The S&P 500 and the Nasdaq treaded water on Wednesday, as losses in tech heavyweights Apple and Nvidia limited broader gains and investor focus turned to the U.S. Federal Reserve's interest-rate decision,

The S&P 500 advanced 0.92% to 6,067.70, with technology shares seeing the biggest gains among sectors. The Technology Select Sector SPDR Fund (XLK) rose more than 2%, following a 4.9% loss on Monday. The Nasdaq Composite surged 2.03% to 19,733.59, following a 3.1% decline a day ago.

S&P 500 futures are near flat Thursday night as investors analyzed earnings reports from Apple and other well-known companies ahead of the release of a closely followed inflation report. Futures tied to the broad index ticked higher by 0.1%, while Nasdaq 100 futures added 0.3%. Dow Jones Industrial Average futures added 53 points, or 0.1%.

The S&P 500 gained 0.5% on Thursday, Jan. 23, reaching a record close as President Donald Trump pressed for lower oil prices and interest rates.

Chinese artificial intelligence (AI) start-up DeepSeek which only employs 200 people, has resulted in a member of the Magnificent 7 losing $600bn of market value and the US president declaring it a “wake up call” for US tech firms.

Nvidia shares closed down almost 17%, posting its biggest drop since March 2020 and erasing nearly $600 billion from the company's market cap. Broadcom fell 17.4%, and other chip stocks like Micron declined 11.

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In the latest market close, Micron (MU) reached $103.19, with a -1.57% movement compared to the previous day. The stock fell short of the S&P 500, which registered a loss of 0.29% for the day.

The S&P 500 and Nasdaq plunged at midday when Chinese artificial intelligence startup DeepSeek shook up the sector with a lower-cost large language model.

DeepSeek released an open-source artificial intelligence model in December, saying it took only two months and less than $6 million to create it.

Chinese startup DeepSeek has rolled out a free assistant it says uses lower-cost chips and less data, seemingly challenging a widespread bet in financial markets that AI will drive demand along a supply chain from chipmakers to data centers.

The S&P 500 added 0.4% on Thursday, Jan. 30, as a report showed consumer spending continued to buoy economic growth.