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Wall Street Stabilizes After Tech Slump, Driving Muted Premarket Action for Equity Futures
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Wall Street Stabilizes After Tech Slump, Driving Muted Premarket Action for Equity Futures
Jan 28, 2025 6:24 AM

09:13 AM EST, 01/28/2025 (MT Newswires) -- US equity futures were little changed pre-bell Tuesday, with investor sentiment stabilizing after a technology-sector slump fueled by concerns over the Chinese AI startup DeepSeek.

Dow Jones Industrial Average futures slipped 0.1%, S&P 500 futures increased 0.1%, and Nasdaq futures were up 0.2%.

The S&P 500 and Nasdaq Composite closed lower on Monday after DeepSeek launched an open-source artificial intelligence model that could potentially run on less-advanced chips.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.9% at $76.89 per barrel and US West Texas Intermediate crude up 1.1% at $73.99 per barrel.

Durable goods, released at 8:30 am ET, fell by 2.2% in December following a 2% drop in the preceding month, compared with estimates compiled by Bloomberg for a 0.6% gain.

Consumer confidence, due at 10 am ET, is seen recovering to 105.7 in January from 104.7 in December.

In other world markets, Japan's Nikkei closed 1.4% lower, Hong Kong's Hang Seng ended 0.1% higher in a shortened session, while the Chinese market was closed for holiday. Meanwhile, UK's FTSE 100 rose 0.6%, and Germany's DAX index rose 0.8% in Europe's early afternoon session.

In equities, shares of Nvidia ( NVDA ) were nearly 3% higher pre-bell, partially recovering after a 17% slump in the previous session.

On the losing side, HSBC ( HSBC ) shares fell 1% following multiple media reports that the bank plans to scale back its investment banking operations in Europe, UK and the Americas.

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