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As on : 22-Jan-2025

Market Commentary - Foreign Markets
22-Jan-2025 10:08

Dow Surges Over 500 Points as Tech and AI Stocks Shine

The Dow surged 537.98 points or 1.24%, at 44,025.81. The S&P 500 rose by 52.58 points or 0.88%, at 6,049.24 while the Nasdaq settled at 19,756.78, gaining 126.58 points or 0.64%.

Oracle spiked nearly 7.5%, buoyed by reports that Trump will announce private sector investment of up to $500 billion to fund AI infrastructure. Charles Schwab climbed nearly 6% on strong earnings updates. 3M moved up sharply, buoyed by stronger than expected quarterly earnings. General Motors, Moderna, Dollar General, Micron Technology, Southwest Airlines, Alaska Air, Delta Airlines, Caterpillar, Nike, Starbucks and United Airlines Holdings gained 3 to 5%. Nvidia, Boeing, Amazon, Target, Eli Lilly, US Bancorp, American Express and Netflix were among the other notable gainers in the session.

Walgreens Boots Alliance tanked nearly 10%, weighed down by the Department of Justice's lawsuit against the company. Apple Inc. shares declined sharply following a series of downgraes due to weak iPhone sales and somewhat disappointing performance in hardware and services segments. Chevron, Merck, Lennar and Booking Holdings were some of the other notable losers.

Asian stocks ended on a mixed note on Tuesday as U.S. President Donald Trump announced plans to impose 25% tariffs on imports from Canada and Mexico and said tariffs on China could hinge on a deal over TikTok's ownership. European stocks closed higher today with investors digesting the executive orders signed by Trump soon after swearing-in for his second Presidential term.

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