Markets January 28 highlights: Wall Street recovers after DeepSeek's Monday strike; eyes remain on Nvidia

Black Swan author Nassim Taleb warned that Monday's brutal selloff in Nvidia Corp is just a taste of what's in store for investors who blindly piled into Wall Street's AI-driven stock rally.

“This is the beginning,” Taleb told Bloomberg News in an interview after the close of markets on Monday. “The beginning of an adjustment of people to reality. Because now they realize, now, it’s no longer flawless. You have a small little chip on the glass.”

Smithfield Foods Inc. shares rose about 2% in the pork producer’s return to being a public company, after the stock priced below the range offered in its IPO.

Shares of the world’s largest pork producer traded around $20.40, above the initial public offering price of $20 each. Smithfield and an indirectly owned subsidiary of its backer, Hong Kong-listed WH Group Ltd., sold about 26 million shares to raise $522 million.

NASDAQ has been trending in green zone, in the upward path after a market shake off by China's DeepSeek the day before.

London's benchmark index moved higher on Tuesday and logged its best day in over one week, as the global tech rout eased, while the focus shifted to the US Federal Reserve rate cut decision scheduled later in the week, Reuters reported.

The world’s largest technology companies climbed after a selloff that shook markets around the globe, with traders gearing up for the start of the megacap earnings season and the Federal Reserve rate decision.

Rate-sensitive shares on Tuesday jumped nearly 8 per cent after the RBI decided to inject liquidity of ₹1.5 lakh crore into the financial system, PTI reported.

US markets stabilized Tuesday following a wipeout a day earlier when a Chinese AI startup startled markets with its capacity to compete with American tech giants.

Futures for the S&P 500 and the tech-heavy Nasdaq ticked up 0.2% before the bell. That follows Monday's declines of 1.5% and 3.1% respectively. Dow Jones futures were down 0.1% in the early going.

By Tuesday, Nvidia shares were up around 5% in premarket trading, while those in Oracle were up 3.4% and Marvell Technology rose 3.6%, while tech shares in Europe pared some of their earlier losses, Reuters reported.

Technology shares steadied on Tuesday, led by a modest recovery in Nvidia after its record-breaking wipeout in market value in a rout sparked by a low-cost Chinese artificial intelligence model that may threaten the dominance of US rivals, reported Reuters.

Shares in Nvidia, a leader in the AI chip market, fell 17% on Monday, wiping $593 billion from its market value - a record one-day loss for any company - and dragged U.S. stocks lower.

The Indian stock markets, which are usually closed on the weekends, will remain open for trading this Saturday, February 1, when the Union Budget will be presented. READ MORE

Futures tied to the S&P 500 and the Nasdaq were higher on Tuesday after steep losses in the previous session, when the popularity of a low-cost Chinese artificial intelligence model rattled stocks of U.S. companies invested in the technology, Reuters reported.

Crude oil prices on Tuesday climbed ₹75 to ₹6,375 per barrel in futures trade as participants increased their positions following a firm spot demand, PTI reproted.

On the Multi Commodity Exchange, crude oil for February delivery traded higher by ₹75 or 1.19 per cent at ₹6,375 per barrel in 7,811 lots.

Markets today live updates: Shares of Aditya Birla Sun Life AMC plunged nearly 9 per cent in the mid-session deals on Tuesday after the company's December quarter earnings failed to cheer investors.

The scrip of the company declined 8.77 per cent to ₹587 apiece on the NSE.

On the BSE, it slumped 8.4 per cent to ₹588.90 per piece.

On Monday, Aditya Birla Sun Life AMC reported a 7 per cent growth in Profit After Tax (PAT) to ₹224.5 crore for three months ended December 2024.

Markets today live updates: Shares of food delivery aggregator Swiggy were down 5%, a 52-week low for the Bengaluru-based company.

With the drop, the stock fell below its IPO price of ₹390, making an intraday low of ₹389.25.

Markets today live updates: Australian shares ended marginally lower on Tuesday as global tech stocks took a beating due to the emergence of DeepSeek, a low-cost Chinese AI model, but gains in heavyweight banks kept the benchmark afloat.

The S&P/ASX 200 index was down 0.1% at 8,399.1 points.

Markets today live updates: Malaysian shares slid 0.9% to hit lowest level since August 2024 on Monday joining a global AI selloff triggered by the emergence of DeepSeek, a low-cost Chinese artificial intelligence model.

Markets today live updates: Oil prices hovered near a two-week low on Tuesday after weak economic data from China and warming weather forecasts elsewhere soured the demand outlook.

Brent crude oil futures rose by 42 cents, or 0.54%, to $77.5 per barrel by 0430 GMT. U.S. West Texas Intermediate crude futures were up 34 cents, or 0.46%, to $73.51. Brent settled on Monday at its lowest since Jan. 9, while WTI hit its lowest since Jan. 2.

Markets today live updates: Sun Pharmaceuticals, NTPC, PowerGrid, Adani Ports, Mahindra & Mahindra, UltraTech Cement, Reliance Industries and ITC, were among the laggards.

Markets today live updates: Among the Sensex shares, Infosys, Axis Bank, ICICI Bank, HDFC Bank, Bajaj Finance, Bajaj Finserv, Zomato, HCL Technologies, IndusInd Bank and Tata Consultancy Services were among the gainers.

Markets today live updates: In other Asian markets, Japan's Nikkei 225 was down by 0.57 per cent, while Hong Kong's Hang Seng index gained 0.22 per cent in early trade. The markets in Taiwan and South Korea remained closed.

Markets today live updates: Banking and market expert Ajay Bagga told ANI, “RBIs injection of liquidity of ₹1.5 lakh crores is a huge sentiment booster today. It raises the probability of a rate cut next week. This is aiding market sentiment today. Banks should rally and help the indices to also stage a partial recovery.”

Markets today live updates: Bajaj Auto, Hindustan Zinc, Hyundai Motor India, Cipla, TVS Motor Company, JSW Energy, CG Power and Industrial Solutions, Bosch, GMR Airports, Colgate-Palmolive (India), SBI Cards & Payment Services, and Suzlon Energy are some of the major companies set to announce their quarter 3 results.

Markets today live updates: Sensex and Nifty, India's benchmark indices, opened higher, led by financials which gained after the Reserve Bank of India announced a slew of measures to boost liquidity in the banking system.

The Nifty 50 rose 0.45% to 22,930.75 points as of 9:17 a.m. IST, while the BSE Sensex added 0.51% to 75,759.6.

Markets today live updates: In early trade on Tuesday, rupee falls 24 paise to 86.55 against US dollar.