Wall Street defies obstacles

Despite certain obstacles in the technology sector and slowing GDP figures, it went fairly well for the stock exchange in New York overall.

» Published: January 30 2025

Wall Street defies obstacles
Photo: Frank Franklin II/AP/TT

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When the stock market closed, the tech-heavy Nasdaq composite index had risen 0.3 percent, the broad S&P 500 index 0.5 percent, and the Dow Jones industrial index 0.4 percent.

The analysts are now in the midst of digesting the figures from Thursday, which showed that the US GDP grew less in annual terms during the fourth quarter than economists had expected.

This caused the dollar to fall against most currencies.

The New York Stock Exchange's week has been volatile with alternating ups and downs – not least due to a sudden realization of increased competition from Chinese AI companies.

Something that makes market players hesitate a bit at the buy button is the deliberations over how to interpret the figures in the quarterly reports that the major tech companies are now releasing.

After the New York Stock Exchange closed on Wednesday, Meta (Facebook), electric car manufacturer Tesla, and software giant Microsoft released their reports.

This resulted in Meta and Tesla rising 1.6 and 2.8 percent, respectively, on Thursday, while Microsoft performed significantly worse and plummeted 6.2 percent.

AI giant Nvidia rose 1 percent.

After the stock market closed, tech company Apple released its report, which was met with both praise and criticism.

About an hour after closing, the company's share had fallen 1.2 percent in after-hours trading, after already having fallen 0.8 percent before closing.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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