US stocks closed mixed on January 25, with the three major indices consolidating near record highs as market funds flocked to the technology and precious metals sectors. The Dow Jones Industrial Average fell 0.58% to 49,098.71; the S&P 500 Index edged up 0.03% to 6,915.61; the Nasdaq Composite Index rose 0.28% to 23,501.24, with tech stocks acting as the core pillar supporting the market.

Sector performances showed obvious divergence, with the precious metals sector leading the gains, up more than 2% on average driven by the record high gold prices and a weakening US dollar. Tech stocks were mixed, as the market awaited earnings reports from giants such as Apple, Tesla, and Microsoft, and amid the upcoming Federal Reserve policy meeting, funds maintained a cautious wait-and-see attitude. Chinese concept stocks also showed divergence, with the Nasdaq Golden Dragon China Index falling 0.26% and lacking a clear upward driver.

The Hong Kong stock market rose moderately in tandem, with the Hang Seng Index up 0.45% to 26,749.51 and the Hang Seng Tech Index up 0.62% to 5,798.01. Southbound funds net bought over HK$2.2 billion. Institutions such as Citi and JPMorgan raised their year-end target for the Hang Seng Index to 30,000 points in 2026, believing that improved corporate profitability and loose liquidity will support market upside. Sectors such as commercial aerospace and photovoltaic performed actively driven by linkages with A-shares.