Global markets diverged sharply on Thursday, January 29, 2026. U.S. indices turned lower as a sell-off in major technology stocks dragged down the Nasdaq Composite and S&P 500 following the Federal Reserve’s decision to hold interest rates steady. In contrast, Indian benchmarks closed higher for a third consecutive session, buoyed by an optimistic government Economic Survey.
U.S. Market Snapshot (as of Jan 29)
| Index | Last Price | Change | % Change |
|---|---|---|---|
| Dow Jones Industrial Average | 48,917.69 | -97.91 | -0.20% |
| S&P 500 Index | 6,917.98 | -60.05 | -0.86% |
| Nasdaq Composite | 23,398.88 | -458.57 | -1.92% |
S&P 500: Tech Sell-Off Drives Retreat
The S&P 500 index declined 0.86%, retreating from the previous day’s historic touch of the 7,000-point level. The drop was led by significant weakness in its Information Technology and Communication Services sectors, as disappointing earnings and guidance from several mega-cap companies prompted a broad re-evaluation.The index’s sharp drop shows how quickly sentiment may shift when strong growth stocks face challenges, especially in a cautious post-Fed environment.
Dow Jones: Relative Resilience Amid Tech Storm
The Dow Jones Industrial Average slipped 0.20%, showing more strength than its tech-focused peers. The blue-chip index’s smaller fall was supported by higher exposure to defensive and industrial sectors, which were less hit by the tech sell-off. In the face of persistent volatility in growth stocks, investors are shifting their money toward conventional sectors in search of stability, as evidenced by this performance.
Nasdaq: Sharp Correction After Earnings Disappointment
The Nasdaq Composite fell 1.92%, recording the steepest losses among major U.S. indices. The sharp drop stemmed from sell-offs in major technology stocks after quarterly results missed high market expectations. As earnings season advances and monetary policy conditions remain tight, investors are booking profits and reevaluating values, as evidenced by the decline that follows a run of high gains. Additionally, growth stock volatility persisted throughout the reporting period.
Indian Markets: Sustained Rally on Growth Confidence
Indian markets extended their winning streak, clearly outperforming for a third straight session. The rally was firmly driven by domestic optimism following the release of the pre-budget Economic Survey.
Index Performance Summary (as of Market Close, Jan 29)
| Index | Last Price | Change | % Change |
|---|---|---|---|
| BSE Sensex | 82,566.37 | +221.69 | +0.27% |
| Nifty 50 | 25,418.90 | +76.15 | +0.30% |
| Nifty Bank | 59,957.85 | +359.05 | +0.60% |
