The SPDR S&P 500 ETF (SPY) closed at $601.81 on January 29, down 0.45% as the S&P 500 index fell 0.47% to 6,039.31, driven by the Federal Reserve's decision to maintain interest rates at 4.25% - 4.50% and a cautious stance on future rate cuts. The Fed's hawkish tone, emphasizing persistent inflation and a strong labor market, dampened investor sentiment. Additionally, the S&P 500's decline was exacerbated by a significant drop in Nvidia shares, which fell 4% amid concerns over potential U.S. restrictions on chip sales to China. The market's concentration in a few high-performing stocks, like Nvidia, has heightened risks, with only 29% of S&P 500 companies outperforming. European stocks, meanwhile, are attracting capital due to their undervaluation, presenting a potential shift in investment focus.