GoAI Market Wrap - 30th Jan

Stock Market  

On Thursday (January 29), Microsoft’s sharp drop weighed on U.S. stocks in early trading, but the three major indices narrowed losses throughout the day, with the Dow ultimately closing higher.

 

At close:S&P 500 -0.13% to 6,969.01, Nasdaq Composite -0.72% to 23,685.12, Dow Jones +0.11% to 49,071.56.  

 

Intraday, the S&P 500 and Nasdaq fell as much as 1.5% and 2.6%, respectively. The Dow dipped as much as 0.85% before recovering.

 

Of the Dow’s 30 components, 22 rose and 8 fell. IBM and Honeywell gained nearly 5% each, offsetting Microsoft’s roughly 10% plunge.

 

 

Microsoft reported after the prior day’s close that cloud growth slowed from 40% to 39%, with gross margins at ~68% — the lowest in three years. Microsoft closed down 9.99% (intraday low -12%+).

 

The software sector suffered: ServiceNow (beat on profit/revenue) -9.94%, Salesforce -6.09%, Oracle -2.19%, SAP -15.2%.

 

The iShares Expanded Tech-Software Sector ETF (IGV) fell 4.94%, down 22% from recent highs and entering a technical bear market.

 

 

Sage Advisory Chief Investment Strategist Rob Williams said: “AI has been a double-edged sword here. It’s driven growth and consumption, but it’s also affected valuations.”

 

“Now people are asking more questions, and it’s getting harder to sustain good news.” Williams added that unless tech giants deliver “explosive” results, they will struggle to lift broader market sentiment.

 

Meta, which reported alongside Microsoft, rose 10.4% after saying it would continue ramping AI spending. Shortly before press time, Apple reported better-than-expected quarterly revenue, with shares up more than 3% in after-hours trading.

Global Markets  

Trump Declares National Emergency, Threatens Tariffs on Countries Supplying Oil to Cuba  

 

On January 29, President Trump signed an executive order declaring a national emergency and threatening ad valorem tariffs on goods from countries supplying oil to Cuba.

 

U.S. Presidential Envoy: U.S. and Ukraine Discussing Territorial Issues  

 

U.S. envoy Witkoff said on January 29 that U.S.-Ukraine talks have made significant progress and are now addressing territorial issues. Speaking at a White House cabinet meeting, he noted that security and economic prosperity agreements with Ukraine are largely complete, with territorial discussions underway.

 

The next round of talks is expected in about a week.

 

Iran Reportedly to Hold Live-Fire Military Drills in Strait of Hormuz  

 

Iran issued a VHF radio notice to passing vessels on January 29 local time, announcing live-fire military drills in the Strait of Hormuz from February 1–2. The drills may impact shipping traffic. No official details on scale or arrangements have been released by Iranian authorities.

Company News  

Apple Q1 Revenue Beats Expectations; Shares +3%+ After Hours  

 

Apple Q1 revenue $143.76 billion (+16% YoY, beat est. $138.4 billion); iPhone $85.27 billion (+23%, beat est. $78.31 billion); Mac $8.39 billion (-6.7%, miss est. $9.13 billion); iPad $8.60 billion (+6.3%, beat est. $8.18 billion); Wearables/Home/Accessories $11.49 billion (-2.2%, miss est. $12.13 billion); Greater China $25.53 billion (+38%, beat est. $21.82 billion); EPS $2.84 (vs. $2.40 last year, beat est. $2.68); cash & equivalents $45.32 billion (+50%, miss est. $49.73 billion).

 

SanDisk Q2 Revenue Beats Expectations  

 

SanDisk Q2 revenue $3.03 billion (beat est. $2.67 billion); adjusted EPS $6.20; Q3 guidance: revenue $4.4–4.8 billion, adjusted EPS $12–14.

 

Western Digital Q2 Revenue Beats Expectations  

 

Western Digital Q2 net revenue $3.02 billion (beat est. $2.96 billion); Q3 adjusted EPS $2.13 (beat est. $1.95); Q3 guidance: revenue $3.1–3.3 billion (beat est. $2.98 billion), adjusted EPS $2.15–2.45 (beat est. $2.00).

 

Eli Lilly Partners with Biotech Repertoire on Autoimmune Therapies  

 

Biotech firm Repertoire announced a strategic collaboration with Eli Lilly to develop tolerogenic therapies for multiple autoimmune diseases. The deal aims to restore immune homeostasis for durable remission without broad immunosuppression. Repertoire receives $85 million upfront, up to $1.84 billion in milestones, plus tiered royalties on net sales.

 

Air India Adds 30 Boeing 737s, Signs 787 Fleet Services Deal  

 

Air India announced an add-on order for 20 737-8s and 10 737-10s, to be included in its 2023 220-aircraft agreement with Boeing. It also signed a multi-year parts services agreement for its 787 fleet.

 

Venezuela Legislature Passes Petroleum Law Reform Bill  

 

Venezuela’s National Assembly passed a petroleum law reform bill on January 29, allowing private and foreign investment in the country’s oil industry.

Forex & Commodities  

Iran tensions drove oil prices higher for a third straight day. WTI March crude +3.5% to $65.42/bbl; Brent March +3.4% to $70.71/bbl (highest since July last year).

 

Profit-taking capped gains in precious metals: gold intraday plunged as much as 5.7% — the largest drop since October 21 last year — before recovering partially. Spot gold -0.69% to $5,377.4/oz; spot silver intraday -8.4%, closing -0.64% to $115.87/oz.

Key Events  

Profit-Taking Hits Precious Metals Hard: Silver Plunges Over 8%, Gold Pulls Back $500 Intraday  

 

During Thursday’s New York session, precious metals saw sharp intraday reversals. Spot gold briefly approached $5,600/oz before sliding from ~$5,530 to $5,105.83 (max intraday drop 5.7%). It later recovered to close at $5,373 (-0.8%).

 

Analysts attribute the volatility to profit-taking after repeated record highs.

 

High Ridge Futures metals trading head David Meger said: “We saw aggressive selling after precious metals hit fresh all-time highs recently.”

 

Still, spot gold is up 6.5% week-to-date and 23% month-to-date. Demand from crypto firms to central banks remains robust.

 

Earlier Thursday, Tether CEO said the company plans to allocate 10–15% of its portfolio to physical gold. SPDR Gold Trust holdings are near 4-year highs.

Cryptocurrency  

Bitcoin (BTC) 24h -5.67% to $83,950.09.  

Ethereum (ETH) 24h -6.87% to $2,798.77.  

BNB 24h -4.27% to $863.86.  

XRP 24h -5.67% to $1.79.  

Solana (SOL) 24h -5.98% to $117.45.

Key Events  

Another Bloodbath! Bitcoin Drops Below $85K for First Time in Two Months — Crypto Liquidations Top $1 Billion  

 

Bitcoin appears to be struggling for air. Amid dollar weakness, traders previously rotated from crypto into gold/silver for macro hedging — now Bitcoin is falling alongside precious metals in a broader risk-off selloff, reinforcing its high-beta risk-asset status.

 

On Thursday, Bitcoin fell below $85,000 for the first time in two months, dropping as much as 6.8% intraday to $83,240 — the lowest since November 21 last year. Other digital assets fell even harder, with Ethereum, Dogecoin, Cardano, and Solana all down at least 7%. Over $1 billion in leveraged positions were liquidated in the rapid decline.

 

The selloff extends the downtrend since early October. Despite recent rebounds in tech stocks and precious metals, Bitcoin has lagged or weakened. It is now down more than 30% from its October 6 all-time high.

 

Ergonia business development head Chris Newhouse said the day’s weakness highlights crypto’s positioning as a “leveraged amplifier” of traditional risk assets. With tech under pressure, digital assets amplified the broader selloff. Over-leveraged long positions were flushed, creating mechanical selling that weighed on an already fragile market.