On January 28th U.S. Eastern Time, the Nasdaq Global Composite Index closed at 2271.285 points, down 23.67 points or 1.03%, showing a volatile downward trend throughout the day. It fluctuated lower from the opening of 2306.6174 points, touching a low of 2269.8938 points, reflecting the cautious market sentiment after the Fed’s policy was announced. In the past three months, the index has fallen from 2309.83 points on October 31st, 2025 to the current level, with a cumulative decline of 1.67%, continuing the volatile adjustment trend.
From the perspective of recent trends, the Nasdaq Global Composite Index has shown a volatile downward pattern. Between January 23rd and 28th, the index closed down for several consecutive days, gradually pulling back from 2302.7136 points, with only a slight rebound on individual trading days, mainly dragged down by the divergence of tech stocks, uncertainties in Fed policy and global market fluctuations. Although the three major U.S. stock indexes overall fluctuated little today, there was a clear divergence within the tech sector, highlighting the market’s differences on the profit prospects of tech enterprises.
Specifically, large-cap tech stocks had mixed gains and losses. The Wind U.S. Tech Seven Giants Index rose 0.19%, NVIDIA rose 1.59%, Google, Microsoft and Tesla all had slight gains. Among them, Tesla’s Q4 revenue of 24.9 billion and EPS of $0.50 both exceeded expectations, with after-hours gains reaching 3%, but its 2025 revenue fell 3% year-on-year and net profit plummeted 61%, showing a mixed performance. Meta performed brightly, with Q4 revenue of about 59.9 billion exceeding expectations, rising more than 10% after hours, while some tech enterprises pulled back due to lower-than-expected earnings.
Market analysts said that the adjustment of the Nasdaq Global Composite Index is mainly due to the cooling of market expectations for liquidity easing after the Fed paused rate cuts, coupled with the relatively high valuation of tech stocks and the rising sentiment of investors taking profits. Looking ahead, the performance of tech enterprise financial reports, the Fed’s policy path and global geopolitical risks will become the key factors affecting the index’s trend.
