The SPDR S&P 500 ETF (SPY) closed on January 28th at $604.52, up 0.86%, as technology stocks rebounded sharply following Monday's sell-off driven by concerns over competition from Chinese AI startup DeepSeek. The S&P 500 Index rose 0.92% to 6067.70, buoyed by a recovery in major tech stocks like Nvidia, which gained 7.2% after a record $600 billion market value loss. This rebound was fueled by investor optimism ahead of earnings reports from tech giants such as Microsoft, Apple, and Meta Platforms, as well as the Federal Reserve's interest rate decision expected on January 29th. The market's focus on AI developments and the potential impact on tech valuations has been a key driver of recent volatility. Additionally, the Federal Reserve's ongoing policy meeting is keeping investors on edge, with expectations that interest rates will remain unchanged, but any hawkish signals could influence market sentiment.