% to 23,685.12. The CBOE Volatility Index (VIX), often referred to as the “Wall Street Fear Gauge,” rose 2.81% to 16.81, indicating increased investor anxiety.

Despite the overall downward pressure, sector performance was varied, with seven sectors advancing and four declining. Energy and Utilities led the gains, rising 1.08% and 0.08% respectively. Conversely, Consumer Discretionary fell 0.64%, weighed down by declines in Tesla and Amazon.

Financials and Real Estate also posted gains, increasing by 1.11% and 1.42% respectively, while the Healthcare sector edged lower, down 0.27%. Industrials and Materials also saw positive movement, climbing 1.02% and 0.14% respectively.

The technology sector experienced a stark divide. While the broader technology sector fell 1.86% due to Microsoft’s sharp decline, the Telecommunications Services sector jumped 2.92% driven by Meta’s strong performance.

Microsoft shares closed down 9.99% at $433.50. Palantir Technologies also suffered losses, dropping 3.49% to $151.86, and Tesla closed down 3.45% at $416.57. In contrast, Meta’s stock soared 10.40% to $738.31, fueled by positive AI revenue results.

Alphabet rose 0.71% to $338.66, and Apple gained 0.68% to $258.18 following the announcement of its acquisition of an Israeli facial recognition AI startup. Nvidia fluctuated throughout the day but ultimately closed up 0.52% at $192.51.

Southwest Airlines was the S&P 500’s top performer, surging 18.70% to $48.50. Royal Caribbean Cruises also saw substantial gains, jumping 18.65% to $345.98. IBM also performed well, rising 5.01% to $308.90 after reporting better-than-expected quarterly earnings.

Quantum computing startups faced headwinds. IonQ fell 5.59% to $43.24, Rigetti Computing plummeted 9.84% to $19.85, and D-Wave Systems declined 7.01% to $23.22.

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