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Index Update

US stocks, particularly in the tech sector, plummeted on Monday, with chipmakers like Nvidia tumbling 16.8%, while Broadcom, Oracle, and Arista lost between 13.8% and 22.4%. The Nasdaq and S&P 500 closed down 2.8% and 1.3%, respectively, amid rising concerns over a new AI competitor from China, DeepSeek, whose AI Assistant overtook ChatGPT on Apple's App Store, sparking fears of US AI leaders losing their dominance.

Market Movers

Chip and AI stocks plummet, with Nvidia down 15%, Broadcom, Oracle, and Arista losing 18%-12%. Defensive sectors gain amid bond yield plunge, lifting Dow. Eyes on Fed's rate decision and key economic data releases!

Commodities Update

GOLD HOLD STEADY! Gold prices remain at $2,740/oz as markets await the Federal Reserve's policy meeting. With interest rates expected to stay put, all eyes are on Fed Chair Jerome Powell's speech. Silver prices drop to $30/oz amid rising US dollar and tariff threats. Uranium futures plummet below $69/lb for 1st time in 16 months! Ample supply & reduced demand expectations due to Russia import restrictions & China's power-efficient DeepSeek AI. Nuclear power plans for US datacenters reassessed!

Macro Update

DOLLAR REBOUNDS! Dollar index jumps above 107.8 as Trump ramps up tariff threats, aiming to boost domestic production. Traders cautious ahead of Feb 1 tariff deadline. Fed meets to discuss rates, expected to hold steady

Futures Update

US stock futures rebounded on Tuesday, with S&P 500 futures up 0.4%, the Dow Jones gaining 25 points, and the Nasdaq 100 rising 0.7%, as markets attempted to bounce back from Monday's sharp sell-off driven by concerns over US AI dominance amid rising competition from Chinese DeepSeek. Nvidia shares recovered around 5% in premarket trading after a historic 16.9% drop on Monday that wiped $600 billion off its market cap. Other tech stocks, including Broadcom and AMD, also saw premarket gains, while investors awaited earnings reports from Boeing, Lockheed Martin, and Starbucks, and the Federal Reserve's two-day policy meeting.

U.S. stock markets closed with mixed results on Monday, but technology stocks were a major outlier, experiencing significant losses due to investor concerns over earnings and competition in the artificial intelligence (AI) sector. The S&P 500 Index decreased by 88.96 points or 1.46 percent, finishing at 6,012.29. The Nasdaq Composite Index saw the steepest decline, plummeting by 612.47 points or 3.07 percent to 19,341.83. The recent emergence of China's AI startup, DeepSeek, and its AI assistant surpassing ChatGPT in popularity on the Apple App Store has raised concerns about U.S. companies potentially losing their dominance in the AI market. Technical analysis suggests that the S&P 500 may experience near-term consolidation as it faces resistance at key levels. The Relative Strength Index (RSI) has also reversed from higher levels, indicating a negative bias. Market observers are monitoring key levels, with resistance expected at $6,110 and support at $5,880.

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