Quickly brushing off inauguration week buzz, Wall Street plummeted today as artificial intelligence (AI) stocks came under fire amid reports that Chinese startup DeepSeek's AI model outperformed OpenAI -- and cost significantly less. Nevertheless, the Dow clawed its way to a triple-digit gain despite Nvidia's (NVDA) steep losses. The S&P 500 and Nasdaq were not as lucky, both suffering their steepest daily drop since Dec. 18.
Oil, Gold Finish Lower
Crude settled lower, after U.S. President Donald Trump paused threats of retaliatory Colombian tariffs, though Mexico and Canada still face that risk. The now most-active, March-dated West Texas Intermediate (WTI) crude fell $1.49, or 2%, to settle at $73.17 per barrel on the day.
Gold finished lower, pulling back even further from Friday's near-record territory. The contract for February delivery shed 1.5% to settle at $2,738.40 an ounce.
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